Elements and Performance Criteria
- Prepare budget
- Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget
- Ensure budget objectives are clear and consistent with organisational aims and projects
- Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation
- Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends
- Forecast estimates
- Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation
- Identify relevant data for forecasts and anticipate changes in circumstances
- Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy
- Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy
- Document budget
- Present data in format that is easily understood and appropriate to budget reporting
- Complete reports within timelines and distribute for specified periods and projects
- Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis
- Identify feasibility by comparing projections with market growth and development
- Monitor budget outcomes