A budget outlines your Branch or clubs expected income and expenses over a specific period, usually one year and serves as a roadmap for managing financial resources and achieving financial goals.
Budgets are a key component of you Branch and Club being successful and support in:
| Financial Planning | Plan how they will allocate their financial resources to support their mission and objectives effectively |
| Resource Allocation | Allocate these resources strategically, prioritising essential activities and avoiding overspending in non-essential areas. |
| Fiscal Responsibility | Provides a clear framework for financial decision-making, reducing the risk of financial mismanagement or misuse of funds. |
| Goal Setting | Aligns financial goals with the overall mission and strategic objectives. |
| Monitoring Performance | Measuring performance against goals and make adjustments as needed to stay on track |
| Grant applications | Many grants require a detailed budget submitted as part of their funding applications. |
| Sustainability | Evaluate financial performance and assess and sustain operations in the long term. It highlights potential financial challenges and allows to take proactive steps to ensure financial stability |
| Decision Making | Assess the financial feasibility of new projects or expansions and make informed decisions on funding allocation. |
| Club Tip Allow time for its preparation to ensure it is completed and approved by the start of the financial year. There will generally be several versions before the final version. Please refer to your club rules relative to the requirements for presentation and adoption of a budget. |
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