Budget Approval Process Checklist ( FINANCE )

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.

• Draft Initial Budget Proposal

  Create a draft of the budget proposal based on departmental requests and historical data.

• Review Draft with Department Heads

  Discuss the draft budget with department heads to ensure all necessary expenses and revenues are accounted for.

• Incorporate Feedback

  Make necessary adjustments to the budget draft based on the feedback received from department heads.

• Conduct Budget Meeting

  Hold a meeting with key stakeholders to discuss the revised budget and gather additional input.

• Finalize Budget Proposal

  Prepare the final version of the budget proposal incorporating all agreed-upon changes.

• Present to Finance Committee

  Submit the finalized budget proposal to the finance committee for review and approval.

• Obtain Final Approval

  Secure formal approval from the appropriate authority, such as the board of directors or executive management.

• Distribute Approved Budget

  Share the approved budget document with all relevant departments and stakeholders.

• Monitor Budget Implementation

  Track the budget throughout the fiscal period to ensure adherence and identify any variances.