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Elements and Performance Criteria

1. Source data for budget preparation.
   • Access and interpret data about resources required to conduct initiative.
   • Confirm budget allocation for initiative with person responsible.
   • Identify potential sources and scope of activity income.
2. Prepare budget calculations.
   • Calculate realistic projections of income and expenditure based on data and information obtained.
   • Determine unit cost or product price and break-even point.
   • Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.
   • Identify and plan for likely contingencies.
3. Prepare budget documentation.
   • Prepare draft budgets in established format from data obtained and calculations made.
   • Identify and support income and expenditure estimates with current and valid information.
   • Submit budget for approval within designated timelines.
   • Adjust budget in response to feedback from nominated people.
4. Review budget against actual results.
   • Compare original budget to actual results and identify variances and their reasons.
   • Record and maintain information to allow retrieval for the development of future budgets.
   • Review own work performance and identify potential improvements.
5. Source data for budget preparation.
   • Access and interpret data about resources required to conduct initiative.
   • Confirm budget allocation for initiative with person responsible.
   • Identify potential sources and scope of activity income.
6. Prepare budget calculations.
   • Calculate realistic projections of income and expenditure based on data and information obtained.
   • Determine unit cost or product price and break-even point.
   • Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.
   • Identify and plan for likely contingencies.
7. Prepare budget documentation.
   • Prepare draft budgets in established format from data obtained and calculations made.
   • Identify and support income and expenditure estimates with current and valid information.
   • Submit budget for approval within designated timelines.
   • Adjust budget in response to feedback from nominated people.
8. Review budget against actual results.
   • Compare original budget to actual results and identify variances and their reasons.
   • Record and maintain information to allow retrieval for the development of future budgets.
   • Review own work performance and identify potential improvements.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

prepare, document and review budgets for at least two different activities or projects.

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Knowledge Evidence

Demonstrated knowledge of required to complete the tasks outlined in elements and performance criteria of this unit:

organisational policies and procedures that enable development of sound financial budgets:

timelines

nominated person for authorisation

record keeping

contingency planning

confidentiality and security of financial information

budget preparation techniques:

information required for budget preparation

components of a budget:

income and potential sources – sales, grants, sponsorship, donations

costs – labour, materials, overheads, hire fees, catering

techniques for making budget estimates and forecasts

type of supporting information required

presentation techniques

formats for budgets

principles of budgetary control

principles of statistical analysis and measures of variance to enable accurate analysis of data.

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