Finance Budget Meeting Minute
Finance Budget Meeting Minutes
Date: [Month Day, Year]
Time: [Time]
Location: Conference Room 3
Chairperson: [Your Name]
Minute Taker: [Name]
Attendees:
|
Name |
Position |
|
Phone |
|
John Wilkins |
CFO |
J.wilkins@email.com |
555-0102 |
|
[Name] |
Budget Analyst |
[Email] |
[Phone] |
|
[Name] |
Project Manager |
[Email] |
[Phone] |
Agenda:
-
Review of Previous Budget Performance
-
Discussion of Upcoming Budget Proposals
-
Allocation of Funds for New Projects
-
Cost-Saving Initiatives
-
Any Other Business
Discussion Points:
-
Review of Previous Budget Performance
a. Last quarter's budget was underutilized by 10%, primarily in marketing.
b. Achieved 95% of targeted financial goals.
-
Upcoming Budget Proposals
a. Proposal for a 5% increase in R&D budget.
b. Suggestion to reduce marketing budget by 8%.
-
Allocation of Funds for New Projects
a. Proposal for Project X with an estimated cost of $50,000.
b. Discussion on ROI estimates for Project X.
-
Cost-Saving Initiatives
a. Proposal to switch to LED lighting to save on energy costs.
b. Review of telecommuting policy to reduce office expenses.
-
Any Other Business
a. Proposal for staff training on financial management.
Decisions Made:
|
Agenda Item |
Decision |
Amount Allocated [$000.00] |
|
Upcoming Budget Proposals |
Approved 5% increase for R&D |
$20,000 |
|
New Project Funding |
Approve funds for Project X |
$50,000 |
|
Cost-Saving Initiatives |
Implement LED lighting |
$5,000 |
Action Items
|
Item |
Responsible Person |
Deadline |
|
Finalize Q2 Budget |
John Smith |
Apr 15, 2050 |
|
Prepare Report on Project X Funding |
[Name] |
[Date] |
|
Implement LED Lighting |
[Name] |
[Date] |
Next Meeting:
Date: [Date]
Time: [Time]
Location: Virtual Platform
Additional Notes:
-
The meeting highlighted the need for tighter budget controls, especially in the marketing department.
-
[Name] raised concerns about the underutilization of funds in some areas, suggesting a more detailed quarterly review.
-
There was a unanimous agreement on the potential of Project X to bring in significant revenue, justifying its high initial cost.
-
The energy-saving measures were well-received, with an estimated annual saving of $12,000.
-
The possibility of introducing a staff training program in financial management was discussed, with a decision to be made in the next meeting.
