Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions.

1.

Gather and analyse relevant budget information for strata community.

1.1.

Legislative provisions relating to strata community administrative funds, fee and contribution levies, as well as sinking funds and fees, are identified.

1.2.

Budgeting method  is selected.

1.3.

Previous year’s budget performance is reviewed.

1.4.

Budget planning information is collated.

1.5.

Strata community’s expenditure priorities are identified.

2.

Identify and document projected income and expenditure.

2.1.

Sources of income  and expenditure  are identified.

2.2.

Estimates of expenditure relating to administrative activities, including repairs and maintenance, are prepared.

2.3.

Potential variations to income and expenditure estimates are identified and their impact on overall budget is assessed.

2.4.

Identified items are documented and stored for easy retrieval.

3.

Oversee budget preparation.

3.1.

Budget preparation is coordinated in consultation with owners committee and professional financial advisors.

3.2.

Budget documentation is reviewed and where necessary clarification is sought from owners committee or professional financial advisors.

3.3.

Expenditure commitments are checked against final income estimates.

3.4.

Cash flow forecasts are prepared.

3.5.

Contingencies are identified and included in draft budget.

3.6.

Draft budget is reviewed and modifications are proposed as required.

4.

Present strata community budget.

4.1.

Owner’s committee is engaged in finalising and approving draft budget.

4.2.

Draft budget and schedule of contribution levies and fees are presented to strata community for approval.

4.3.

Budget is regularly reviewed and variances are reported to owners committee.

This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria.

Skill 

Performance feature 

Learning skills to:

• maintain current knowledge of legislative and organisational requirements for overseeing preparation of a strata community budget.

Numeracy skills to:

• perform routine calculations required to estimate income and expenditure of strata community.

Oral communication skills to:

• ask questions to clarify planned expenditure of strata community.

Reading skills to:

• read and interpret source financial documents, such as bank statements, and identify relevant and key information.

Writing skills to:

• complete workplace documents used in preparing budgets.

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.

Budgeting method  must include:

• historical
• zero.

Sources of income  must include:

• bank interest
• contribution levies
• embedded network
• fees from owners corporation records
• interest from investments
• penalty interest
• recovered fees, such as from debt collection or insurance excess
• rental income.

Sources of expenditure  must may include:

• debt collection cost
• insurance
• grounds
• strata manager
• utilities.