In accordance with the Local Government Act 1993, councils are required to follow principles of sound financial management. Councils must ensure its spending is responsible and sustainable, undertake responsible and sustainable investments in infrastructure for the benefit of the local community, implement effective financial and asset management, and have regard to achieving intergenerational equity.
The Office of Local Government provides guidance, procedures and guidelines to councils to assist them in ensuring that all principles of sound financial management are followed. Councils should also refer to the information on Integrated Planning and Reporting for information on long term financial planning, delivery plans and operational plans.
For a timeline of reporting requirements, view the Calendar of Compliance and Reporting.