PART: USA TASK 2 (SITXFIN003 Manage Finances within a Budget) The operations department informs their representative that in the 2018 budget they had a shortfall of $137,830 in their allocated budget and the funds they required

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PART: USA TASK 2 (SITXFIN003 Manage Finances within a Budget) The operations department informs their representative that in the 2018 budget they had a shortfall of $137,830 in their allocated budget and the funds they required. As such they inform their representative that they cannot incur the same shortfall this year and request that the budget be amended. They also inform their representative that an additional $206,745 is required in the 2019 budget to facilitate the growth objectives of the organisation. The marketing department informs their representative that they only used 80% of their allocated funds from the 2018 budget. They believe the same will happen in 2019 and the extra 20% will remain in excess. The finance department informs their representative that they have implemented new accounting processes and have purchased new cost saving software. As such, they believe that in 2019 they will save $551,320 of their forecasted expenses by implementing the new accounting process and by using new cost saving software. The human resources department informs their representative that in order to facilitate the organisations growth objectives in 2019, they will need to hire more staff. They determine that the extra staffing costs will be 3.5% of the total forecasted revenue. As such, they require additional funds. As a representative of your department, discuss the information provided to you with the other representatives. Some departments require more funding and others require less. Come to an agreement as to how you would like to allocate the funds of the 2019 budget and make the changes to the budget. [Note: each department representative should calculate the funding amount they require. This can be done by using the information collected in task 1 and adjusting it as per the scenario. Once completed negotiate with your colleagues, and attain the funding you require]. 2019 Budget Department Allocated Funds Operations $ Marketing $ Finance $ Human Resources $ Total $ Apex Institute of Education SITXFIN003 Learner Assessment Guide V3.1_Jun 19 | CRICOS: 03156M Page 17 of 28 At the completion of each budget, as per the NBH policy and procedure, a detailed review form of the budget must be completed and kept in the finance departments records. Once you have discussed and agreed upon the 2019 budget, you must complete the form in appendix 2, highlighting what the budget decisions were, why they were necessary and the impact it will have upon the organisations profitability. Each student must complete and submit their own review form.