Program managers are charged with the responsibility of providing a broad range of services to the residents of Nunavut.. The exact nature of the services provided vary, dependent upon thelocation, the statutory authority and Cabinet direction.
While demand for services continues to increase, constraints continue to be placed on the funds available to pay for these services. As a result, program managers must carefully review expenditure plans to ensure that all services are planned and provided for within the level of
resources available. Additionally, the resource plans must address the statutory authority and Cabinet direction.
To achieve the best results in the planning for the delivery of services, key financial, economic and social factors relating to these services must be brought together under a single process.
This process is known as the Budget. The budget process is the main instrument for monitoring and controlling spending. The budget process also helps monitor managements performance..
In its simplest form, the budget consists of a list of all anticipated revenue and the proposed expenditures under each department or program manager for the coming fiscal year. However, the budget should also provide some insight into the long-term implications the current
expenditure policies will have on the program. The budget matches expenditures for the year with the funding available. It also identifies the months in which the revenue is received and compares this to the months in which the
expenditures are planned. This helps the administration to plan the cash flow and variance analysis.
A carefully planned and prepared budget will serve the organization in the following ways:
- It will outline the priorities and ensure that the minimum required services are provided and that the stakeholder needs are addressed.
- It will help detect the misuse of public funds by providing a baseline to compare actual to planned results to identify variances that need to be examined.
- It will assist in long term planning by allowing the organization to build up or use surplus funds as required. It will help management and staff control the activities.
- It will provide management and staff with direction regarding the financial decisions of the Legislative Assembly and the expectations for service delivery. It will allow an evaluation of management’s use of financial resources in delivering approved programs.
This course is designed to take the participants through the budgeting process from preparationof the budget to reporting on the organization’s actual performance compared to the approved budget.
The participants will learn to understand:
1. The statutory requirements that apply to budget preparation.
2. The function of the budget within the management cycle of the organization.
3. The need for proper budgeting.
4. The basic steps in preparing an annual operating budget.
5. The basic steps in preparing a monthly operating budget.
6. The importance of monitoring the budget and reporting variances in the budget.
7. The role that the budget plays in the resource allocation system.
The participant will:
1. Gather the required information to prepare the budget.
2. Analyze expenditures of the organization to produce an accurate budget.
3. Develop a budget using the unit’s budgeting process, which reflects the needs of
stakeholder and legislative requirements.
4. Develop effective reporting tools and analytical techniques for monitoring the budget.
5. Develop effective budgetary reporting skills.
The participant will appreciate:
1. The role of the budgeting process in the organization.
2. The need for proper cash flow and the impact of cash on the organization’s operations.
3. The need for strong analytical and reporting skills.
4. The importance of the budget as part of the system through which the organization’s goals
and objectives are established and the resources are identified to achieve the desired
Time: 9 -4:30 pm EST