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

First Nation Financial Planning
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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).

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by Dr. Radut