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BUILDING A PROJECT BUDGET

BUILDING A PROJECT BUDGET. KEN VERDOIA KUED-TV SALT LAKE CITY. March 10, 3:00 ET. GOALS Basic elements of production budgeting Translate some terminology Find the “hidden” expenses Demonstrate a format. The Budget Template So simple even I can use it.

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BUILDING A PROJECT BUDGET

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  1. BUILDING A PROJECT BUDGET KEN VERDOIA KUED-TV SALT LAKE CITY March 10, 3:00 ET

  2. GOALS • Basic elements of production budgeting • Translate some terminology • Find the “hidden” expenses • Demonstrate a format

  3. The Budget Template So simple even I can use it. Allows for multiple department input. Flexible format for unique project needs. Adaptable for unique station requirements/values.

  4. WHY ME????

  5. As a Producer or Project Manager: • You lead the team from start to finish. • You are looked to as the guide in activities • that define the very reason for our existence. • You must know “why, where, when and how” • And you must be able to discuss in exacting detail • how much this is going to cost.

  6. BENEFITS • STATION PLANNING • DEVELOPMENT/FUNDRAISING • DEPARTMENT PLANNING • PROJECT PLANNING

  7. New York Los Angeles

  8. Pittsburgh St. Louis Grand Canyon Dallas

  9. CRITICAL TERMS IN BUDGETING INTERNAL EXPENSES (Institutional) -Those assets (people/facilities) that already exist in your station. -Generally covered by the annual budget of your station. -Those project expenses that do not require a unique cash outlay. EXTERNAL EXPENSES (“Out of Pocket”) -Generally, those assets which require direct purchase/contract for your project. -Often includes non-staff contractors. (Audio, camera, talent, music, etc.) -Includes unique equipment requirements not maintained by the station. -Travel expenses. -”MISC”…legal review, E/O, duplication, licensing, fees

  10. “OVERHEAD” IN A BUDGET OVERHEAD is an administrative charge levied by your station. It is generally expressed as a percentage of the total budget. (This means Internal AND External expenses) Many television stations assess OVERHEAD in two fashions: ADMINISTRATIVE overhead is designed to account for the general support of your project. This is aimed at offsetting the station’s costs for providing office space, heat, telephone, administrative staffing support, etc. BROADCAST overhead is also added by many stations. This specifically relates to all of the costs of managing and delivering a program to on-air presentation.

  11. “Best Practices”

  12. HOORAY! I’M DONE!! NO… But now you have a pretty good start.

  13. A DRAFT budget is a starting point. • Re-check the time assumptions with colleagues • to ensure reasonable accuracy. • (Yes…do it again) • Meet with key station decision makers to match your • spending assumptions with the station capacity. • Confirm day rates and contract expenses. • Begin checking for windows of opportunity with • personnel and facilities. • (Is your proposal time-sensitive?)

  14. When… The personnel and facilities are double-checked and agreed to… The availability of personnel and facilities matches the project’s timeline. The cost/expense is vetted, agreed to, and “signed off” by every department and management. Any “Go/NoGo” deadlines and expectations are clearly established in writing. THEN…and only then…do you have an approved production budget.

  15. “It’s more of a set of guidelines, than an actual code…” --Captain Hector Barbossa PROJECTS CHANGE AND EVOLVE OVER THEIR PRODUCTION TIMELINES… BUDGETS MUST RETAIN A DEGREE OF FLEXIBILITY AS WELL. THE BEST CASE SCENARIO IS TO ENSURE THE INFORMED CONSENT OF ALL IMPACTED BEFORE COMMITMENTS ARE MADE ON PERSONNEL, FACILITY USE, CONTRACT EXPENSES, TRAVEL, ETC. THE OLD ADAGE: It’s better to ask forgiveness than to seek permission…is an epitaph on many a producer’s professional headstone.

  16. QUESTIONS/COMMENTS

  17. INTERESTED IN RECEIVING THE EXCEL BUDGET FORMAT? KEN VERDOIA KUED-TV Email: kverdoia@kued.org Office: 801-581-3250 Please use email if requesting the budget format. AND THE PERSON WHO UNDERSTANDS THE BUDGET TEMPLATE FROM AN ACCOUNTING PERSPECTIVE: NORA ISHIHARA KUED-TV Email: nishihara@kued.org Office: 801-581-6562

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