You have been assigned the task of completing the proposed budget for the next fiscal year for your department. The fiscal year is from January – December. As a tool, you have the budget from the previous year, a salary worksheet, and the monthly expenses report. You will be using the historical data provided as well for considering your projections for future costs.
First, download the HIM Department Worksheet
Next complete the following.
- Analyze the 2015 Budgeted Amounts for the various areas within the department budget.
- Analyze the 2015 Actual Budget Spent for the various areas within the department budget
- Calculate the variance between what was budgeted and was spent in 2015. Enter the variance amount in the appropriate column.
To create your 2016 budget, follow the guidelines from your CFO:
- You have been told to project a 5% salary increase for all employees.
- You have been told to project an increase in office supplies of 7%.
- You have been told to project a 5% increase in all other areas.