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1. Prepare budget information. 1.1.Determine and confirm scope and nature of required budgets.
01 / 10 / 2021
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Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Prepare budget information.
1.1.Determine and confirm scope and nature of required budgets.
1.2.Identify, access and interpret data and data sources required for budget preparation.
1.3.Analyse internal and external factors for potential impact on budget.
1.4.Provide opportunities for colleagues to contribute to budget planning process.
2. Prepare budget.
2.1.Draft budget based on analysis of all available information.
2.2.Estimate income and expenditure and support with valid, reliable and relevant information.
2.3.Reflect organisational objectives within draft budget.
2.4.Assess and present options and recommendations in a clear format.
2.5.Circulate draft budget to colleagues and managers for input.
3. Finalise budget.
3.1.Negotiate budget according to organisational policy and procedures.
3.2.Agree on and incorporate modifications.
3.3.Complete final budget in a clear format within designated timelines.
3.4.Inform colleagues of final budget decisions and application within relevant work area, including reporting and financial management responsibilities.
4. Monitor and review budget.
4.1.Regularly review budget to assess actual performance against estimated performance and prepare accurate financial reports.
4.2.Incorporate all financial commitments into budget and budget reports.
4.3.Investigate and take appropriate action on significant deviations.
4.4.Analyse changes in internal and external environment and make necessary adjustments.
4.5.Collect and record relevant information to assist in future budget preparation.