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What steps are involved in preparing a budget?

A What steps are involved in preparing a budget? The budget preparation process varies by organization and the budget format that your organization uses. All budgeting processes should start by defining your organization’s high-level goals.

As ClearPoint's Marketing Manager, Jenna leverages her 6+ years of experience working with organizations on performance management to communicate the importance of strategy execution with the ClearPoint Community.

The budget preparation process varies by organization and the budget format that your organization uses. All budgeting processes should start by defining your organization's high-level goals. Typically, this is when you want to get feedback and input from internal stakeholders (like your City Manager and Department Directors) and external stakeholders (like residents and local businesses). Then, you'll need to choose which budget process you're going to use and educate all members of your budget office on the process. You'll also need to ensure you have a process for departments to submit budget requests both during and after the annual budget process.

Once you've received feedback and all requests, you'll need to balance the budget and allocate funds appropriately. Throughout the year, provide updates to stakeholders and don't forget to provide annual reports at the end of each year.