What is the Budget Forecast Report?
Note
This report is only available when Procore's Budget tool is not being used. When the Budget tool is being used, the Budget tool itself serves the purpose of this report. For more information on Procore's budget tool, see Budget tutorials.
Answer
Procore's Budget Forecast tool provides a breakdown of the budget and costs of a project organized by cost code. Additionally, it allows you to forecast the Cost to Complete.
Navigate to the tool by clicking the "Budget Forecast Report" link on the head contract in the Head Contracts, Commitments or Reports tools. The report is divided into 3 sections: Head Contracts, Commitments and Forecast.
- Head Contracts:
- Original Budget: Head Contract Schedule of Values
- SOVs Current Budget: Original Budget plus any Approved Head Contract Variations
- Projected Budget: Original Budget plus the Current Budget and any Pending Head Contract Variations
- Anticipated Budget: projected Budget plus any Draft Head Contract Variations
- Commitments:
- Committed Costs: Approved Commitments plus Approved Commitment Variations
- Uncommitted Costs: Pending Commitments, meaning the difference between the budgeted amount and what has been committed
- Pending Commitments: Pending Commitment Variations
- Projected Costs: Committed Cost plus Uncommitted Costs and Pending Commitments
- Anticipated Costs: Projected Costs plus all Draft Commitments and Draft Commitment Variations
- Forecast:
- Modification: An editable column that allows you to better forecast Cost to Complete. Once values are entered, Procore will automatically save these values
- Projected Over/Under: Projected Budget plus the Modification minus the Projected costs
- Anticipated Over/Under: Anticipated Budget plus the Modification value minus Anticipated costs