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Annual Budget – Key dates, preparation, content and adoption requirements under Local Government Act 2009 and Local Government Regulation 2012

Purpose

This bulletin is to provide councils with an overview of the Division 3 requirements under the Local Government Regulation 2012 for the completion of the budgets starting from the 2013/14 financial year onwards.

Key dates

Key dates for the completion of the budgets starting from the 2013/14 financial year

Under the Local Government Act 2009 and the Local Government Regulation 2012, all councils are required to prepare and adopt annual budgets:

The mayor must give each councillor a copy at least two weeks prior to the budget adoption meeting.

Preparation

Annual budgets must be prepared on an accrual basis and must include the following content:

Current year plus next two consecutive years

Financial position

Cash flow

Income and expenditure

The statement of income and expenditure must state each of the following:

Changes in equity

Long-term financial forecast – covering at least 10 years

Revenue statement

Revenue policy

Measures of financial sustainability plus nine years

The relevant measures of financial sustainability are the following measures as described in the financial management (sustainability) guideline - available on the department's website:

Total value of the change

Budget must be consistent with the following documents

Budget must comply with Section 169 of the Local Government Regulation 2012

Amending the budget

Council can amend anytime before end of financial year, but must still comply with Section 169 and the decision about rates and charges made at the budget meeting for the financial year - or not valid.

Adoption

Under the Local Government Act 2009, Section 107A, a council must consider the budget presented by the Mayor and, by resolution, adopt the budget with or without amendments.

The mayor must give each councillor a copy at least two weeks prior to the meeting.

Publication

The budget must be published on council's website, preferably not part of the council minutes but in a separate area on the website.

Legislation

The annual budget requirements are contained in:

Further information

For any further enquiries on this matter please contact the department on 13 QGOV (13 74 68).

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