Legislative Framework Scenic Rim Regional Council is required to prepare an annual budget in accordance with the requirements of Chapter 5 of the Local Government Regulation 2012. This legislation is the framework which governs the system of financial management that must be established for Council to ensure it is financially sustainable. Section 169 of the Local Government Regulation 2012 states that a local government’s budget for each financial year must include:
Section 169 of the Local Government Regulation 2012 also states the budget must be consistent with the following documents:
• financial statements for the financial year for which it is prepared and the next two financial years
• five-year corporate plan
• a long-term financial forecast • a revenue statement • a revenue policy • each of the relevant measures of financial sustainability for the financial year for which it is prepared and the next nine financial years:
1. asset sustainability ratio
2. net financial liabilities ratio
3. operating surplus ratio
• the total value of the change, expressed as a percentage, in the rates and utility charges levied for the financial year compared with the rates and utility charges levied in the previous budget
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Scenic Rim Regional Council
• annual operational plan Council also produces a number of other documents to meet the requirements of legislation and guide its budget process. These documents include: • Register of Fees and Charges • Investment Policy • Debt Policy
