19 May Hospitality
Carefully review the attached budget used for a gala, the Pineapple Ball. This was a community type of event used to reward some amazing hospitality leaders in the Central Florida area. This was a first time event, so the planners had to create a zero based budget. A zero based budget is when you have nothing (or zero history) to use when creating the initial budget. This much harder to do than using an incremental budget. An incremental budget is when you have a previous budget for the same event that you can use when budgeting for this year.
Take special note of the budget (initially budgeted amount) as compared to the actual amount spent in each category.
Instructions:
Identify at least expense (2) categories where the planner went over or under budget. Consider how going over or under impacted the overall budget. What could be done differently w/those line items in the future to ensure they are more in line w/the overall budget plan?
Identify at least (1) revenue category where the planner didn’t reach the revenue goal. How did this impact the overall profit/loss? Why?
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