Budget Update (sorry last email sent before completed)

[Laura Papp]

Hi All

With the Summit coming up and already beginning to make plans for next year I just wanted to provide a finance and budget update. 

I have been into Xero and have gotten all transactions provisionally coded for the 2017 financial year, 1 April 2016 to 31 March 2017. 

I have entered Brendan's budget from December 2016 into Xero, and downloaded the attached report to show budget variances. 

Please note the following:

-Year end adjustments have not been completed, which will in particular impact taxable profit and depreciation expense as there are some capital items in the budget.

-There is still some re-coding to be done, in particular around MPW, Structures, and site search improvements. If anyone would like to see the detail of what is in any one line item please let me know and I will arrange Xero access and instructions.

-There are still missing receipts totaling $3,630. We are still chasing this up but in reality most of these are probably lost. This equates to an additional income tax expense of over $1,000 in addition to GST losses. I would obviously like to tighten processes this year to avoid this happening again.

The favourable budget variance of $35,400 is due to:

-Tree work being under budget $14,800

-Carbon offsets donation $4,200 has not yet been made

-Artworks spending under budget $3,500

-most other line items being under budget 

Next year we plan on doing the budgeting process directly out of Xero, so that actual versus planned expenditure can be tracked more quickly and easily. 

The current bank balance is approximately $104,000. We have the following items committed:

-GST Return - $10,000

-Income Tax Expense - $10,000 

-Carbon Offsets Donation $4,200

-Summit $7,500

We also have the following planned/proposed expenditure:

-Tree work

-Work Weekend

-Operations Summit $7,000

-Volunteer Management Software

I will now create a thread for Budget Proposals for 2018. 

Laura

[Geveta]

Cheers Laura! I've had a look through these, the missing receipts are certainly an inconvenience for you - a system re haul could be the go.

[Pete Wyatt]

it was interesting reading through it all

do we have a please explain policy when a department or project is well over budget or do we just accept that it happened ?

when these days it is so easy to take a photo of the receipts with your phone camera that there are few excuses to losing so many receipts.

I wonder if it is just one or two people who need to be more careful or a more general problem ?
do we need to remind people who spend money buying KB stuff that is costs us extra in not being able to claim them as legit business expenses when the receipts get lost ?

Virus-free. www.avg.com

On Mon, May 1, 2017 at 6:24 PM, Geveta <geve...@gmail.com> wrote:

Cheers Laura! I've had a look through these, the missing receipts are certainly an inconvenience for you - a system re haul could be the go.

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