The Budgetary Cycle - Expenditure & Variance Reports [First Nation Financial Planning, FNFP]

Expenditure and Variance Reports are monthly or quarterly spreadsheets and summaries that give an up-to-date comparison between Revenue Forecast and funds received, and between appropriations and actual expenditures on a program by program basis (see Sample Expenditure and Variance Reports). The difference between budgeted numbers and actuals is called a variance. A summary report recaps the overall financial position of the First Nation as at specific dates in the fiscal year (generally monthly). Finally, these reports include projections of the year-end financial picture by considering the actuals-to-date and the anticipated revenues and expenditures to year-end.