Transcript
Transcript: Anick's Quick Tips for Executives: Managing a Budget
[00:00:00 Anick Ouellette appears on screen in a modern Canadian government office. She is holding a reference file.]
Anick Ouellette: Hello. My name is Anick Ouellette and here are some of my tips.
[00:00:06 The title page appears. Soft and inspiring music is playing. Text appears on screen:
Quick Tips From Anick: Managing a Budget.]
[00:00:13 Text appears on screen: Anick Ouellette, Former Assistant Deputy Minister, Corporate Services and Chief Financial Officer, Canada School of Public Service.]
[00:00:19 Text appears on screen: Anick Ouellette, Faculty Member, Canada School of Public Service.]
Anick Ouellette: You are an executive and juggling the many responsibilities you have is a real challenge, and perhaps you have little time to devote to your budget. Budget management is a complex responsibility. Of course, we have a team and colleagues to support us, but ultimately, we are accountable for our own budget. Moreover, your organization's chief financial officer and their team can support you and provide you with their expertise. It is essential to start the financial cycle with integrated resource planning.
You must first set your team's operations and priorities based on your mandate and objectives. Next, you need to determine financial, human and material resource needs. It is decidedly too simplistic to plan the same budget as last year and add funding for new initiatives. Much more thought must be given to asking questions such as: Are there any changes to the original forecasts made for an initiative funding request? Is there a business process or service that could be improved? Or is there an activity or activities that should cease and when?
It is also important to communicate with your colleagues in other sectors to review your game plan, as these people will be collaborating to achieve your objectives. I am thinking of people in human resources, information management, information technology and procurement. This way you will be able to make much more realistic and accurate budget forecasts. Next, you must monitor your cost centre's financial position regularly. It is important to review the budget forecasts for each operation or project. Start by checking actual expenses as well as obligations, which is usually done quite quickly. Then more time must be spent evaluating the upcoming activities and checking associated assumptions in order to adjust budget forecasts upwards or downwards.
My last piece of advice concerns the human side. It is essential to communicate information about the budget and changes to your team throughout the year. It is important to take enough time to modify work plans accordingly to ensure a successful implementation and transition, and above all, remember, your greatest resource is your employees.
[00:02:47 The closing slide appears. Text appears on screen: Quick Tips From Anick: Managing a Budget.]
[00:02:54 The Canada School of Public Service logo appears. Text appears on screen: canada.ca/school]
[00:03:02 The Canada wordmark appears.]
