Elements and Performance Criteria
- Prepare budget information.
- Determine and confirm scope and nature of budgetary planning activity with relevant colleagues.
- Identify, access and interpret data and data sources required for budget preparation.
- Analyse internal and externalfactors for potential impact on budget.
- Provide relevant colleagues with adequate notice of the opportunity to contribute to the budget planning process.
- Prepare budget.
- Draft budget, based on analysis of all available information and according to organisation policy.
- Estimate income and expenditure and support with valid, reliable and relevant information, including income and expenditure for previous time periods.
- Assess and present options where appropriate.
- Present recommendations clearly, concisely and in an appropriate format.
- Reflect organisation objectives appropriately within the draft budget.
- Circulate the draft budget to appropriate individuals for comment.
- Finalise budget.
- Negotiate budget according to organisation policy and procedures.
- Agree and incorporate modifications accurately and in consultation with colleagues.
- Complete final budget in required format within designated timelines.
- Inform colleagues of final budget decisions and their application within the relevant work area, including reporting and financial management responsibilities.
- Monitor and review budget.
- Review budget regularly to assess actual performance against estimated performance and prepare accurate financial reports.
- Incorporate all financial commitments promptly and accurately into budget and all budget reports.
- Investigate and take appropriate action on significant deviations.
- Analyse changes in the internal and external environment during budget review, and make adjustments accordingly.
- Collect and record relevant information to assist in future budget preparation.