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MULTNOMAH COUNTY AGENDA PLACEMENT REQUEST BUDGET MODIFICATION (Revised: 09/23/13)Board Clerk Use Only Meeting Date: Agenda Item #: Est. Start Time: Date Submitted:Agenda Title:3/6/14 R.11 10:30 am 2/26/14BUDGET

How to fill out budget modification

How to fill out budget modification

1. Identify the need for a budget modification. This can be due to changes in project scope, unexpected expenses, or changes in funding.
2. Review the current budget and assess which elements need to be modified. This can include adjusting revenue sources, revising expense allocations, or adding new budget categories.
3. Consult with relevant stakeholders, such as project managers, finance departments, or funding agencies, to discuss the proposed budget modifications.
4. Document the budget modification request. This should include a detailed explanation of the reasons for the modification, the proposed changes, and the expected impact on the overall budget.
5. Submit the budget modification request to the appropriate authority or department for approval. This may involve filling out specific forms or following certain procedures.
6. Wait for the approval or feedback on the budget modification request. This may require further negotiations or revisions to the proposed modifications.
7. Once approved, update the budget documentation and financial records accordingly. Ensure all stakeholders are informed of the changes and any necessary adjustments are made.
8. Monitor the budget after the modification to track the actual expenses and compare them with the modified budget. This will help identify any discrepancies or the need for further adjustments.
9. Maintain proper documentation of the budget modification process for future reference or auditing purposes.

Who needs budget modification?

1. Budget modifications are needed by organizations or individuals who are responsible for managing budgets. This can include project managers, finance departments, government agencies, non-profit organizations, and businesses.
2. Budget modifications may also be required by external factors such as changes in funding, economic conditions, or unforeseen circumstances that impact the original budget.

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What is budget modification?

Budget modification is a formal request to change the approved budget for a project or program, which may include reallocating funds, adjusting expenses, or modifying financial plans.

Who is required to file budget modification?

Typically, organizations or individuals who receive funding from governmental or grant sources are required to file a budget modification if their circumstances change and they need to adjust their budget.

How to fill out budget modification?

To fill out a budget modification, complete the required forms provided by the funding agency, detailing the proposed changes, justifications for the modifications, and any relevant financial data.

What is the purpose of budget modification?

The purpose of a budget modification is to ensure that funding is used effectively and that any changes in project scope, expenses, or funding availability are accurately reflected in the financial documents.

What information must be reported on budget modification?

Information that must be reported includes the current budget, proposed changes, justification for each change, and any impact on the overall project objectives.