F22 Manage budgets, finances and sustainable resources
F22.3 Allocate organisational budgets for projects
Performance Criteria - this involves being able to...(a)identify responsibilities for budgetary control and allocations under the budget headings of financial plans
(b)identify an appropriate method of maintaining overall control of the budget, produce guidance documents and circulate the information to those responsible
(c)identify appropriate methods for presenting, in a suitable format, financial information to responsible personnel
(d)issue allocations under budget headings, cash flow calculations and report requirements to those with financial responsibilities
(e)authorise expenditure and changes to budgets and issue the information to those responsible
(f)identify and agree appropriate methods and timescales for reporting contingencies and variances
(g)resolve queries and discrepancies over allocated budgets / The Range...
[1]Budget headings:
• earned income;
• employment costs;
• capital plant and equipment;
• materials;
• liabilities;
• subcontract costs;
• consumables
[2]Financial plans:
• forecasts;
• budgets;
• cash flow
[3]Cash flow calculations:
• income receivable;
• expenditure
[4]Contingencies
• delays in receivables;
• project and contract delays;
• interruptions
[5]Variances:
• overspend;
• underspend
F22 Manage budgets, finances and sustainable resources
F22.3 Allocate organisational budgets for projects
The Evidence - performance and processProduct Evidence:
(1)Guidance document(s) which include(s) responsibilities for budgetary control and allocations and methods for maintaining overall control of the budget and formats for presentation (a,b) [1,2]
(2)Record(s) of budget allocation(s) issued and cash flow calculations and reporting requirements (c,d) [1,3,4]
(3)Record(s) showing the authorisation of expenditure and changes to budgets (e) [1]
(4)Record(s) of method(s) agreed for reporting contingencies and variances (f) [4,5]
(5)Record(s) showing queries and discrepancies resolved (g) [1,5,6]
Process Evidence:
None applicable / The Evidence - knowledge and understanding
(1)What do you identify as appropriate methods for presenting financial information to responsible personnel? (understanding) (c) [1]
(2)How do you issue information about expenditure and changes to budgets to those responsible? (application) (e) [1]
(3)How and why do you authorise expenditure and changes to budgets? (evaluation) (e) [1]
(4)What do you identify as responsibilities for budgetary control and allocations under the budget headings of financial plans? (understanding) (a) [1,2]
(5)What do you identify as an appropriate method of maintaining overall control of the budget? (understanding) (b) [1,2]
(6)How do you produce guidance documents and circulate the information to those responsible? (application) (b) [1,2]
(7)How do you issue allocations under budget headings, cash flow calculations and reporting requirements to those with financial responsibilities? (application) (d) [1,3]
(8)What do you identify as appropriate methods and timescales for reporting contingencies and variances? (understanding) (f) [4,5]
(9)How and why do you resolve queries and discrepancies over allocated budgets? (synthesis) (g) [1,4,5]
(10)How and why do you agree appropriate methods and timescales for reporting contingencies and variances? (evaluation) (f) [4,5]