Finance

The Key responsibilities of the Finance Department are to provide financial and information services of a high quality in support of the general operations of Council. The key areas are:

• Annual Statement & Budget
• Budget reviews
• Financial Management & Reporting
• Investments and Loans
• Accounts Payable & Receivable
• Information Technology & Communication Systems.
• Rates

Financial Reports

A key activity of the finance team is the preparation of reports, both internal to management and external regarding the efficient and effective management of assets and resources.

The following reports are prepared for Council and a copy is available for inspection at the Port Pirie Administration Office and available on the website.

Annual Budget

The Annual Budget is prepared each year and guided by the Council Strategic Plan and Policies as the Council seeks to present an accountable performance in the custodianship of community assets. The Budget is prepared to achieve a balance of financial, environmental, social and political goals, meet current challenges and provide for new initiatives.

The Annual Statement and Budget is prepared with reference to the Council Strategic Plan 2005 - 2015 and the long term Financial Plan. The Council aims to provide services that are relevant and delivered in a timely and efficient manner, with an equitable balance across all service areas to meet the expectations of community.

As part of the budget preparation process, council considers the expected amount of revenue including Rates, Loan borrowings, cash reserves and other revenue sources that will be used to fund the proposed activities and provide council services.

Quarterly Reviews of the Budget

Budget reviews are prepared regularly throughout the year, at the end of September, December and March. This provides the opportunity for adjustments to be made to the budget as a result of changes in major influencing factors that may have occurred and to allow the inclusion of new projects and initiatives to address arising matters. The reviews allow close and regular monitoring of the actual financial performance during the year to ensure that there is some consistency with budget allocation and current trends.

End of Year Financial Statements

Annual Financial Statements are prepared as at 30 June each year. They include information to describe the financial performance of the council for the 12 month period with detailed explanatory notes. They are prepared according to standard accounting practices, applicable legislation and are independently audited. A copy is included with the Annual Report.