Roles & Responsibilities
The council has responsibilities to ensure sound financial management in a manner similar to most business organisations. These are set out in the local government legislation and the associated financial management regulations.
The principles of sound financial management include:
- manage financial risks prudently,
- ensure that decisions and actions have regard to financial effects on future generations,
- ensure full, accurate and timely disclosure of financial information relating to the council,
- regularly review progress in achieving the directions, goals and financial outcomes contained in the council plan and other strategic documents,
- establish an audit committee. This is an advisory committees that assists the council to fulfill their responsibilities by providing advice on financial management and broader aspects of the council’s operations, particularly where compliance issues and risks are involved.
The financial risks that must be managed prudently include:
- management and maintenance of assets
- changes in the structure of rates and charges
- level of council debt
- management of current and future liabilities
- commercial or entrepreneurial activities.
The key areas are: