Film Accounting Glossary
Reforecast
What is a reforecast?
Also called re-forecast, or revised forecast.
A reforecast is a rebuild of the estimate to complete and the cash flow after something material changes: a schedule slip, a cast change, a weather loss, or a scope addition.
It is deliberately distinct from a budget amendment, because the approved budget stays fixed while the forecast moves. Productions that reforecast promptly find their problems while there are still weeks left to solve them.
Example
Two weather days and a recast in week three. Rather than wait for the variance to appear, the accountant rebuilds the estimate to complete and the cash flow that week: the approved budget stays fixed, the forecast moves, and there are still four weeks to respond.
Figures are illustrative, chosen to show the mechanics rather than to quote market rates.
Where you'll see it
Triggered by any material change, and deliberately distinct from a formal budget amendment.
Common mistake
Waiting for the variance to appear in a report before revising the forecast. By then weeks of the schedule that could have absorbed the problem are gone.
Related questions
- When should a production reforecast?
- Immediately on any material change: a schedule slip, a recast, weather loss, or a scope addition, rather than at the next scheduled review.
- Is a reforecast the same as a budget amendment?
- No. The approved budget stays fixed and the forecast moves. An amendment formally changes the baseline and needs approval from whoever set it.