What are the requirements called that are set by the board for budget preparation?

The requirements established by the board for budget preparation are commonly known as Board Expectations. This term captures the specific goals, parameters, and considerations that the board wants the management team to follow when preparing the budget. These expectations may include strategic priorities, financial constraints, and performance metrics to be achieved.

By using this terminology, it emphasizes that these are not merely informal recommendations but formal directives that shape the financial planning process. The clarity provided by defining these as Board Expectations ensures that all parties involved are aligned with the objectives of the board and that the management team understands what is required to fulfill those expectations.

In contrast, while terms like Financial Guidelines, Budget Directives, and Management Standards may imply certain aspects of financial management or directives, they do not specifically capture the board’s expectation-setting function as effectively as Board Expectations does. Each of these other terms might refer to broader categories or processes but lack the direct link to the board's oversight role in budget preparation.