Local Government (Administration) Regulations 1996

In this regulation —

For the purposes of section 5.53(2)(i), the annual report for a financial year beginning on or after 1 July 2022 must include the following, separately in relation to each major land transaction (according to nature classification) —

all income and expenditure for the transaction received or expended during the financial year;

details of assets and liabilities at 30 June;

any other information that is necessary to provide full and complete information on the transaction;

if the transaction is to span more than 1 financial year, a brief statement showing the cash flows expected during the lesser of the following periods —

the term of the transaction;

the period covered by the corporate business plan.

For the purposes of section 5.53(2)(i), if a major land transaction has spanned more than 1 financial year and it is completed during a financial year beginning on or after 1 July 2022, the annual report for that financial year must —

disclose —

details of the total income and expenditure for the transaction from the date of commencement to the date of completion; and

details of the amount or value of any surplus of money or assets distributed to the local government or a person other than the local government; and

the amount or value of any loss and the resources used to cover the loss;

include —

a comparison of the outcomes over the life of the transaction with expected outcomes in the business plan prepared for the transaction; and

an explanation of the benefits of the transaction to the local government and the community.