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].