This checklist is designed to ensure that all necessary steps are taken for the approval of the budget before it is finalized. It outlines the steps needed to review, revise, and approve the budget to ensure financial accuracy and compliance.
Create a draft of the budget proposal based on departmental requests and historical data.
Discuss the draft budget with department heads to ensure all necessary expenses and revenues are accounted for.
Make necessary adjustments to the budget draft based on the feedback received from department heads.
Hold a meeting with key stakeholders to discuss the revised budget and gather additional input.
Prepare the final version of the budget proposal incorporating all agreed-upon changes.
Submit the finalized budget proposal to the finance committee for review and approval.
Secure formal approval from the appropriate authority, such as the board of directors or executive management.
Share the approved budget document with all relevant departments and stakeholders.
Track the budget throughout the fiscal period to ensure adherence and identify any variances.