Application
This unit describes the skills and knowledge required to develop and implement the annual budget and enable the board to control the finances of the organisation.
It applies to individuals responsible for monitoring and planning the organisation’s finances.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Gather and analyse relevant budget information | 1.1 Establish a budget working-group 1.2 Review and analyse previous year’s budget performance 1.3 Gather budget planning information from relevant sources 1.4 Identify priorities in relation to organisation's vision and plans |
2 Identify and document income and expenditure | 2.1 Identify known sources of income 2.2 Identify new sources of income and amounts for new activities 2.3 Review expenditure for existing operations 2.4 Estimate expenditure for new initiatives and expansions 2.5 Identify potential problem areas 2.6 Ensure procedures are in place to document all identified items in a readily accessible and useful format |
3 Oversee budget preparation | 3.1 Contribute to budget development 3.2 Review budget documentation and clarify where required 3.3 Review draft budgets and propose modifications if required 3.4 Ensure contingency plans are included in the budget |
4 Review and finalise budget | 4.1 Ensure expenditure commitments are in line with final income figures 4.2 Work with other board members and management to finalise and approve annual budget 4.3 Present final annual budget to the community 4.4 Review and update budget regularly |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.2-1.4, 2.1-2.6, 3.1-3.4, 4.1, 4.4 | Evaluates and interprets information from a range of relevant sources and identifies relevant and key information |
Writing | 1.4, 2.4, 2.6, 3.1-3.3, 4.2, 4.4 | Prepares strategic business documentation incorporating appropriate vocabulary, grammatical structure and conventions appropriate to text and audience |
Oral Communication | 1.1, 4.2, 4.3 | Participates in verbal exchanges using clear language, suitable syntax and tone to address and disseminate information to a variety of individuals Uses active listening and questioning to convey and clarify information |
Numeracy | 1.2, 2.1-2.5, 3.1-3.4, 4.1, 4.2, 4.4 | Interprets numerical information and applies mathematical calculations to develop and implement an organisation’s annual budget |
Interact with others | 1.1, 4.2, 4.3 | Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role Cooperates with others as part of familiar routine activities and contributes to specific activities requiring joint responsibility and accountability |
Get the work done | 1.2-1.4, 2.1, 2.2, 2.5, 2.6, 3.3, 3.4, 4.4 | Applies formal processes when planning more complex tasks, producing plans with logically sequenced steps, reflecting some awareness of time and resource constraints and the needs of others Automatically implements standard procedures for routine decisions Initiates standard procedures when responding to familiar problems within immediate context Understands and explicitly applies some basic principles of analytical and lateral thinking |
Sectors
Regulation, Licensing and Risk – ATSI Governance