Building, Prioritising and Managing Your Budget
This course focuses on enhancing learners’ skills in planning and budgeting to maximise the use of scarce resources. It provides learners with an opportunity to better understand the planning drivers and key assumptions that underpin budget development and the key tools to be applied in allocating, monitoring, managing and forecasting budget outcomes. It includes understanding the alternative approaches to budgeting and budget models, linking planning to budgeting, and identifying the planning variables and assumptions that need to be documented in order to set the budget.
- Link entity level budget to the NSW State Budget process
- Describe the role and elements of the entity level budget and identify the key budget elements — revenues, expenses, OPEX, CAPEX and cash flows
- Identify the planning variables and assumptions needed in allocating the budget
- Phase or roll the budget — allocating the budget across the year and rolling the budget forward into future years
- Evaluate traditional budgeting approaches and finetune traditional budgeting to support agile decision-making
- Develop key indicators to monitor budget performance and budget management strategies
- Analyse and evaluate actual to budget performance and provide feedback on proposed corrective actions
- Identify implications and corrective actions for significant variations from budget, including reforecasting the budget.
NSW Public Sector Framework Capabilities
This course is targeted at Adept to Advanced level. The following behaviours from the framework are covered:
Business Enablers: Finance
- Understand impacts of funding allocations on business planning and budgets, including value for money, choice between direct provision and purchase of services, and financial implications of decisions.
- Identify discrepancies or variances in financial and budget reports, and take corrective action where appropriate.
- Seek specialist advice and support where required.
- Make decisions and prepare business cases paying due regard to financial considerations.
Results: Deliver results
- Identify resource needs and ensure goals are achieved within budget and deadlines.
- Identify changed priorities and ensure allocation of resources meets new business needs.
- Ensure financial implications of changed priorities are explicit and budgeted for.
- Control output of business unit to ensure government outcomes are achieved within budget.
Enquiries: For more information on our learning programs, please contact the IPAA NSW Learning Team on 02 8066 1900 or email [email protected].