Where should the combined budget review ideally take place?

The combined budget review should ideally take place externally because this allows for a broader perspective on the budget that incorporates input from stakeholders outside of the immediate organization. Engaging external parties, such as financial analysts, community representatives, or partners, helps ensure that the budget is aligned not only with internal goals but also with external market conditions, public expectations, and regulatory requirements. This collaborative approach can enhance the transparency of the budgeting process and encourage a greater understanding of how the budget affects various stakeholders, ultimately leading to more informed decision-making.

Holding the budget review solely internally may limit the scope of the discussion, and a completely online review could hinder effective communication and collaboration that in-person or hybrid formats can foster. Meanwhile, conducting the review strictly in departmental meetings might restrict input to only those within specific areas, missing out on valuable insights from outside perspectives. Therefore, an external setting for the combined budget review is optimal for a comprehensive evaluation.