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 .]