Project Budget Instructions
The Project Budget template, an Excel Spreadsheet, is used to identify and report all
sources and uses of funds related to your project. This will include direct costs of the
project as well as the utilization of internal resources. The total cost detailed in this
template should be included in the Project Charter and this template can be attached to
that document as backup.
The sections of the Project Budget template and the information required in those
sections are described below.
A. General Information
Project Title – Enter the proper name used to identify this project.
Project Start Date – Enter the date that the project began or is expected to begin.
Recipients of this Report – Enter the names of the people who should get this report.
Prepared By – Enter the name of the person making this request.
Project Phase – Select the appropriate phase from the pulldown menu – Budgeting
is usually performed in the “Planning Phase”.
Estimated Completion Date – Enter the date that the project is expected to end.
Reporting Date – Enter the date this report was prepared.
Version No. – Enter the version number or “final”.
B. Sources of Funds
Provide the amount of funding identified in the project charter from each fund source.
Specify any limitations or conditions about the use of the funds.
C. Planned / Actual Project Costs
This section of the template is a matrix. In the first column, list each of the major
project elements that will consume resources. Note the cost amounts in the columns
to the right as instructed below:
Estimate columns – In the row for each element listed, enter the estimated costs for
that element by category (i.e., labor, software, etc.). Add or delete project categories
as needed, being sure to adjust the formulas in the "Total" column if needed. NOTE:
For internal staff labor, specify the total cost whether or not the work is being done
on a recharge basis.
Actual columns – Throughout the life of the project, the project manager should
update the template by entering the "actual" costs of each element by category. The
differences should be analyzed and noted in the Project Status Reports throughout
the life of the project.
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Project Budget Instructions
Total Project Costs – This section computes the total project costs, both estimated
and actual, and calculates the percentage difference. The actual total and percent of
budget should be reported in the Project Status Reports.
The project sponsor should sign the budget to approve the use of funds. If there is
more than one sponsor, obtain signatures from all of the sponsors. The sponsor
may also send the project manager an email approving the budget in lieu of a
signature. If the project has more than one sponsor, obtain approval from all of the
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