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MIDYEAR BUDGET AND PERFORMANCE ASSESSMENT REPORT 2019/20Prepared by Join MunicipalityCircle Street, Bottom Town, Join 3969 Tel: 035572 1292Fax: 035572 1266Email: municipalmanager@jozini.gov.za Website:
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How to fill out mid-year budget report

01
Gather all financial information from the first half of the year including income, expenditures, and any changes in budgeting.
02
Organize the information into categories such as revenue, expenses, and any variations from the original budget.
03
Compare actual figures to budgeted amounts and analyze any discrepancies.
04
Summarize the findings in a formal report format, detailing how the budget was executed in the first half of the year.
05
Present the mid-year budget report to relevant stakeholders for review and discussion.

Who needs mid-year budget report?

01
Business owners and managers who want to assess the financial health of their organization halfway through the year.
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Investors and shareholders who need updates on the financial performance of the company.
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Government agencies and regulators who require periodic financial reports for compliance purposes.

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A mid-year budget report is a financial document that summarizes the budget performance and spending of an organization or government entity midway through the fiscal year. It provides an analysis of revenue and expenditure against the original budget.
Typically, government agencies, public organizations, and certain non-profit entities are required to file a mid-year budget report. Specific requirements may vary by jurisdiction.
To fill out a mid-year budget report, an organization should gather financial data, compare current spending and revenues to the original budget, identify any variances, and provide explanations for those variances, along with forecasts for the remainder of the fiscal year.
The purpose of a mid-year budget report is to assess financial performance, ensure accountability, facilitate informed decision-making, and make necessary adjustments to budgets to meet financial goals.
The report must include budgeted vs. actual revenues and expenditures, explanations for major variances, financial projections for the remaining fiscal period, and any recommendations for budget adjustments.
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