Circulars

17-27 – End of Year Financial Reporting 2016-17

What’s new or changing

  • End of year financial reporting information has been updated for 2016-17.
  • The Financial Data Return (FDR) 2016-17 has also been updated to reflect the changes within the Local Government Code of Accounting Practice and Financial Reporting (Update No. 25).
  • Additional worksheets have been included to capture the assets, liabilities and rating information of new entities.

What this will mean for your council

  • Councils need to review the attached end of year financial reporting information and apply it when completing their Financial Statements and the FDR.

Key points

  • Annexure 1 provides information to assist councils prepare their 2016-17 Financial Statements.
  • The Financial Statements and FDR are to be sent electronically to OLG by 31 October 2017. Detailed instructions on how and where to email these are included in the Annexure.
  • GST certificates should be emailed to finance@olg.nsw.gov.au (see Circular 11-23).
  • Domestic waste reasonable cost audits will not be undertaken this year; however Councils are still required to calculate these costs. Councils will need to retain a copy of these calculations.

Where to go for further information

  • The Code of Accounting Practice and Financial Reporting (Update No. 25) is available on OLG’s website at www.olg.nsw.gov.au.
  • Code of Accounting Practice and Financial Reporting Circular 17-10, issued 7 June 2017.
  • Special Schedule 8 Permissible Income Workpapers 2017-18, Circular 17-21 issued 24 July 2017.

Tim Hurst
Acting Chief Executive