Local Government Finance Amendment Standard (No. 1) 1997 (Qld)

Queensland Subordinate Legislation 1997 No. 79 Local Government Act 1993 LOCAL GOVERNMENT FINANCE AMENDMENT STANDARD (No. 1) 1997 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Standard amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Replacement of ss 28 to 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 28 Requirements of budget—Act, s 433 . . . . . . . . . . . . . . . . . . . . . . . . . 2 29 Budget to be balanced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 Replacement of ss 41 and 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 41 Revaluation of non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 42 Decision that s 38 or s 41 does not apply . . . . . . . . . . . . . . . . . . . . . 3 6 Replacement of s 52 (Financial statements must contain budget items) . . 3 52 Statement of original budget compared with actual results . . . . . . . 3 7 Insertion of new s 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 62 Non-current infrastructure assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 Insertion of new s 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 65 Converting 1996/97 budget to approved format . . . . . . . . . . . . . . . . . 4

s1 2 s4 Local Government Finance Amendment (No. 1) No. 79, 1997 ˙ Short title 1. This standard may be cited as the Local Government Finance Amendment Standard (No. 1) 1997 . ˙ Standard amended 2. This standard amends the Local Government Finance Standard 1994 . ˙ Amendment of s 2 (Definitions) 3. Section 2— insert — ‘ “original budget” , of a local government, means the budget adopted at the local government’s budget meeting.’. ˙ Replacement of ss 28 to 30 4. Sections 28 to 30— omit, insert— ˙ ‘ Requirements of budget—Act, s 433 ‘ 28.(1) A local government’s budget for a financial year must be in the approved form. ‘ (2) The budget may contain additional information the local government considers may be more informative or in the public interest. ˙ ‘ Budget to be balanced ‘ 29.(1) A local government’s original budget must be balanced. ‘ (2) Subsection (1) applies after— (a) all transfers to and from the local government’s capital account; and (b) taking into account any actual surplus or deficit from the previous financial year.’.

s5 3 s6 Local Government Finance Amendment (No. 1) No. 79, 1997 ˙ Replacement of ss 41 and 42 5. Sections 41 and 42— omit, insert — ˙ ‘ Revaluation of non-current assets ‘ 41. A local government must revalue each non-current asset at intervals of not longer than 5 years. ˙ ‘ Decision that s 38 or s 41 does not apply ‘ 42. A local government may decide that section 38 or 41, or both sections, do not apply to non-current assets with— (a) a useful life from new of 10 years or less; or (b) a value before revaluation of not more than $50 000 or a lesser amount decided by it.’. ˙ Replacement of s 52 (Financial statements must contain budget items) 6. Section 52— omit, insert— ˙ ‘ Statement of original budget compared with actual results ‘ 52.(1) A local government’s financial statements must also include a statement showing the amount budgeted for each item in the original budget compared with the amount actually spent on the item. ‘ (2) If the amount actually spent on an item is different from the amount budgeted for the item and the amount of the difference is more than the greater of the following amounts, a note must be included in the financial statements explaining the difference— (a) 0.2% of the total revenues shown in the operating statement for the financial year; (b) 10% of the amount budgeted for the item.’.

s7 4 s8 Local Government Finance Amendment (No. 1) No. 79, 1997 ˙ Insertion of new s 62 7.(1) After section 61— insert — ˙ ‘ Non-current infrastructure assets ‘ 62.(1) Non-current infrastructure assets and land acquired before 1 July 1994 need not be included in the financial statements for the financial years ending 30 June 1997 and 30 June 1998. ‘ (2) Non-current infrastructure assets and land may be valued on the historical cost basis for the financial years mentioned in subsection (1).’. ˙ Insertion of new s 65 8. After section 64— insert— ˙ ‘ Converting 1996/97 budget to approved format ‘ 65. If a local government’s original budget for the financial year ending 30 June 1997 was prepared in a format other than in the approved form mentioned in section 28, 1 the local government may— (a) convert the budget to a budget in the approved form; and (b) report on the budget, as converted into the approved form, in the financial statements for the financial year ending 30 June 1997.’. ENDNOTES 1. Made by the Minister on 17 March 1997. 2. Notified in the gazette on 27 March 1997. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Local Government and Planning. © State of Queensland 1997 1 Section 28 (Requirements of budget—Act, s 433)