Local Government Act 2020

The following are the financial management principles—

revenue, expenses, assets, liabilities, investments and financial transactions must be managed in accordance with a Council's financial policies and strategic plans;

financial risks must be monitored and managed prudently having regard to economic circumstances;

financial policies and strategic plans, including the Revenue and Rating Plan, must seek to provide stability and predictability in the financial impact on the municipal community;

accounts and records that explain the financial operations and financial position of the Council must be kept.

For the purposes of the financial management principles, financial risk includes any risk relating to the following—

the financial viability of the Council;

the management of current and future liabilities of the Council;

the beneficial enterprises of the Council.