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Elements and Performance Criteria

1. Gather and analyse relevant budget information for strata community.
   • Legislative provisions relating to strata community administrative funds, fee and contribution levies, as well as sinking funds and fees, are identified.
   • Budgeting method is selected.
   • Previous year’s budget performance is reviewed.
   • Budget planning information is collated.
   • Strata community’s expenditure priorities are identified.
2. Identify and document projected income and expenditure.
   • Sources of income and expenditure are identified.
   • Estimates of expenditure relating to administrative activities, including repairs and maintenance, are prepared.
   • Potential variations to income and expenditure estimates are identified and their impact on overall budget is assessed.
   • Identified items are documented and stored for easy retrieval.
3. Oversee budget preparation.
   • Budget preparation is coordinated in consultation with owners committee and professional financial advisors.
   • Budget documentation is reviewed and where necessary clarification is sought from owners committee or professional financial advisors.
   • Expenditure commitments are checked against final income estimates.
   • Cash flow forecasts are prepared.
   • Contingencies are identified and included in draft budget.
   • Draft budget is reviewed and modifications are proposed as required.
4. Present strata community budget.
   • Owner’s committee is engaged in finalising and approving draft budget.
   • Draft budget and schedule of contribution levies and fees are presented to strata community for approval.
   • Budget is regularly reviewed and variances are reported to owners committee.

Range Statement

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.
Budgeting method must include:	historical zero.
Sources of income must include:	bank interest contribution levies embedded network fees from owners corporation records interest from investments penalty interest recovered fees, such as from debt collection or insurance excess rental income.
Sources of expenditure must may include:	debt collection cost insurance grounds strata manager utilities.

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Performance Evidence

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must also oversee the preparation of the annual budget for one strata community, in which the work must involve:

identifying typical information to be included in budget

recognising when budget indicates expenditure is greater than income, and suggesting modifications that will bring it into balance

overseeing the preparation of budget in collaboration with others in a manner that meets the strata community’s identified needs.

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Knowledge Evidence

A person demonstrating competency in this unit must demonstrate knowledge of:

components of a typical budget

concept of and procedures for financial contingency planning

concept of strata community control and how it applies to budgetary decision making

provisions of federal, state or territory legislation and funding body requirements that affect how finances and assets can be used by strata communities

sources of income and expenditure for strata communities

standard budgeting procedures.

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