Unit of competency Outline
Date retreived
23/07/2026 1:15 AM AWST
23/07/2026 1:15 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage finances within a budget
Manage finances within a budget
Unit of competency
National Code
LGACOM407B
LGACOM407B
State Code
C1905
C1905
TGA Status
Deleted
Deleted
DTWD Status
Deleted
Deleted
State Implementation and Classification
Approved Date
15/08/2014
Field of Education
080101 - Accounting
Original Release Date
15/08/2014
Nominal Hours
50
Description
This unit covers allocating funds, managing cash flows and preparing financial reports. It is appropriate for council staff with authority and responsibility for the management of budgeted funds.
Notes
Elements and Performance Criteria
1. Allocate funds
- 1.1. Funds are allocated according to agreed priorities and council requirements.
- 1.2. All relevant people are kept informed of resource decisions, allocations and usage.
- 1.3. Records of resource allocation and usage are current and complete according to relevant legislation and council or departmental requirements.
2. Manage cash flow
- 2.1. All documentation on cash flow is up to date and accurate.
- 2.2. Cash receipts and payments are monitored against budgeted cash flow.
- 2.3. Relevant employees and departments are consulted to determine the likely pattern of cash flows and to anticipate any unusual receipts or payments.
- 2.4. Forecasts of future cash flows are made in accordance with available information.
- 2.5. Cash budgets are presented in the approved format and clearly indicate net cash requirements.
- 2.6. Significant deviations from the projected cash flow requirements are identified, assessed and appropriate action is taken.
- 2.7. Cash budgets are developed to ensure effective utilisation of available funds whilst maintaining an adequate level of liquidity.
3. Monitor and control activities against budget
- 3.1. Systems are implemented to facilitate timely and accurate monitoring of actual income and expenditure against budgetary predictions.
- 3.2. Actual income and expenditure are checked against budgets at regular designated intervals.
- 3.3. Deviations from expected budget estimates or expenditure are identified and addressed and/or reported according to council requirements.
- 3.4. Departments and relevant employees are advised of financial status with regard to budget allocations and expenditure.
4. Prepare reports
- 4.1. Accurate, clear and concise financial reports are prepared within required time frames according to council or departmental auditing and legislative requirements.
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.
Relevant people may include:
employees affected by the budget
management
finance department
elected members
any relevant people or bodies outside council
contractors
members of the public
Auditing and legislative requirements may include:
Australian accounting standards
local government act
regulations
Relevant people may include:
employees affected by the budget
management
finance department
elected members
any relevant people or bodies outside council
contractors
members of the public
Auditing and legislative requirements may include:
Australian accounting standards
local government act
regulations
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
The demonstrated ability to:
identify unexpected changes, such as loss of income or funding, and minimise impact
manage finances within budget
manage any variations in accordance with council procedures.
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:
financial management systems and records
copies of relevant legislation and accounting standards
examples of council guidelines and procedures
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
The demonstrated ability to:
identify unexpected changes, such as loss of income or funding, and minimise impact
manage finances within budget
manage any variations in accordance with council procedures.
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:
financial management systems and records
copies of relevant legislation and accounting standards
examples of council guidelines and procedures
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C3822 | LGACOM407A | Manage finances within a budget | Unit of competency |