Document #:
CP03.01 / Rev.:
4.00 / Build King Holdings Limited
Company Procedure /
Title:
Budget Management / Page #:
1 of 5
REVISION HISTORY
Rev / Description of Change / Prepared by / Approved by / Effective Date
3.00 / First Issue – Working Version / SL / AC / 01/11/2002
4.00 / Responsible personnel amended; Project forecast summary sheet (CP03.01-FR03) amended / WT / EK / 30/12/2014

1.Purpose

This procedure establishes the method by which the budget control is managed within the Integrated Management System (IMS) to ensure effective and efficient project operation.

2.Scope

This procedure applied to all projects carried out by Build King Group (BKG)and on all major joint venture projects that any Company under BKG has a leading role.

3.Definitions and Acronyms

QSIC: Quantity Surveyor In-Charge. To be appointed by Commercial Director for the respective project.

PIC: Project In-Charge. To be appointed by the Director In-Charge for the respective project.

MIC: Manager In-Charge. To be appointed by the Board or the Director In-Charge for the respective project.

DIC: Director In-Charge. To be appointed by the Board for the respective project.

CIC: Commercial In-Charge. To be acted or appointed by the Commercial Director.

FIC: Financial In-Charge. To be acted or appointed by the Executive Director (Finance) of BKG.

4.Flowchart

5.Procedure

5.1At the project initial stage, the QSIC shall consolidate the tender budget according to the Cost Code Structure.

5.2The PIC/MIC shall finalize and recommend the budget.

5.3The budget shall be reviewed by CIC and approved by DIC.

5.4The QSIC together with PIC/MIC shall prepare and update the current budget forecast for review.

5.5All updated forecasts shall be reviewed by CIC and approved by the DIC.

5.6The QSIC shall prepare the monthly financial report based on the current budget and expenditure and endorsedwith PIC/MIC in the Project Review Meeting.

6.Form(s)/ Record(s)/ Reference Document(s)

Forms required for this document (Forms in italic fonts denote forms in other procedures):

Form Number / Title
03.01-FR01 / Cost Code Structure
03.01-FR02 / Site Code Example
03.01-FR03 / Project Forecast Summary Sheet
03.01-FR04 / Tender Budget (By Estimating Department)
01.01-FR03 / Project Review Meeting (PRM) Report (Financial)

CHECK THE MASTER LIST

VERIFY THAT THIS IS THE CORRECT REVISION BEFORE USE