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Elements and Performance Criteria

1. Support budget development
   • Confirm budget is realistic and achievable and represents the business plan
   • Conduct discussions and negotiations with stakeholders in a professional manner
2. Set budget timeframe
   • Identify and include milestones and performance indicators in budget
   • Provide phasings of current and next financial year budget
3. Document budget
   • Present data in the correct format
   • Highlight any risks affecting budget achievement
   • Complete and distribute reports within specified timelines
4. Monitor resource utilisation against budget
   • Monitor performance to identify actual and/or potential variance to budget
   • Provide reasons for variance
   • Provide revised End of Period Forecast identifying and quantifying risks to budget achievement
   • Take action to minimise negative impact of variance

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment. Non-essential conditions may be found in the Companion Volume Implementation Guide.

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Performance Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include: applying relevant legislation and organisation policies and procedures establishing and confirming budgetary milestones and performance indicators identifying budget risks preparing budgets recording and documenting budget reports with accuracy.

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Knowledge Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of: forecasting techniques key features of organisational procedures and policy for financial administration key principles of budgetary control relevant public sector and financial legislation.

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