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2013 Financial Skills Development Workshop

2013 Financial Skills Development Workshop. How to plan prepare progress and present the 2013/2014 Budget for Retirement Villages Julie Sultmann CPA Jackie Lowe CPA MBA Lee Dolan AAIQS. Overview. Why Budget How have we done so far- Current year budget review

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2013 Financial Skills Development Workshop

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  1. 2013 Financial Skills Development Workshop How to plan prepare progress and present the 2013/2014 Budget for Retirement Villages Julie Sultmann CPA Jackie Lowe CPA MBA Lee Dolan AAIQS

  2. Overview • Why Budget • How have we done so far- Current year budget review • Where do we start - Planning and developing next year’s budget • Getting it out there- Delivering the budget • Now what do we do with it- Living with the Budget • Discussion time

  3. What you may be used to: What you can achieve:

  4. Our Philosophy of Budgeting • Process that is part of your financial management the whole year round not just once a year.

  5. Current Year Budget Review • Performed as soon as practicable after the half yearly figures are finalised. • Are there significant variances • Do we need to take action and if yes, what. • Are our assumptions still relevant • Will there be a surplus or deficit

  6. Planning and Developing Next Year’s Budget

  7. Planning and Developing Next Year’s Budget • Timeline and Checklists • Identify your budget stakeholders – who should be involved and /or consulted • Identify significant expenditure items

  8. Planning and Developing Next Year’s Budget • Managing the QS process • Responsibilities of the QS • Responsibilities of the Village Operator • Preparing the Maintenance Reserve Fund Budget • Preparing the Capital Replacement Fund budget

  9. Planning and Developing Next Year’s Budget • Appropriate Classification of Expenditure • Expenditure groups • Guidelines • Condition Reports • S 106 – S 108 Retirement Villages Act 1999 • Drafting the Budget

  10. Delivering the Budget • Following Timelines and Checklists • Communications with all stakeholders • Gaining support from Resident’s committee • Securing President’s endorsement for budget prior to formal presentation • Host an event to present budget

  11. Living with the Budget

  12. Living with the Budget • Reporting • How , What , When and Who • Managing and monitoring • Keep a file

  13. Discussion

  14. Reid Maddison 665 Stanley Street Woolloongabba QLD 4102 Telephone 3895 8277 Facsimile 3891 3459 enquiry@reidmaddison.com.au

  15. Construction Cost Associates Pty Ltd Lee DolanAAIQSPO Box 3071Tarragindi  QLD  4121Telephone 3847 8171Facsimile 3847 8315lee.dolan@ccaqs.com.au Lee Dolan 0400 113 932

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