101Financial management principles

101 Financial management principles (1) The following are the financial management principles— (a) revenue, expenses, assets, liabilities, investments and financial transactions must be managed in accordance with a Council's financial policies and strategic plans; (b) financial risks must be monitored and managed prudently having regard to economic circumstances; (c) financial policies and strategic plans, including the Revenue and Rating Plan, must seek to provide stability and predictability in the financial impact on the municipal community; (d) accounts and records that explain the financial operations and financial position of the Council must be kept. (2) For the purposes of the financial management principles, ***financial risk*** includes any risk relating to the following— (a) the financial viability of the Council; (b) the management of current and future liabilities of the Council; (c) the beneficial enterprises of the Council.