Assessor Resource

LGACOM407B
Manage finances within a budget

Assessment tool

Version 1.0
Issue Date: April 2024


This unit supports the attainment of skills and knowledge required for competent workplace performance in councils of all sizes. Knowledge of the legislation and regulations within which councils must operate is essential. The unique nature of councils, as a tier of government directed by elected members and reflecting the needs of local communities, must be appropriately reflected.

This unit covers allocating funds, managing cash flows and preparing financial reports. It is appropriate for council staff with authority and responsibility for the management of budgeted funds.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not applicable.

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

Overview of assessment requirements

A person who demonstrates competency in this unit will be able to perform the outcomes described in the Elements to the required performance level detailed in the Performance Criteria. The knowledge and skill requirements described in the Range Statement must also be demonstrated. For example, knowledge of the legislative framework and safe work practices that underpin the performance of the unit are also required to be demonstrated.

Critical aspects of evidence to be considered

The demonstrated ability to:

identify unexpected changes, such as loss of income or funding, and minimise impact

manage finances within budget

manage any variations in accordance with council procedures.

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the context of the local government framework. Competency is demonstrated by performance of all stated criteria, including the Range of Variables applicable to the workplace environment.

Method of assessment

The following assessment methods are suggested:

observation of the learner performing a range of workplace tasks over sufficient time to demonstrate handling of a range of contingencies

written and/or oral questioning to assess knowledge and understanding

completion of workplace documentation

third-party reports from experienced practitioners

completion of self-paced learning materials including personal reflection and feedback from trainer, coach or supervisor.

Evidence required for demonstration of consistent performance

Evidence should be gathered over a period of time in a range of actual or simulated management environments.

Resource implications

Access to a workplace or simulated case study that provides the following resources:

financial management systems and records

copies of relevant legislation and accounting standards

examples of council guidelines and procedures

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

This describes the essential skills and knowledge and their level, required for this unit

Required Skills

forecasting

contingency management

review

reporting

consultation

Required Knowledge

relevant legislation and Australian accounting standards

auditing requirements

relevant council or departmental requirements and guidelines, and including sustainability practices

budget processes and procedures

relevant accounting procedures

The Range Statement relates to the Unit of Competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the Performance Criteria is detailed below.

Relevant people may include:

employees affected by the budget

management

finance department

elected members

any relevant people or bodies outside council

contractors

members of the public

Auditing and legislative requirements may include:

Australian accounting standards

local government act

regulations

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Funds are allocated according to agreed priorities and council requirements. 
All relevant people are kept informed of resource decisions, allocations and usage. 
Records of resource allocation and usage are current and complete according to relevant legislation and council or departmental requirements. 
All documentation on cash flow is up to date and accurate. 
Cash receipts and payments are monitored against budgeted cash flow. 
Relevant employees and departments are consulted to determine the likely pattern of cash flows and to anticipate any unusual receipts or payments. 
Forecasts of future cash flows are made in accordance with available information. 
Cash budgets are presented in the approved format and clearly indicate net cash requirements. 
Significant deviations from the projected cash flow requirements are identified, assessed and appropriate action is taken. 
Cash budgets are developed to ensure effective utilisation of available funds whilst maintaining an adequate level of liquidity. 
Systems are implemented to facilitate timely and accurate monitoring of actual income and expenditure against budgetary predictions. 
Actual income and expenditure are checked against budgets at regular designated intervals. 
Deviations from expected budget estimates or expenditure are identified and addressed and/or reported according to council requirements. 
Departments and relevant employees are advised of financial status with regard to budget allocations and expenditure. 
Accurate, clear and concise financial reports are prepared within required time frames according to council or departmental auditing and legislative requirements. 
Funds are allocated according to agreed priorities and council requirements. 
All relevant people are kept informed of resource decisions, allocations and usage. 
Records of resource allocation and usage are current and complete according to relevant legislation and council or departmental requirements. 
All documentation on cash flow is up to date and accurate. 
Cash receipts and payments are monitored against budgeted cash flow. 
Relevant employees and departments are consulted to determine the likely pattern of cash flows and to anticipate any unusual receipts or payments. 
Forecasts of future cash flows are made in accordance with available information. 
Cash budgets are presented in the approved format and clearly indicate net cash requirements. 
Significant deviations from the projected cash flow requirements are identified, assessed and appropriate action is taken. 
Cash budgets are developed to ensure effective utilisation of available funds whilst maintaining an adequate level of liquidity. 
Systems are implemented to facilitate timely and accurate monitoring of actual income and expenditure against budgetary predictions. 
Actual income and expenditure are checked against budgets at regular designated intervals. 
Deviations from expected budget estimates or expenditure are identified and addressed and/or reported according to council requirements. 
Departments and relevant employees are advised of financial status with regard to budget allocations and expenditure. 
Accurate, clear and concise financial reports are prepared within required time frames according to council or departmental auditing and legislative requirements. 

Forms

Assessment Cover Sheet

LGACOM407B - Manage finances within a budget
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

LGACOM407B - Manage finances within a budget

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: