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1. BUDGET APPROV AL MEMO
budgetprojectmanagement-231022025721-
58e02357 No.
Report No. Page 1 of 3
Custodian: PM
CONFIDENTIAL
INTRODUCTION
It is with great enthusiasm that we submit this budget status report for your approval.
The Multicultural Arts Festival 20xx project is an event that we take pleasure in
constructing and delivering from concept to completion. We have outlined below our
professional opinion regarding budgetary requirements and summary after taking
many considerations into account of the most appropriate method of delivering a
project that first and foremost meets the needs of our client while withstanding
external influences and resulting in an outcome that is of high quality and calibre.
COSTS
Project Stage Cost Contingency Rate Total
Concept AUD$385 0%
Design AUD$1035 10% AUD $1138.5
Implementation AUD$9195 10% AUD $10114.5
Finalisation AUD$735 10% AUD $808.5
Total
AUD $11,350 AUD $12,061.5
AUD $12061.5 +
Materials & Other
Costs =
$50,044.5
BUDGET SUMMARY
We are confident in the proposed budget and its delivery given the Client criteria for
this project and its envisaged outcomes. Although the budget has gone
approximately $20,000 over its initial allowance, the amended budget comfortably
covers all constraints and assumptions whilst remaining feasible and as well as
efficient. With this confidence, we have set our contingency budget at a modest 10%.
This will allow for any unforseen and unexpected issues that may arise that have not
already been identified or addressed. All units indicated are in Australian Dollars
(AUD).
EARNED VALUE ANALYSIS (EVA)
Project Stage Planned Value Earned Value Actual Cost
Concept AUD $385 AUD $385 AUD $275
Design AUD $1035 AUD $876.25 AUD $990.50
Implementation AUD $9195 - -
Finalisation AUD $735. - -
Total AUD $11,350 AUD $1261.25 AUD $1265.50

2. BUDGET APPROV AL MEMO (Continued)
budgetprojectmanagement-231022025721-
58e02357 No.
Report No. Page 2 of 3
Custodian: PM
ASSUMPTIONS
Project Requirements
 Must promote many forms of art (Performing, Visual, Craft).
 Must encourage diverse communities to participate.
 Event will take place regardless of weather.
 Must engage the community in participating in art activities.
 Must cater to all members of the community (CALD, special interest groups, leaders, etc.).
 Our services will commence within 2 weeks of client sign off/authorisation.
Timeframe
 Timeframe is stated to be within 14 weeks unless development of the schedule indicates otherwise.
 Any factors that influence a delay in the timeframe will adversely effect the Budget & Schedule.
Budget/Cost Management
 Entry Fee should cover the venue costs.
 Grant monies (of at least $10,000) will be available from the initial phases of the project.
 Budget monies will be available from Design Phase of the project.
Resources
 All supplies will be delivered on time.
 All Human Resources will remain with project as per agreement.
 In the event a key resource should leave this project, it is assumed that an equally qualified resource
will be assigned as a backup in order to maintain the schedule of this project.
 HR will be be dependent on their own transportation and telephony devices and connections.
Schedule
 Dates stated as available for project resources will be delivered on time.
CONSTRAINTS
Project Requirements
 Scope modifications could negatively impact the scheduled delivery date
of this project.
 Length of project must be within 14 weeks.
Cost/Budget Management
 Budget was initially limited to $30,000, however an additional $20,000 is required to deliver the
project completely and properly.
 A Grant amount of at least $10,000 must be funded to proceed.
 The realities of Funding & Grants require flexibility in project management, scheduling and
budgeting. The project team has reduced initial staffing time levels to match reduced funding.
Communications Management
 Budgetary cuts have been made in order not to compromise available funds and to provide more
cost-effective solutions for completing tasks. For example, reliance on virtual/electronic medium to
communicate as opposed to conference room hire.

3. BUDGET APPROV AL MEMO (Continued)
budgetprojectmanagement-231022025721-
58e02357 No.
Report No. Page 3 of 3
Custodian: PM
RECOMMENDATIONS
We recommend the following:
 That a minimal of AUD $20,000 be supplemented and made available for the
project in order to meet all client requirements, human resource requirements,
material requirements, venue and legal constraints. This project cannot be
delivered to a quality standard and in meeting all client expectations within the
existing budget of $30,000.
 That additional funding options be made available in order to compensate for
cut backs and in the delivery of a quality project.
Approved Yes No
Name & Title Signed
Date