Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan for and collect information for budget

1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel

1.3 Consult relevant colleagues in budget planning process as required

2. Develop budget

2.1 Draft budget based on analysis of all available information in accordance with organisational policy

2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment

3. Finalise budget and allocate resources

3.1 Provide final budget which incorporates agreed modifications to appropriate personnel

3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities

3.3 Obtain agreement to budget priorities and allocate resources

4. Monitor and control budget

4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status

5. Complete financial and statistical reports

5.1 Complete all required financial and statistical reports accurately within designated timelines

5.2 Make appropriate recommendations about future financial planning

5.3 Provide clearly presented and accurate reports to appropriate personnel

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1, 2.2, 4.1, 4.2

• Extracts, analyses and monitors complex textual information from a range of sources to determine relevance, accuracy and compliance with organisational policy

Writing

1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2, 5.3

• Analyses and compiles numerical data and text information to convey specific information and recommendations accurately and effectively to others using clear and detailed language
• Demonstrates effective control of text types required by financial and statistical report conventions and documentation

Oral Communication

1.1 -1.3, 3.2, 3.3, 4.1, 4.2, 5.2

• Participates in verbal exchanges of information, demonstrating control of a range of oral techniques to elicit the views and opinions of others and confirm understanding
• Clearly articulates requirements and outcomes using language, tone and pace appropriate to the audience and environment

Numeracy

1.1, 1.2, 2.1, 2.2, 3.1, 4.1, 4.2, 5.1, 5.3

• Interprets, analyses and uses numerically expressed data to effectively prepare, monitor, amend and present accurate budgetary information

Navigate the world of work

2.1, 3.2, 5.1

• Works independently and collectively in making decisions about budge requirements in accordance with organisational policy

Interact with others

1.1-1.3, 2.2, 3.1, 3.2, 4.1, 5.3

• Selects and uses appropriate conventions and protocols to gain and provide relevant budgetary information
• Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills and ability to gather information through consultation

Get the work done

1.1, 1.2, 2.1, 3.3, 4.1, 4.2, 5.1, 5.2

• Accepts responsibility for planning and sequencing complex tasks and workload
• Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
• Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG501 Develop and manage a budget

FNSORG501A Develop and manage a budget

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.