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LOCAL GOVERNMENT ACT 1995 - SECT 6.2

LOCAL GOVERNMENT ACT 1995 - SECT 6.2

6.2 .         Local government to prepare annual budget

        (1)         During the period from 1 June in a financial year to 31 August in the next financial year, or such extended time as the Minister allows, each local government is to prepare and adopt*, in the form and manner prescribed, a budget for its municipal fund for the financial year ending on the 30 June next following that 31 August.

        * Absolute majority required.

        (2)         In the preparation of the annual budget the local government is to have regard to the contents of the plan for the future of the district made in accordance with section 5.56 and to prepare a detailed estimate for the current year of —

            (a)         the expenditure by the local government; and

            (b)         the revenue and income, independent of general rates, of the local government; and

            (c)         the amount required to make up the deficiency, if any, shown by comparing the estimated expenditure with the estimated revenue and income.

        (3)         For the purposes of subsections (2)(a) and (b) all expenditure, revenue and income of the local government is to be taken into account unless otherwise prescribed.

        (4)         The annual budget is to incorporate —

            (a)         particulars of the estimated expenditure proposed to be incurred by the local government; and

            (b)         detailed information relating to the rates and service charges which will apply to land within the district including —

                  (i)         the amount it is estimated will be yielded by the general rate; and

                  (ii)         the rate of interest (if any) to be charged by the local government on unpaid rates and service charges;

                and

            (c)         the fees and charges proposed to be imposed by the local government; and

            (d)         the particulars of borrowings and other financial accommodation proposed to be entered into by the local government; and

            (e)         details of the amounts to be set aside in, or used from, reserve accounts and of the purpose for which they are to be set aside or used; and

            (f)         particulars of proposed land transactions and trading undertakings (as those terms are defined in and for the purpose of section 3.59) of the local government; and

            (g)         such other matters as are prescribed.

        (5)         Regulations may provide for —

            (a)         the form of the annual budget; and

            (b)         the contents of the annual budget; and

            (c)         the information to be contained in or to accompany the annual budget.

        [Section 6.2 amended: No. 49 of 2004 s. 42(8) and 56.]

        [Section 6.2 modified: SL 2020/57 1M .]