Local Government (Financial Management) Amendment Regulations 2008 (WA)
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LG302*
Local Government Act 1995
Local Government (Financial Management)
Amendment Regulations 2008
Made by the Lieutenant-Governor and deputy of the Governor in
Executive Council.1. Citation
These regulations are the Local Government (Financial
Management) Amendment Regulations 2008.2. Commencement
These regulations come into operation as follows:
(a) regulations 1 and 2—on the day on which these regulations are published in the Gazette; (b) the rest of the regulations - on the day after that day or on 1 July 2008, whichever is the later. 3. The regulations amended
The amendments in these regulations are to the Local
Government (Financial Management) Regulations 1996.4. Regulation 3 amended
(1) Regulation 3(1) is amended as follows:
(a) by deleting the following definitions -
Australian Accounting Standards Board; "AAS 5"
"AAS 27"
"Australian Accounting Standard"
"material"
"non-current asset"
"operating revenue"
"operating statement"
"statement of cash flows""statement of financial position";
(b) by inserting in the appropriate alphabetical positions - IE
"AAS" means the Australian Accounting Standards
made and amended from time to time by the
20 June 2008 GOVERNMENT GAZETTE, WA 2721 "Australian Accounting Standards Board" means the body corporate of that name continued by the Australian Securities and Investments Commission
Act 2001 (Commonwealth);
"balance sheet" means a balance sheet (or equivalent)
that meets the requirements of the AAS for
balance sheets;
"cash flow statement" means a cash flow statement
(or equivalent) that meets the requirements of the
AAS for cash flow statements;
"Form", if followed by a number, means the form of
that number in Schedule 2;
"income statement" means an income statement (or
equivalent) that meets the requirements of the
AAS for income statements;
"material variance" means a variance that is material
for the purposes of the AAS;
"non-current asset" means an asset that is not a
current asset for the purposes of the AAS;
"operating revenue" means revenue that is operating
revenue for the purposes of the AAS;
"restricted asset", of a local government, means an
asset the use of which is restricted, wholly or
partly, by a law made or a requirement imposed
outside of the control of the local government,
where the restriction is relevant to assessing the
performance, financial position or financing andinvestment of the local government;
(c) by deleting the semicolon after the definition of
"section" and inserting instead a full stop.
(2) Regulation 3(2) is repealed and the following subregulation is
inserted instead - (2) If a term is given a meaning in the AAS, it has the same meaning in these regulations unless the contrary
intention appears.
(3) Regulation 3(3) is repealed. 5. Regulation 4 replaced
Regulation 4 is repealed and the following regulation is inserted instead
4. Effect of AAS
(1) These regulations are in addition to and not in
derogation of the requirements of the AAS.
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(2) If a provision of the AAS is inconsistent with a
provision of these regulations, the provision of these
regulations prevails to the extent of the inconsistency.(3) All words in the Act or these regulations that import
revenue or expenditure are to be interpreted to permit
compliance with the requirements of the AAS.6. Regulation 5.-k inserted
After the heading to Part 2 the following regulation is inserted -
"
5A. Local governments to comply with AAS Subject to regulation 4, the annual budget, annual financial report and other financial reports of a local government must comply with the AAS. 7. Regulation 14 replaced
Regulation 14 is repealed and the following regulation is inserted instead -
33
14. Disclosure requirements for operating revenue and
expensesIf the AAS require operating revenue or expenses to be disclosed by nature or type classification, disclosure in accordance with those standards must be by means of notes to, or a separate statement accompanying, the
annual budget and the annual financial report.
8. Regulation 22 amended
(1) Regulation 22(1) is amended as follows:
(a) by inserting after "includes" - the following ";
(b)
by deleting paragraphs (a) and (b) and inserting instead -
44
(a) an income statement;
(b) a cash flow statement;
(c) by deleting paragraph (d)(i) and inserting instead - "
(i) the revenue and expenditure that have
been taken into account to determine the
budget deficiency; and
(d) by deleting "and" after paragraph (h).
20 June 2008 GOVERNMENT GAZETTE, WA 2723 (2) Regulation 22(2) by deleting "statement of cash flows," and
inserting instead -
cash flow statement, ".
9. Regulation 27 amended
Regulation 27 is amended as follows:
(a) in paragraph (i)(i) by deleting "operating" and inserting instead - 46 income
(b) in paragraph (j) by deleting "operating" and inserting instead - 46 income
(c) in paragraph (n) by deleting "operating statement." and inserting instead - 44 income statement. ".
10. Regulation 30 amended
Regulation 30(1) is amended as follows:
(a) in paragraph (a) by deleting "operating" and inserting instead - 46 income
(b) by inserting after paragraph (a) - " and 11. Regulation 33 amended
Regulation 33 is amended by deleting "Executive Director" and inserting instead -
Departmental CEO ".
12. Regulation 33A amended
(1) Regulation 33A(1) is amended by inserting after "each" - 46 financial ".
(2) After regulation 33A(1) the following subregulation is
inserted -(2A) The review of an annual budget for a financial year
must -
(a)
consider the local government's financial performance in the period beginning on 1 July and ending no earlier than 31 December in that financial year; and
(b)
consider the local government's financial position as at the date of the review; and
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(c) review the outcomes for the end of that
financial year that are forecast in the budget.
13. Regulation 34 amended
(1) Regulation 34 is amended by inserting before
subregulation (1) -"
(1A) In this regulation -
"committed assets" means revenue unspent but set
aside under the annual budget for a specific
purpose.
(2) Regulation 34(1) is amended by deleting "sources and
applications of funds," and inserting instead -" revenue and expenditure, ". (3) Regulation 34(3) is amended by inserting after paragraph (a) - or
(4) Regulation 34(4)(a) and "and" after it are deleted and the
following is inserted instead -44
(a) presented at an ordinary meeting of the council
within 2 months after the end of the month to
which the statement relates; and
(5) Regulation 34(5) is amended by deleting "AAS 5," and
inserting instead -the AAS, ".
(6) Regulation 34(6) is repealed. 14. Regulation 36 amended
(1) Regulation 36(1)(a) is amended by deleting "operating" and
inserting instead -44 income ".
(2) Regulation 36(2) and the Table to it are repealed arid the
following is inserted instead -"
(2) The annual financial report is to include the
following -
(a) the rate setting statement included under
regulation 22(1)(d) in the annual budget for the
year to which the report relates;
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(b)
adjacent to each item in that rate setting statement that states an amount, the end-of-year amount for the item;
(c)
adjacent to each item in the income statement that states an end-of-year amount, the original or amended budget estimate for the item;
(d)
adjacent to each item that states an end-of-year amount required by a provision of these regulations listed in the Table to this subregulation, the original or amended budget estimate for the item.
Table
Provision Provision Provision r. 36(1)(a) r. 36(1)(e) r. 38(1)(b) r. 38(1)(c) r. 38(l)(e) r. 39(a) r. 39(bXv) r. 39(d)(iv) r. 39(e)(vi) r. 39(e)(vii) r. 40(d) r. 40(e) r. 42(2) r. 43(a)(ii) r. 43(bXii) r. 43(c)(iv) r. 44(b) r. 45(a)(i) r. 45(b) r. 46(a) r. 48(dXi) r. 48(d)(vii) r. 48(f)(ii)-(v) r. 49 15. Regulation 38 amended
(1) Regulation 38(1)(f) is amended by deleting "statement of
financial position -" and inserting instead -balance sheet
(2) Regulation 38(2) is amended by deleting "AAS 27" and
inserting instead -" the AAS, "
16. Regulation 45 amended
Regulation 45 is amended as follows:
(a) by inserting after "include" -the following ";
(b) by deleting paragraph (a)(i) and (ii) and "and" after
subparagraph (ii) and inserting instead -
44
(i) an income statement;
(ii) a balance sheet;
IF
(c) by deleting "and" after paragraph (a);
(d) in paragraph (b) by deleting "operating" and inserting
instead -
44
income ".
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17. Regulation 46 amended
Regulation 46 is amended as follows:
(a)
in paragraph (d) by deleting "principal activities," and inserting instead -
the future,
(b) by inserting after each of paragraphs (a) and (b) -
46 1 and
18. Regulation 50 amended
Regulation 50(2) is amended as follows:
(a) by deleting the following definitions - "current assets"
"current liabilities"
"restricted assets"
"total assets"
"total liabilities""total revenue";
(b) by inserting in the appropriate alphabetical positions -
"current assets" means the total current assets as
shown in the balance sheet;
"current liabilities" means the total current liabilities
as shown in the balance sheet;
"total assets" means all current and non-current assets
as shown in the balance sheet;
"total liabilities" means all current and non-current
liabilities as shown in the balance sheet;
"total revenue" means the total operating revenue
excluding all specific purpose grants, contributions and donations that are used for asset development
and acquisition;
19. Regulation 51 amended
Regulation 51(2) is amended as follows:
(a) by deleting "Executive Director" and inserting " Departmental CEO
(b) by inserting before "CEO" - " local government's ". 20. Regulation 54 amended
Regulation 54(b) is deleted.
20 June 2008 GOVERNMENT GAZETTE, WA 2727 21. Part 6 replaced
Part 6 is repealed and the following Part is inserted instead -
Part 6— Transitional matters
79. Local Government (Financial Management)
Amendment Regulations 2008, provisions for(1) In this regulation -
"amending regulations" means the Local Government(Financial Management) Amendment of those regulations;
"new law" means these regulations as in force after the
amending regulations come into operation;
6601(1 law" means these regulations as in force
immediately before the amending regulations
come into operation.
(2) This regulation does not affect the operation of the Interpretation Act 1984 Part V unless the contrary intention appears. (3) Despite the amending regulations, the old law applies to and in respect of the financial reports required for, and other matters relating to, the financial year ending on 30 June 2008. (4) If a budget for the financial year beginning on 1 July 2008 is adopted under section 6.2 before that date, it need not be revised to be in accordance with the new law. 22. Schedule I amended
Schedule 1 Part 2 is repealed and the following Part is inserted instead -
Part 2 Nature or type classifications
Revenue
Rates
Operating grants, subsidies and contributions
Non-operating grants, subsidies and contributions
Profit on asset disposals
Fees and charges
Service charges
Interest earnings
Other revenue
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Expenditure
Employee costs
Material and contracts
Utility charges (electricity, gas, water etc.)
Depreciation on non-current assets
Loss on asset disposal
Interest expenses
Insurance expenses
Other expenditure
23. Schedule 2 amended
extent that these have been varied in the Statement of
Accounting Policies required by Australian AccountingSchedule 2 is amended in Form 1 by deleting "(except to the notes to the annual financial report)".
By Command of the Lieutenant-Governor and deputy of the Governor.
G. M. PIKE, Clerk of the Executive Council.
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