Task 2 Requires you to prepare a final budget based on the changes made to your

Task 2 requires you to prepare a final budget based

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Task 2 Requires you to prepare a final budget, based on the changes made to your draft budget following a management meeting. Task 3 Requires you to assess actual performance against estimated performance and prepare accurate financial reports. You will be preparing a summary report for the budget and performance and making recommendations for next budget based on review. Task 1 You are required to complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura. A. Access the excel spreadsheet named “ A1-Task 1- Hotel Futura Budget_Forecast”. The first tab on this spreadsheet is labelled “Departments Small” and shows the existing budget figures for the 2016 financial year. B. Use the template “Draft Budget” on the second tab of th e spreadsheet and perform the calculations below using basic formulas. Your forecast needs to include the Dollar Figures and the % values for these affected by changes outlined below. The % values must be listed for each expense item shown in the Expenses Analysis for each department. You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2017: 1. Rooms Division: a. Due to renovations the rooms available have been reduced to 96%. b. The forecasted occupancy rate has been adjusted to 80%. c. The revenue per available room needs to be increased to $150.00 d. The COGS will increase to 15% of total room revenue e. Staff costs need to be increased to 20% of total room revenue to allow for increases in superannuation and awards. f. Other Expenses need to increase to 8% of total room revenue to cover electricity price rises.
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SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 7 of 10 2.Catering: 3.Banquet: The Banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats and sous-vide equipment. a.The new total revenue budget was set at $ 2,000,000.00 ($2 Million) and the beverage revenue was increased by 75%. b.The COGS will increase to 26%. c.The staff costs have been reduced to 19%. d.Other Expenses will need to increase to 14%. 4.Room Service:
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