If there is a mentioned budget, then it MUST include ALL expenses, otherwise it's not a budget, is it? I don't think any company would say "this game had 50 million budget" but then seperately talk about marketing or whatever. Massive budget games would have died a long ass time ago if they weren't making money. There is a reason why there isn't a new Shenmue after all. :D
Other factors include the expenses included in one game that will lessen spending on a later game. Like new equipment factored into one game will be used later. And also development on a game engine will massively reduce the spend on any later game based on the engine.
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