LOCAL GOVERNMENT FINANCE STANDARD 2005

Queensland Consolidated Regulations

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LOCAL GOVERNMENT FINANCE STANDARD 2005

TABLE OF PROVISIONS

Contents

Part 1--Preliminary

1. Short title
2. Commencement
3. Dictionary

Part 2--Policies and principles for financial management
Division 1 Policies for financial management--Act, s 502(1)(a)

4. Policies to be prepared and complied with for financial management
6. Requirements for policy about internal audit
7. Requirements for policy about an audit committee
8. Requirements for policy about borrowings
9. Requirements for policy about entertainment and hospitality expenditure
10. Requirements for policy about advertising expenditure
11. Requirements for policy about grants to community organisations
Division 2 Requirements for revenue policy--Act, s 513B(1)
12. Requirements for revenue policy
Division 3 Principles of financial management--Act, s 502(1)(a)
13. General principles to be complied with in financial management
14. Principles for internal audit function
15. Principles for audit committee
16. Requirement to keep record of particular matters

Part 3--Other provisions about financial management
Division 1 Exemption to open competition for contracts and tendering--Act, s 486(1)(e)

17. Exemption to open competition
18. Requirements for establishing a standing offer or preferred supplier arrangement
19. Requirements for establishing a register of pre-qualified suppliers
20. Procedure for establishing purchasing arrangements

Division 2--Notional GST

21. Certificate about payment of notional GST

Part 4--Content of annual report and financial statements

Division 1--Preliminary

22. Purpose of pt 4

Division 2--Annual reports

23. General matters that must be contained in annual report
24. Additional matters for annual report for financial year starting on or after 1 July 2006
25. Annual report must contain note about reserves and controlled roads

Division 3--Financial statements

26. General requirements about financial statements
27. Period to which statements relate
28. Financial statements must include statement for significant business activities

Part 5--Corporate and operational plans

Division 1--Corporate plans

29. Requirements for corporate plan—Act, s 507
30. Matters to be considered for identifying local and regional issues

Division 2--Operational plans

31. Requirements for operational plans—Act, s 510

Part 6--Systems for managing finances

Division 1--Preliminary

32. Purpose of pt 6

Division 2--Requirements about reserves within operating fund

33. Establishing reserve
34. Operating reserve

Division 3--Requirements about trust fund

35. Amounts credited to trust fund
36. Trust bank account not to be overdrawn
37. Amounts other than trust fund amounts paid into trust fund
38. Trust fund amounts paid into operating fund
39. Reconciliation of trust fund

Part 7--Procedures for recording and reporting financial operations and position

Division 1--Preliminary

40. Purpose of pt 7

Division 2--Recording financial operations in accounting records

41. Recording financial operations

Division 3--Recording information about non-current assets generally

42. Register of non-current assets
43. Setting amount for treating non-current asset as an expense
44. Keeping relevant document for non-current asset

Division 4--Recording value of non-current assets

45. Valuation of non-current assets
46. Certain land and roads do not have a value

Division 5--Procedure for disbursement for genuine emergency or hardship

47. Procedure for disbursement for genuine emergency or hardship

Division 6--Procedure for preparation of financial statements

48. Financial statements must be given to auditor-general for auditing
49. Financial statements must be presented to meeting
50. Procedure for amended financial statements
51. When financial statements have effect
52. Requirement for unaudited financial statements

Part 8--Budget and revenue statement

Division 1--Requirements for budget

53. Purpose of div 1
54. General requirements for budget
55. Other requirements for budget

Division 2--Requirements for revenue statement

56. Requirements for revenue statement—Act, s 520A

Division 3--Document presented to budget meeting

57. Requirements for document presented to budget meeting—Act, s 521

Part 9--Full cost pricing

Division 1--Preliminary

58. Purpose of pt 9
59. Application of pt 9
60. Summary of matters affecting full cost pricing

Division 2--Treatment of community service obligations

61. Extra cost for community service obligations to be treated as revenue

Part 10--Commercialisation

Division 1--Preliminary

62. Purpose of pt 10
63. Application of pt 10
64. Summary of matters affecting commercialisation

Division 2--Treatment of community service obligations

65. Extra cost for community service obligations to be treated as revenue

Division 3--Annual performance plan

66. Purpose and nature of div 3
67. Matters to be included in CBU's annual performance plan—information about performance targets and community service obligations
68. Matters to be included in CBU's annual performance plan—other matters
69. When matters need not be included in copy of annual performance plan

Part 11--Code of competitive conduct

Division 1--Preliminary

70. Purpose of pt 11
71. Application of code
72. Elements of code

Division 2--Treatment of community service obligations

73. Extra cost for community service obligations to be treated as revenue
74. Community service obligations not to be part of roads business activities

Division 3--Elimination of, or taking into account, advantages and disadvantages of public ownership

75. Effect of advantages and disadvantages of public ownership

Division 4--Financial reporting

76. Statement in budget about activities to which code applies
77. Omission of particular matters from statement in budget
78. Statement in annual financial statements about activities to which code applies
79. Omission of particular matters from statement in annual financial statements

Part 12--Reform of particular water and sewerage services

Division 1--Preliminary

80. Purpose of pt 12
81. Definition for pt 12
82. Requirements for relevant business activities

Division 2--Consumption as the basis for utility charges for water services

83. Application of div 2
84. How utility charges for water services based on consumption must be worked out

Division 3--Full cost recovery

85. Application of div 3
86. Required revenue for deciding charges
87. Total costs of carrying on relevant business activity
88. Administrative and overhead costs
89. Cost of resources used in carrying on relevant business activity
90. Depreciation
91. Return on capital

Division 4--Treatment of community service obligations

92. Extra cost for community service obligations to be treated as revenue

Division 5--Identification and disclosure of cross-subsidies between classes of consumers

93. Disclosure of cross-subsidies in annual report

Division 6--Disclosure of community service obligations

94. Disclosure of community service obligations

Part 13--Repeal and transitional provisions

Division 1--Repeal provision

95. Repeal of Local Government Finance Standard 1994

Division 2--Transitional provision

96. 1994 Standard continues to apply to particular policies and plans
SCHEDULE 1 RELEVANT PRICING PROVISIONS
1. Definitions for sch 1
2. References to sections
3. Required revenue for deciding charges
4. Different charges for commercial reasons
5. Total costs of carrying on relevant activity
6. Allocation of administrative and overhead costs
7. Cost of resources used in carrying on activity
8. Depreciation
9. Equivalent amounts for taxes local government is not liable to pay
10. Guarantees by State
11. Return on capital
SCHEDULE 2 DICTIONARY
Endnotes

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