Elements and Performance Criteria
- Prepare budgets
- Cash, expenditure and revenue items are clearly defined and relevant to identified objectives of the budget
- Budget objectives are clear and consistent with organisational aims and projects
- Discussions and negotiations with stakeholders are conducted in a manner that promotes understanding, goodwill and ongoing cooperation
- Milestones and performance indicators are identified and included in budgets to monitor financial performance
- Annual budgets are broken down into seasonal periods in accordance with operating trends
- Forecast estimates
- Estimates of future cash flow, costs and revenues are realistic and attainable and supported by verifiable evidence and source documentation
- Relevant data for forecasts are identified and changes in circumstances anticipated
- Assumptions and parameters are established and reviewed for accuracy, relevance and compliance with organisational procedures and policies
- Financial risks are identified and protection strategies initiated in accordance with organisational procedures and policies
- Document budget
- Data is presented in a format that is easily understood and appropriate to budget reporting
- Reports are completed within timelines and distributed for specified periods and projects
- Trends, issues and comparisons are identified and reported in a structured format to ensure transparency and validity of analysis
- Reports are completed within timelines and distributed for specified periods and projects
- Trends, issues and comparisons are identified and reported in a structured format to ensure transparency and validity of analysis
- Feasibility is identified by comparison of projections with market growth and development
- Monitor budget outcomes