Budget transfer
The process of moving budgeted funds from one financial unit to another within an organization.
Budget transfers involve reallocating funds from one budget item to another within a project, addressing changes in scope or unforeseen expenses, and maintaining financial control.
Used in a sentence
A budget transfer was needed to allocate additional funds for unforeseen site conditions.
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Whether building a residential home, a commercial complex or a large-scale infrastructure development, understanding and managing costs is key to completing a project on time and within financial limits. Effective financial planning allows project managers to handle unexpected challenges and maintain client trust. Two primary tools in financial planning for construction are the estimate and […]
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