ANNUAL BUDGETING AND COST CONTROL PROCESS

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[ ] Retrieve Departmental Budgets: Fetch all existing budget entries from the Department Budget Data Model for the current fiscal year.
[ ] Retrieve Actual Expenses: Fetch all expense entries from the Expense Data Model to compare against planned budgets.
[ ] Calculate Total Planned Budget: Sum the 'Allocated Amount' field from all retrieved Departmental Budget entries.
[ ] Calculate Total Actual Spend: Sum the 'Amount' field from all retrieved Actual Expense entries.
[ ] Calculate Budget Variance: Subtract Total Actual Spend from Total Planned Budget to determine the variance amount.
[ ] Calculate Variance Percentage: Divide the Budget Variance by the Total Planned Budget to determine the percentage of over/under spend.
[ ] Assign Budget Review to Dept Heads: Create tasks for all Department Heads to review their specific budget allocations and approve or request changes.
[ ] Finance Audit Task: Create a task for the Finance Controller to audit the variance reports and flag significant deviations.
[ ] Update Budget Status: Update the status of the Budget Entry to 'Approved' or 'Under Review' based on the outcome of the review task.
[ ] Create Budget Adjustment Entry: Create a new entry in the Budget Adjustment Data Model if a variance exceeds the allowed threshold.
[ ] Notify Department Heads of Approval: Send an email to Department Heads once their budget allocation has been officially finalized.
[ ] Alert Finance of Over-Budget Scenarios: Send an automated email to the CFO when the Budget Variance Percentage exceeds a predefined threshold (e.g., 10%).
[ ] Generate Annual Budget Summary Report: Create a comprehensive PDF/Excel report containing the aggregated budget totals, actual spends, and variance analysis for the fiscal year.
[ ] Cleanup Draft Budgets: Delete any temporary or draft budget entries that were not moved to the 'Approved' state by the end of the cycle.

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