8BPrinciples of sound financial management

8B Principles of sound financial management

8B Principles of sound financial management

The following principles of sound financial management apply to councils—

(a) Council spending should be responsible and sustainable, aligning general revenue and expenses.

(b) Councils should invest in responsible and sustainable infrastructure for the benefit of the local community.

(c) Councils should have effective financial and asset management, including sound policies and processes for the following—

(i) performance management and reporting,

(ii) asset maintenance and enhancement,

(iii) funding decisions,

(iv) risk management practices.

(d) Councils should have regard to achieving intergenerational equity, including ensuring the following—

(i) policy decisions are made after considering their financial effects on future generations,

(ii) the current generation funds the cost of its services.

ss 8A–8C: Ins 2016 No 38, Sch 1 [2].