Understanding the Budget


The budget is the heart of a New Avenue project – or any construction project, for that matter. The difference is that New Avenue provides one "budget of record" that is easy to understand and keeps costs under control.

You can reach the project budget by clicking the 'Budget' icon in your project menu. Here it is circled in red:

Budget button

Before we get into the details, however, let's look at the big picture so we can get a sense of how the New Avenue budgeting process works.

The budgeting process

New Avenue's budgeting process is entirely online. Budget items are budgeted, billed, and paid through the following process:

  1. An architect or general contractor submits a form either to request payment or make a change to a line item in the budget.
  2. The homeowner either approves or rejects the form. If it is approved, the changes requested are automatically merged into the budget.
  3. Once per month, assuming work has been done and money is due, the project admin submits an invoice.
  4. After the invoice is approved and paid, the money received is distributed by New Avenue to its partners.

Budget Structure

If you've used spreadsheets to budget before, the online budget will look very familiar to you. The budget is divided into a series of rows or "line items" common to every accessory dwelling unit project. For each line item, we can determine what was budgeted, the amount billed, the percent billed, the amount paid, and the amount due. Here are some line items from the design phase of a project:

Line items

As line items are budgeted, billed, and paid, the numbers in these columns will gradually change.

 

 

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