Budget Status Report
Budget Status Report
Report Date: January 7, 2050
Prepared By: [Your Name]
Contact Information: [Your Email]
I. Executive Summary
This status report provides an overview of the budgetary status of the construction project for the office expansion at [Your Company Name]. This report highlights key financials, project phases, and budgetary adjustments as of January 2050.
II. Budget Overview
A. Total Budget Allocation
The total budget allocated for this project is $5,000,000.
B. Actual Costs to Date
|
Cost Category |
Budgeted Amount ($) |
Actual Amount Spent ($) |
Variance ($) |
|---|---|---|---|
|
Planning and Design |
500,000 |
450,000 |
50,000 |
|
Construction |
3,000,000 |
3,200,000 |
-200,000 |
|
Equipment |
1,000,000 |
800,000 |
200,000 |
|
Contingency |
500,000 |
300,000 |
200,000 |
III. Budgetary Adjustments
A. Approved Change Orders
There have been three approved change orders to date totaling an additional $100,000. This accounts for unplanned site conditions and additional safety features.
B. Pending Approvals
-
Change Order #4 - Additional landscaping: $50,000
-
Change Order #5 - Upgraded HVAC system: $75,000
IV. Financial Risks and Issues
A. Identified Risks
-
Potential delays due to weather conditions, possibly increasing costs by $100,000.
-
Vendor supply shortages, which could impact equipment costs and schedule.
B. Mitigations
-
Establishing contracts with multiple suppliers to mitigate supply shortage risks.
-
Using project scheduling software to anticipate weather delays.
V. Summary and Recommendations
The project is currently on track, but specific areas such as the construction phase have exceeded their budget allocations. Continued monitoring and strategic adjustments are recommended to ensure financial targets are met. Approved changes should be reviewed and accounted for promptly to stabilize the cost variance.
[Your Company Name] is committed to the successful and economical completion of this office expansion project. For further details or queries, please contact [Your Name] at [Your Email].
