18Financial reports to local government subsidiary

18 Financial reports to local government subsidiary (1) A chief executive must, in the month following each quarter of a financial year, give the local government subsidiary a report setting out: (a) the actual income and expenditure of the local government subsidiary for the period from the commencement of the financial year up to the end of the previous quarter; and (b) the most recently adopted annual budget; and (c) details of any material variances between the most recent actual income and expenditure of the local government subsidiary and the most recently adopted annual budget. (2) The report must also include: (a) details of all cash and investments held by the local government subsidiary (including money held in trust); and (b) the closing cash at bank balance split between tied and untied funds; and (c) a statement on trade debtors and a general indication of the age of the debts owed to the local government subsidiary; and

Local Government (General) Regulations 2021 11 (d) a statement on trade creditors and a general indication of the age of the debts owed by the local government subsidiary; and (e) a statement in relation to the local government subsidiary's payment and reporting obligations for GST, fringe benefits tax, PAYG withholding tax, superannuation and insurance; and (f) other information required by the local government subsidiary. (3) The report must be in the approved form. (4) The report must be accompanied by: (a) a certification, in writing, by the chief executive to the local government subsidiary that, to the best of the chief executive's knowledge, information and belief: (i) the internal controls implemented by the local government subsidiary are appropriate; and (ii) the local government subsidiary's financial report best reflects the financial affairs of the local government subsidiary; or (b) if the chief executive cannot provide the certification – written reasons for not providing the certification.