Thanks for the feedback guys. I guess for this particular example I will end up making 2014 budget an Area of Focus, and then use my Projects list for all of the resulting sub-projects.
For some reason I'm just not comfortable mixing the parent/child relationships all on a single list. Maybe I should have a "Master Projects" list that would represent the 25,000 foot level between projects (20,000 ft) and AOF (30,000 ft). Of course the more lists you maintain, the more overhead you're adding to your workflow, so I have to consider that aspect as well.