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Reading a Budget (CBF)

Objective

To understand how to correctly read and interpret the data in a budget created using Procore's Budget tool.

Things to Consider

  • Required User Permission: 'Read-only' and above on the project's Budget tab

  • In this example we are reading the budget for the Procore Standard view and your view may not match if your company has modified this view, deleted it, or created other views. 

Example

To view a project's budget, navigate to its Budget tab. 

Below is an example screenshot of a budget. Each column is described in more detail below.

Budget Column Descriptions

Note: Hover over each column to see a tooltip that explains how the value in that column is being calculated or what the tool source and filters are for that column. 

  • Cost Code
    A predefined numbering system that represents specific kinds of work for the purpose of organizing the cost control process of a specific project. 
     
  • Category
    A type of cost such as Labor, Material, Equipment, Subcontract, etc. 
     
  • Original Budget
    Defines the budgeted amount that was originally allocated to bring the item to completion. 
     
  • Budget Modifications
    Although the original budget is no longer editable once it's locked, you can easily transfer allocated funds from one line item to another in order to make adjustments to your "current" budget. Budget modifications allow you to make iterative changes over time that help you better balance your current budget more effectively. Amounts in parentheses (e.g. ($1500.00)) denote negative amounts. See Create a Budget Modification (CBF).
     
  • Approved Change Orders (COs)
    An approved Prime Contract Change Order to the original budget that will likely result an additional/increased cost. Values are only derived from the lowest tier (e.g. PCOs) and not higher tiers (e.g. PCCOs).
     
  • Revised Budget  (= Original Budget + Approved Change Orders + Budget Modifications)
    The updated budget, which is based upon the additional costs that have increased the project's original budget based upon the number budget modifications and  of approved change orders and their related amounts. 
     
  • Pending Budget Changes  (= Potential Prime Contract Change Orders)
    Submitted Potential Prime Contract Change Orders that are in the "pending" state because they have not been approved or rejected. Values are only derived from the lowest tier (e.g. PCOs) and not higher tiers (e.g. PCCOs).
     
  • Projected Budget  (= Revised Budget + Pending Budget Changes)
    Includes all pending Prime Contract PCOs. 
     
  • Committed Costs  (= Approved Commitments + Approved Potential Commitment Change Orders)
    Aggregates all approved commitments and approved commitment change orders. You can see all of the items that make up this number, and any other underlined number by clicking on it to drill down to the details. Values are only derived from the lowest tier and not higher tiers.
     
  • Direct Costs 
    All costs that are not associated with your commitments. The typical use case for this column is for "General Conditions" and self-performed work.
    (Note: For ERP integrated accounts, this value is pulled directly from your Sage database and cannot be edited in Procore.)
     
  • Pending Cost Changes  (= Pending Commitments + Pending Potential Commitment Change Orders)
    Pending Costs pull from Pending Commitment Change Orders and any subcontracts that have an “Out for Signature” status, as well as any Purchase Order with a "Pending" status. Values are only derived from the lowest tier (e.g. PCOs) and not higher tiers (e.g. PCCOs).
  • Projected Costs  (= Committed Costs + Direct Costs + Pending Cost Changes)
    The sum of all known costs.
     
  • Forecast to Complete
    The “Forecast to Complete” column is where you can forecast additional money that you expect to be spent (in addition to the Projected Costs) in order to bring the item to completion. See Use the "Forecast to Complete" Feature.
     
  • Estimated Cost at Completion  (= Projected Costs + Forecast to Complete)
    Sum of all known and expected costs that may be required to bring the item to completion.
     
  • Projected Over/Under  (= Projected Budget - Estimated Cost at Completion)
    The net difference between what you expect to be the total cost of completion and the projected budget amount.  
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