Does a production budget include the cash receipts budget?

No. Production budget determines how much money you intend to spend on a project.

For example, if you are in charge of a project and estimates that the budget for this project will cost $50,000.00, but after purchasing the raw materials and labour, the actual amount spent was $35,000.00, therefore the variance would be $15,000.00.

I hope this answers your question.