BUDGET SETUP

When starting the budgeting process, make sure to obtain the applicable Studio Chart of Accounts from the FES Production Executive to avoid any confusion or transfer work later on. When submitting a revised budget for review you must include a variance column.

Where applicable, with foreign currencies, the locked exchange rate will be provided to you from your FES Production Executive. Please confirm prior to greenlight.

Once the budget has been greenlit, the gross and net numbers are considered locked. Any variances to line items after Budget Greenlight should be reflected in a Work in Progress Budget (WIP), as opposed to the greenlight budget, and subsequently into the cost reporting process when ready.

FES requires Producers to maintain a WIP budget to be sent weekly throughout the course of production to the FES Production Executive.

Should FES approve specific overage amounts, a breakage letter will be signed and issued to the producers.  These approved amounts should be added to the related line items in the Producer’s Cost Report.  See Overage Approval Process in INSERT LINK HERE TO Section 2.1.4.