sec.103Systems of financial management

### sec.103 Systems of financial management To ensure it is financially sustainable, the council must establish a system of financial management that— ensures regard is had to the sound contracting principles when entering into a contract for— the supply of goods or services; or the disposal of assets; and includes the following— an annual budget; an asset register; a corporate plan; a long-term financial forecast; a long-term asset management plan; an efficient and effective internal audit function. The council is financially sustainable if the council is able to maintain its financial capital and infrastructure capital over the long term. The sound contracting principles are— value for money; and open and effective competition; and the development of competitive local business and industry; and environmental protection; and ethical behaviour and fair dealing. A contract for the supply of goods or services includes a contract about carrying out work. To remove any doubt, it is declared that subsection (1) (a) does not require equal consideration to be given to each of the sound contracting principles. s 103 amd 2012 No. 33 s 30 (sec.103-ssec.1) To ensure it is financially sustainable, the council must establish a system of financial management that— ensures regard is had to the sound contracting principles when entering into a contract for— the supply of goods or services; or the disposal of assets; and includes the following— an annual budget; an asset register; a corporate plan; a long-term financial forecast; a long-term asset management plan; an efficient and effective internal audit function. (sec.103-ssec.2) The council is financially sustainable if the council is able to maintain its financial capital and infrastructure capital over the long term. (sec.103-ssec.3) The sound contracting principles are— value for money; and open and effective competition; and the development of competitive local business and industry; and environmental protection; and ethical behaviour and fair dealing. (sec.103-ssec.4) A contract for the supply of goods or services includes a contract about carrying out work. (sec.103-ssec.5) To remove any doubt, it is declared that subsection (1) (a) does not require equal consideration to be given to each of the sound contracting principles. - (a) ensures regard is had to the sound contracting principles when entering into a contract for— (i) the supply of goods or services; or (ii) the disposal of assets; and - (i) the supply of goods or services; or - (ii) the disposal of assets; and - (b) includes the following— (i) an annual budget; (ii) an asset register; (iii) a corporate plan; (iv) a long-term financial forecast; (v) a long-term asset management plan; (vi) an efficient and effective internal audit function. - (i) an annual budget; - (ii) an asset register; - (iii) a corporate plan; - (iv) a long-term financial forecast; - (v) a long-term asset management plan; - (vi) an efficient and effective internal audit function. - (i) the supply of goods or services; or - (ii) the disposal of assets; and - (i) an annual budget; - (ii) an asset register; - (iii) a corporate plan; - (iv) a long-term financial forecast; - (v) a long-term asset management plan; - (vi) an efficient and effective internal audit function. - (a) value for money; and - (b) open and effective competition; and - (c) the development of competitive local business and industry; and - (d) environmental protection; and - (e) ethical behaviour and fair dealing.