A set budget may occasionally fail to completely cover the amount required to complete a project. Some products or services, for example, may have higher costs than expected. If left unaddressed, this situation may force you to release resources, make significant cuts, or deliver results over a longer period of time. Due to that, you can write a request letter to request additional budget to make your business succeed.
This article will discuss a request letter for additional budget, writing tips, and an example and template to guide you in creating your own.
What is a Request Letter for Additional Budget?
An additional budget request letter is a document that asks a company or institution for more money in order to complete a project. It frequently specifies the additional amount needed and why the addition is important to the project. It is required when applying for funding for a business project, as well as when applying for funding to start a new department or company initiative.
Points to Consider Before Crafting Request Letter for Additional Budget
- Use professional and courteous language.
- Address the letter to the recipient appropriately.
- Give accurate information
- Keep your message short and straight to the point.
- Provide your contact information
- Include your name, job title, and signature
- In the first paragraph, mention any attachments.
Writing Tips for Request Letter for Additional Budget
Here are some pointers to help you persuade your reader that you deserve more budget:
- Give specifics about the budget: Mention the specific department, project, or event to which the budget is assigned. You may include a copy for reference.
- Mention how much you budget you need: Provide an exact or estimated amount that will suffice for your needs. These can be highlighted as changes to the original budget.
- State the purpose of money: Outline how you intend to use the additional budgets. This will assist the reader in understanding why you require the budgets.
- Rationalize your request: Show the reader how the additional budgets are essential to your department, project, or event. Make a point of connecting your reasons to the company’s mission statement.
- Provide a variety of options: Provide your reader alternatives. You could outline two scenarios and how much additional budget they would necessitate.
Sample and Template
If this is your first time writing a request letter for an additional budget, we have provided a sample and template to assist you in composing your own.
Request Letter for Additional Budget Template
[City, State, ZIP Code]
Dear [Recipient’s last name],
I am writing to formally request a budget increase of the exact amount for the fiscal year beginning on the [exact dates]. The additional budgets will allow the [department name]to [state the reasons for requesting the additional budget]. The specific line item budget revisions are attached.
Please allocate the budget to the following accounts if you approve this request:
[Account number 1] – [Amount]
[Account number 2] – [Amount]
[Account number 3] – [Amount]
I hope to hear from you as soon as possible. If you have any further questions, please contact me at [contact information].
Thank you for your consideration and time.
Request Letter for Additional Budget Example
March 17, 2020
123 Main Street
Jersey City, NJ 09876
Subject: Request for Additional Budget for the Marketing Department
Dear Mr. Guerrero,
Kindly approve this letter as a formal request for an additional budget for the Marketing Department. We need an additional $50,000 for the fiscal year April 2020 to April 2021. This sum will be used to fund the upcoming trade show and will be divided up as follows:
- Instructing new sales representatives – $15,000
- Purchasing a trade show booth – $15,000
- Designing a new brand logo – $10,000
- Booking trade floor space – $5,000
- Other expenses related to tradeshow – $5,000
For your convenience, I have attached a copy of the Annual New Jersey Industry Trade Show information sheet. I would appreciate a response as soon as possible.
If you have any further questions, please contact me at 400 1234 321 or firstname.lastname@example.org.
Thank you for your consideration and time.
ABC Marketing Department
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- If a set budget does not cover the entire amount needed to complete a project, you can write a request letter for an additional budget.
- An additional budget request letter is a document that requests additional funds from a company or institution in order to complete a task. It frequently specifies the additional amount required as well as the importance of the addition to the project.
- Indicate your reason why you write a request letter for an additional budget.
- Use a professional tone and keep your letter to the point.
- You should also include your contact information so the recipient will be able to contact you anytime.