Finance Budget Reports Discussion

Purpose	Understand what information the Finance team wants to communicate to the Subteam leads + PMs Understand what information PMs require to make budgeting decisions
Recording	Open
Attendees	@Kristen S @Catherine Cai

Questions

What is the purpose of the budget reports?

PM Opinion

Finance Opinion

• expenses

Comparison to the prior term

Expected

Who should be reviewing these reports and how often? @Finance

• prepared once every four months

• Leads + PMs + core members

Let’s say I’m a PM of the Aerobody team - can you walk through how I would review the subteam’s budget and spending in the report? @Finance

• Finance can’t say who gets what’s spending - lack of info for them to know

•  

What in the budget report is important for a lead?

• Everything?

• Estimated monetary spending

What are the tax kickbacks - are they only applied to MEF and how much? @Finance

• ~8% HST rebate per purchase

With the new purchase planning sheet, how should one use the budget report with it to plan a purchase? @Finance

The issue of not reviewing reports has come up in the past - why do we think members don’t review them?

PM Opinion

Finance Opinion

Is there somewhere we can store these budget reports for easier access?

• Discussion between PMs and Finance

Findings

Questions for a later time

@PMs - what is your first impression when you review a budget report