Budget adjustments

Effective budget tracking in government projects requires specific tools and templates. The right tools help teams monitor and adjust spending efficiently.

Key budget tools include:

• Tracking sheets: These are Excel templates that track three main elements. The template compares planned budget against actual spending and calculates remaining funds. Teams update this weekly to maintain accurate records.
• Variance reports: These simple documents explain major budget differences. They include specific reason codes and justifications for any variance above 10% from the planned budget.
• Projection tools: These spreadsheets use current spending patterns to forecast future needs. The tool calculates expected costs for the next 3-6 months based on the current burn rate and planned activities.
• Budget dashboards: These provide visual overviews of project finances. Dashboards pull data from tracking sheets to show spending trends, flag major variances, and display available funds in real time.

Start with basic templates that everyone can use. Complex tools often create more problems than they solve.