FinPro Advocacy 2022
Excel spreadsheet provided here: LG-Finance-Project-Financial-Plan-Data-Request-6-May-2022.xlsx
Each Council to complete the above table by 20 May 2022.
VAGO Updates 2022
Local Government Planning and Reporting Guides and Templates
Local Government Victoria publishes all documents relating to reporting guides and templates, including Model Budgets and Financial Statements.
Practitioners are urged to refer to the LVG Website for updated information.
Both the Model Budget 2022/23 and the Model Financial Reports 2021/22 as also still available for councils, should they wish to refer to these previous documents.
The following documents are available at this link: Local Government Planning and Reporting Guides and Templates
- Asset Plan Guidance 2022
- Financial Plan 2022-23 to 2031-32
- Model Budget 2022-23
- Model Financial Report 2021-22
- Performance Statement 2021-22
Local Government Act 2020 – Implementation
The Local Government Act 2020 has now received Royal Assent and information is available at www.localgovernment.vic.gov.au.
A reminder to go to https://engage.vic.gov.au/local-government-act-2020 for all LG Act information.
The list of Council Policies is available to FinPro members only.
Click here to access the FinPro members library.
Procurement – New Procurement Policies under the Local Government Act 2020
Members should be aware that after 30 June 2021, all councils, are required to comply with S108 & 109 of the Local Government Act 2020 and adopt a new Procurement Policy. The Policy will need to be adopted by 31 December 2021 and will need to be reviewed at least once every four years thereafter.
Under the 2020 Act, Council’s will have to establish their own public tender thresholds & exemptions and Council’s must consider opportunities for collaboration. The Act also allows greater powers for Councils to engage in beneficial enterprises or co-operative business opportunities which deliver increased public value. There has been significant collaborative work done in preparation for this change with regional groups preparing either one policy or policy guidelines in preparation of their new policies to their council. Check with your procurement team(s) on the progress for your council.
Note: The document is split into two sections, with Part A prescribing Banyule’s (and the NRPEN’s) public tendering thresholds and governance requirements and Appendix 2 setting out the Sustainable Procurement Policy with Appendix 2, Part B stipulating our Sustainable Procurement Key Performance Indicators.
Accounting Standards Guidance and Worked Examples – AASB 9, AASB 15, AASB 16 and AASB 1058
The Accounting Standards Working Group, (Comprising FinPro members and staff from LGV and Crowe Horwath), worked together during 2018 and early 2019 to develop a guidance document specific to the Local Government Sector. It was developed by the working group and will be published and issued by Local Government Victoria and will be launched at the FinPro Seminar on Friday 22 February 2019.
The guidance material is to assist the Local Government sector to transition to the new accounting standards in a consistent and practical manner. The Guidance document is to supplement the detail of the Standards themselves; it enables the sector to know what the position is on a number of paragraphs within the standards so that the application can be applied consistently throughout the sector.
The worked examples are in an appendix to the guidance document and provide practical guidance to the overall application of the guidance materials. The Guidance document refers to the examples, so that the sector can have real, relatable examples and assist in interpreting the sectors overall position on particular paragraphs within the standards. The examples have been made simple, in order to easily follow the application, with the aim being that the sector be able to apply such examples in their organisation’s decision making.
Other information which may be of value: