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Tucker Hirise Budget Views

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Prior to the start of the project, a construction an Anchor Budget will be produced by the Client after engaging their Cost Consultant and Bank.  The Anchor Budget is a Benchmark Budget and not to be changed. Modifications to the Anchor Budget are done based on Commitments, Approved Change Orders and Purchase Orders. The Current Budget may be altered throughout the duration of the project by many factors, including design changes, schedule delays and unforeseen circumstances.  This is all facilitated via Change Orders, Purchase Orders, Project Site Instructions, Potential Change Orders, and Budget Modifications. 

 

 

 

 

 

 

 

It is essential that the budget forecasting is completed to ensure that the exposure to additional costs is understood for design changes, unforeseen closed tender circumstances and schedule delays for work which have not yet been approved. It is imperative that alignment of costs to date are coordinated with the Owner and the Cost Consultant monthly.  It is understood that costs to date information from the Owner/Cost Consultant may be 30 to 60 days behind the reporting period.

 

 

 

 

 

 

 

All Procore projects include 2 views: Budget Detail and Budget Summary.

 

 

 

 

 

 

 

Budget Summary

 

 

 

 

 

 

 

  • This is a simplified view that closely resembles budgets used by cost consultants, and is used for reporting purposes only.
  • It should be used as the primary report for clients, and all other external reporting purposes.
  • Financial department cost reports can be created from the Budget Summary view

 

 

 

 

 

 

 

Budget Detail 

 

 

 

 

 

 

 

  • This is our internal working view and includes additional columns to provide project teams and finance with greater insight into their project budget.
  • It should be used by Tucker employees when viewing the budget and exploring details, commitments, costs, etc.
  • The Budget Detail view will no longer be provided to clients unless they specifically request additional detail.

 

 

 

 

 

 

 

The following table explains the columns included in the Budget Detail view.

# Column Name Includes Notes
1 Anchor Budget The original budget amount for each line item.   
2 Budget Modifications Total of all budget modifications for the budget line item  
3 Approved Change Orders Potential Change Orders (PCOs) marked as Out of Scope with status Approved. PCOs marked as In Scope or TBD will not modify the budget. Most PCOs generated from SIs and associated Change Events will be Out of Scope. However, for situations such as dewatering where an initial contract is written and change orders are added to reconcile actual costs monthly, we do not want the change orders to modify the budget as the commitment change orders are still within our budget total for that line. If actual costs exceed the current dewatering budget, you would then set the PCO as Out of Scope*
4 Current Budget
(1+2+3)		 1 Original Budget plus 2 Budget Modifications plus 3 Approved COs: Out of Scope  
5 Subontract Total Value of all Subcontracts with the status Approved or Out for Signature  
6 PO Total Total of all Purchase Orders with status Approved, Closed, Processing, Submitted, Received, or Partially Received  
7 In-Scope CCOs Total of all In-Scope Commitment Change Orders (for both POs and Subcontracts) with status Approved In-Scope CCOs are used for PO reconciliations and other items. Due to limitations within procore, they can now be shown separately for POs vs Subcontracts and are therefore shown in their own column.
8 Direct Costs Direct Costs in the Pending, Revise and Resubmit, and Approved status  
9 Committed Costs
(3+5+6+7+8)		 3 Approved Change Orders plus 5 Subcontract Total plus 6 PO Total plus 7 In-Scopee CCOs plus 8 Direct Costs  
10 Invoices Total of all Invoices received against Subcontracts and POs  
11 Completed to Date (8+10) 8 Direct Costs plus 10 Invoices  
12 Committed Cost to Complete
(9-11)		 9 Committed Costs minus 10 Cost to Date. This represents the dollar value of existing commitments that has not yet been completed.
13 Uncommitted Cost
(4-9)		 4 Current Budget minus 9 Committed Costs This shows the value "to be spent" or the difference between the current budget and committed costs.
14 Cost to Complete
(4-11)		 4 Current Budget minus 10 Cost to Date This shows the amount left to be invoiced based on the current budget.
15 Approx. PCOs
(Out of Scope)		 Total of all Change Events (CEs) marked as Out of Scope with status Pending CEs marked In Scope or TBD will NOT modify this column or committed costs. Most CEs generated from SIs will be Out of Scope. For situations such as dewatering where an initial contract is written and change orders are added to reconcile actual costs monthly, we do not want the change orders to modify the budget as the commitment change orders are still within our budget total for that line. If actual costs exceed the current dewatering budget, you would then set the CE as Out of Scope.
16 Pending PCOs
(Out of Scope)		 Total of all PCOs marked as Out of Scope with status Pending PCOs marked as In Scope or TBD will not modify this column.
17 Forecast to Complete
(4+15+16-11)		 16 Forecasted Cost at Completion plus 15 Approx. PCOs plus 16 Pending PCOs minus 11 Completed to Date This visible column shows the amount left to be invoiced based on the projected budget total.
18 Projected Cost at Completion
(11+17)		 11 Completed to Date plus 17 Forecast to Complete This shows the projected total cost of the project based on known approximate and pending changes to the budget
19 Projected Over from Current
(18-4)		 18 Projected Cost at Completion minus 4 Current Budget This shows the difference between Projected Costs and the current budget.

 

 

 

 

 

 

 

*The In Scope / Out of Scope modifier and provides flexibility for different types of trade contracts such as "additive" contracts like dewatering for which CCOs are signed by Tucker, vs standard subcontracts which require owners to sign CCOs. Utilizing this in conjunction with PCOs to represent budget side changes and CCOs for cost side changes standardizes financial operations across multiple owner contract types such as CCDC-5A and CCDC-5B with GMP.

 

 

 

 

 

 

 

For more detailed information on how CEs, PCOs, and CCOs affect the budget, please click here.