You can now monitor Torch Project Management budgets under the Dashboard tab:
Budgets for categories and projects are automatically populated if you created your categories from an accepted bid. However, you can edit any budget (either for a category or the project) at any time.
The amount used is calculated by taking the sum invoiced time, sum of the expenses, and estimating the uninvoiced time by multiplying the hours by the default hourly rate of the user.
There is also a Google Visualization API Data feed of this information (so you can embed it into any supported container, such as iGoogle).