Instructions for Budget Application Assignment
You are the supervisor for a department and you have been given the following information to prepare a Budget for 2022 and Projections for 2023:
The following are the budget items:
2022 Budget:
Staff Payroll is $775,000; Employee Health Insurance is $250,000, Computer Equipment is $97,495 and Staff Training is $125,448.
In an excel spreadsheet, you are to calculate the total budget for your department.
On the same spreadsheet, in a separate column, you are to show what your actual amount was for each category. Here are your actual numbers:
2022 Actual:
Staff Payroll is $978,456; Employee Health Insurance is $175,000 Computer Equipment is $146,399 and Staff Training is $85,369. Calculate the total cost for your department.
Calculate the Variance (budget – actual) and show this on a bar chart. Be sure to show the formulas. Use the excel functions to do the calculations.
In a Pie Chart show the breakdown of each category for the actual costs.
2023 Projections:
You are asked to present your projections for the next year and you are told that there will be an overall increase in the organizational budget from 3% – 10%. Your department was given a 6% increase. Use the same percentage for each category and calculate the projected Budget for 2023.
Using the same spreadsheet, show your calculations for the projected budget.
