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Evidence Guide: LGACOM503B - Prepare a budget

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

LGACOM503B - Prepare a budget

What evidence can you provide to prove your understanding of each of the following citeria?

Collect and collate relevant data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data required for budget preparation is identified and accessed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.2.Previous budgets and the financial implications of council's current activities and plans are analysed and evaluated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant people are consulted and given the opportunity to contribute to the budget planning process.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Possible changes of circumstance that will impact on the budget are identified.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any anomalies in the information received are checked with the appropriate person.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify proposals for expenditure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimates of costs and benefits are made that are supported by valid and relevant information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessments of alternative courses of action are considered in making the final recommendations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Appropriate members of staff are encouraged to contribute to the recommendations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The net benefits likely to be achieved from the expenditure are clearly indicated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Possible future variations in levels of activity are taken into account.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations are presented clearly, concisely and in an appropriate format.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where challenges to the proposal are made, further explanation is given to promote acceptance.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimates are compared with actual costs and benefits and used to improve future calculations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek out alternative or additional financial opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Effective and comprehensive methods for discovering alternative or additional sources of funding or income are employed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sources of funding or income are assessed to ensure they comply with council objectives and policies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Management/council approval for funding submission or income-generating activity is obtained where necessary.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Funding proposals are prepared and submitted.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare draft budget for comment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is prepared to accurately reflect the financial requirements of the department, service or council.

  1. he draft budget is clear and accurate and presented in an appropriate format.
he draft budget is clear and accurate and presented in an appropriate format.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Income and expenditure estimates are clearly identified and are supported by valid, reliable and relevant information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is prepared consistent with council objectives and ensures the efficient and effective operation of council in the short, medium and long term.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is completed within required time frame.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is circulated to appropriate people for comment.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare final budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comments on draft budget are considered and relevant people are advised of implications.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required modifications to draft budget are agreed and incorporated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed budget is completed in required format within required time frame.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed budget is negotiated through appropriate budgetary meeting.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant people are informed of budget requirements in a timely and accurate manner.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect and collate relevant data

  1. Data required for budget preparation is identified and accessed.
  2. Previous budgets and the financial implications of council's current activities and plans are analysed and evaluated.
  3. Relevant people are consulted and given the opportunity to contribute to the budget planning process.
  4. Possible changes of circumstance that will impact on the budget are identified.
  5. Any anomalies in the information received are checked with the appropriate person.
Data required for budget preparation is identified and accessed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Previous budgets and the financial implications of council's current activities and plans are analysed and evaluated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant people are consulted and given the opportunity to contribute to the budget planning process.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Possible changes of circumstance that will impact on the budget are identified.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any anomalies in the information received are checked with the appropriate person.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify proposals for expenditure

  1. Estimates of costs and benefits are made that are supported by valid and relevant information.
  2. Assessments of alternative courses of action are considered in making the final recommendations.
  3. Appropriate members of staff are encouraged to contribute to the recommendations.
  4. The net benefits likely to be achieved from the expenditure are clearly indicated.
  5. Possible future variations in levels of activity are taken into account.
  6. Recommendations are presented clearly, concisely and in an appropriate format.
  7. Where challenges to the proposal are made, further explanation is given to promote acceptance.
  8. Estimates are compared with actual costs and benefits and used to improve future calculations.
Estimates of costs and benefits are made that are supported by valid and relevant information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessments of alternative courses of action are considered in making the final recommendations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Appropriate members of staff are encouraged to contribute to the recommendations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The net benefits likely to be achieved from the expenditure are clearly indicated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Possible future variations in levels of activity are taken into account.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations are presented clearly, concisely and in an appropriate format.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where challenges to the proposal are made, further explanation is given to promote acceptance.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimates are compared with actual costs and benefits and used to improve future calculations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek out alternative or additional financial opportunities

  1. Effective and comprehensive methods for discovering alternative or additional sources of funding or income are employed.
  2. Sources of funding or income are assessed to ensure they comply with council objectives and policies.
  3. Management/council approval for funding submission or income-generating activity is obtained where necessary.
  4. Funding proposals are prepared and submitted.
Effective and comprehensive methods for discovering alternative or additional sources of funding or income are employed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sources of funding or income are assessed to ensure they comply with council objectives and policies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Management/council approval for funding submission or income-generating activity is obtained where necessary.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Funding proposals are prepared and submitted.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare draft budget for comment

  1. The draft budget is prepared to accurately reflect the financial requirements of the department, service or council.
  2. he draft budget is clear and accurate and presented in an appropriate format.
  3. Income and expenditure estimates are clearly identified and are supported by valid, reliable and relevant information.
  4. The draft budget is prepared consistent with council objectives and ensures the efficient and effective operation of council in the short, medium and long term.
  5. The draft budget is completed within required time frame.
  6. The draft budget is circulated to appropriate people for comment.
The draft budget is prepared to accurately reflect the financial requirements of the department, service or council.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

he draft budget is clear and accurate and presented in an appropriate format.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Income and expenditure estimates are clearly identified and are supported by valid, reliable and relevant information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is prepared consistent with council objectives and ensures the efficient and effective operation of council in the short, medium and long term.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is completed within required time frame.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The draft budget is circulated to appropriate people for comment.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare final budget

  1. Comments on draft budget are considered and relevant people are advised of implications.
  2. Required modifications to draft budget are agreed and incorporated.
  3. Proposed budget is completed in required format within required time frame.
  4. Proposed budget is negotiated through appropriate budgetary meeting.
  5. Relevant people are informed of budget requirements in a timely and accurate manner.
Comments on draft budget are considered and relevant people are advised of implications.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required modifications to draft budget are agreed and incorporated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed budget is completed in required format within required time frame.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed budget is negotiated through appropriate budgetary meeting.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant people are informed of budget requirements in a timely and accurate manner.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

Overview of assessment requirements

A person who demonstrates competency in this unit will be able to perform the outcomes described in the Elements to the required performance level detailed in the Performance Criteria. The knowledge and skill requirements described in the Range Statement must also be demonstrated. For example, knowledge of the legislative framework and safe work practices that underpin the performance of the unit are also required to be demonstrated.

Critical aspects of evidence to be considered

This unit requires the preparation of budgets with particular demonstration of:

budget development in accordance with established financial and accounting standards and council policies, procedures and time lines

effective and efficient operations as a result of the budget preparation.

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the context of the local government framework. Competency is demonstrated by performance of all stated criteria, including the Range of Variables applicable to the workplace environment.

Method of assessment

The following assessment methods are suggested:

observation of the learner performing a range of workplace tasks over sufficient time to demonstrate handling of a range of contingencies

written and/or oral questioning to assess knowledge and understanding

completion of workplace documentation

third-party reports from experienced practitioners

completion of self-paced learning materials including personal reflection and feedback from trainer, coach or supervisor.

Evidence required for demonstration of consistent performance

Evidence should be gathered over a period of time in a range of actual or simulated management environments.

Resource implications

Access to a workplace or simulated case study that provides the following resources:

relevant financial and accounting standards

council policies and procedures

financial data

relevant computer software.

Required Skills and Knowledge

This describes the essential skills and knowledge and their level, required for this unit

Required Skills

negotiation with internal and external customers

report presentation

financial analysis and research

interpretation

consultation in a culturally diverse workforce.

Required Knowledge

relevant financial and accounting standards

council policies and procedures

budget processes and procedures

relevant computer software

Range Statement

The Range Statement relates to the Unit of Competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the Performance Criteria is detailed below.

Budget may include:

departmental budget

budget for a particular service or project

operational income and expenditure

strategic and management plan objectives

cash flow management

asset replacement

asset sales

entrepreneurial ventures and available revenue sources

Relevant people may include:

public, when budget is made available for public comment

other council staff

Data may include:

previous budget

employee costs

overhead costs

council policy