PART 1: BUDGET VERSUS ACTUAL
Budgets are part and parcel of an effort, by individuals and organized groups, to map out in advance a plan for their money. Having one, or conversely not having one, can be the difference between getting ahead, getting by, or falling behind.
So they’re important.
But a budget is only as good as the follow-up examination and evaluation that comes from comparing your stated budget with the actual movement of money in and out for the same period of time defined in the document.
So it is for the folks who toil as part of Renfrew’s Town Council, whether they be elected officials or members of the administrative staff. Budgets in the municipal sense are set out for six-month periods, and are assessed immediately following the conclusion of those six-months.
Hence the term BUDGET VERSUS ACTUAL. It simply means that the comparison described above is taking place in an open Committee of the Whole.
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