Budgets: Glossary of terms
A quick reference for the words you'll come across when working with Budgets in Lookout.
Budget
A plan for how a Member's funding will be used over a set period. It brings together the funding available (income), the services and expenses planned against it, and what's left to spend.
Budget Period
The start and end dates a Budget covers. All the income and planned spending in a Budget relate to this window of time.
Funding Type (Funding Scheme)
The kind of funding arrangement the Budget is based on — for example, Support at Home, Home Care Package, NDIS, or private funding. The funding type determines the rules and structure of the Budget.
Income
The money coming in to fund the Member's care over the period. This can include government subsidies, supplements, and contributions.
Subsidy
Government funding contributed towards the Member's care, forming part of the Budget's income.
Client Contribution
The amount a Member is expected to contribute towards the cost of their own care, depending on their funding arrangement.
Income-Tested Fee
A contribution some Members pay towards their care based on their financial situation. It forms part of the funding picture on relevant Budgets.
Service Plan
The planned services a Member intends to use their funding for, set out within the Budget.
Expense
A planned cost that's recorded against the Budget, drawing down on the available funding.
Left to Spend
What remains after planned services and expenses are subtracted from the total income - in other words, the funding still available.
Draft
A Budget that has been created but not yet approved. Drafts can be edited freely and aren't yet in effect.
Approved
A Budget that has been finalised and put into effect. Approving a Budget confirms the funding plan for the period.
Interim Budget
A temporary budget applied while a full budget is being finalised, so care can continue in the meantime.
Signing Request
A request sent to have a Budget formally agreed or signed off, providing a documented record of acceptance.
Care Management Amount
The portion of funding set aside for coordinating and managing the Member's care, calculated as part of the Budget.