218Councils must keep accounting records for development contributions and development levies

#### 218 Councils must keep accounting records for development contributions and development levies 218 Councils must keep accounting records for development contributions and development levies > > (1) A council must keep accounting records that allow development contributions or development levies received in the form of money, and any additional amounts earned from the investment of that money, to be distinguished from all other money held by the council. > > > (1A) The accounting records for a contributions plan must identify the following— > > > > > (a) all contributions received by the council under the plan, > > > > > (b) the monetary amount or value of each contribution, > > > > > (c) whether the contributions were in the form of— > > > > > > > (i) money, or > > > > > > > (ii) land, or > > > > > > > (iii) a material public benefit, other than money or land, or > > > > > > > (iv) a combination of the things in subparagraphs (i)–(iii). > > > (2) The accounting records for a contributions plan must indicate the following— > > > > > (a) all development contributions or development levies received under the plan, by reference to the various kinds of public amenities and public services for which they have been received and for which expenditure is authorised by the plan, > > > > > > Example— > > > > > > Public amenities and public services include open space, roads and traffic facilities, community facilities and drainage and stormwater management. > > > > > (b) (Repealed) > > > > > (c) for development contributions or development levies paid for different purposes—the pooling or progressive application of the contributions or levies for the different purposes, in accordance with— > > > > > > > (i) the requirements of the plan, or > > > > > > > (ii) a ministerial direction under the Act, Division 7.1, > > > > > (d) the amounts spent in accordance with the plan, by reference to the various kinds of public amenities and public services for which they have been spent. > > > (3) A council must disclose the following information for each contributions plan in the notes to its annual financial report— > > > > > (a) the opening and closing balances of money held by the council for the accounting period covered by the report, > > > > > (a1) the value of land and the value of material public benefits, other than land or money, contributed, > > > > > (b) the total amounts of development contributions or development levies received in the form of money during the period, by reference to the various kinds of public amenities and public services for which they have been received, > > > > > (c) the total amounts spent in accordance with the contributions plan during the period, by reference to the various kinds of public amenities and public services for which they have been spent, > > > > > (d) the outstanding obligations of the council to provide public amenities and public services, by reference to the various kinds of public amenities and public services for which development contributions or development levies have been received in the form of money during that or any previous accounting period. > > **s 218:** Am 2021 (759), Sch 8\[5\]–\[7\].