8Budget and long-term financial plan

8 Budget and long-term financial plan (1) A council's budget and long-term financial plan must: (a) be on an accrual basis; and (b) include a list of budget assumptions; and (c) include a list of initiatives in the budget; and (d) include a list of major capital works and projected costings. (2) If budgeted capital expenditure for a capital item is expected to be incurred after the period provided for in the long-term financial plan, the long-term financial plan must include a statement setting out the remaining budget balance amount and the expected capital expenditure completion date.