Position Budgeting Experience?

Summary:

We're looking to turn on Position Budgeting to allow us to provide reports on open positions. Is there any experience with this in the group?

We only have one location, so as I understand it, only department-level position budgeting would make sense for us.

It seems that it would treat all positions in a given department as part of that budget pool for FTE, headcount, and amount.

We are setting all the controls to Warning so that we will be able to put a workflow in place to notify Finance if we're going over budget in nay department.

Does that understanding appear correct?