GENERAL MANAGER’S TABLED REPORT ON MATTERS FOR DETERMINATION SUBMITTED TO THE Ordinary Council Meeting TO BE HELD ON Monday 19 September, 2011

Page 1

TABLE OF CONTENTS

 

 

 

ITEM 50    Annual Financial Statements............................................... 2   

 

ANNEXURE ITEMS

 

ANNEXURE 50.1  2011 Primary Financial and Council Statements 4 

 


 

 

ITEM 50 - Annual Financial Statements

REPORT IN BRIEF

 

Reason For Report

To provide a summary of the 2011 Annual Financial Statements

Policy Implications

Nil

Budget Implications

Nil

Area of Responsibility

Finance & Corporate Services

Annexures

1.  2011 Primary Financial and Council Statements    

File Number

\My Workspace\Business Paper Report Directory\Working Reports InfoCouncil 2011 - 282522

 

Finance Manager's REPORT

 

Included as annexures to this report are drafts of the Primary Financial Statements for the General Purpose and Special Purpose Reports for 2010/11.

 

Under Section 413 of the Local Government Act 1993, Council must prepare financial reports for each year, and must refer them for audit as soon as practicable after the end of that year.  Section 416(1) sets a maximum time limit of 4 months after the end of the year for the audit to be conducted.

 

Council’s auditor, Morse Group, have undertaken their preliminary audit of Cabonne Council’s accounts for the year ended 30 June 2011.

 

Once the audit is complete a full and comprehensive report will be presented to Council by the auditor, and Council will have the opportunity to question any element of the audit process.  The draft reports disclose a net operating surplus for the year before grants and contributions provided for capital purposes of $2,712,000.

 

As per section 413 (2) (c.) of the NSW Local Government Act 1993, a Council’s financial reports must include:

 

a)   A general purpose financial report, and

b)   Any other matter prescribed by the regulations, and

c)   A statement in the approved form by the Council as to its opinion on the general purpose financial report.

 

The signing of the Statement by Councillors and Management on the approved form, for both the General Purpose and Special Purpose Financial Statements must be completed to enable the audit report to be finalised.  This form is required to be signed by the Mayor, at least one other Councillor, the General Manager, and the Responsible Accounting Officer.  Historically the Deputy Mayor has signed as the second member of Council.

 

 

Recommendation

 

THAT:

1.   The draft Financial Reports for the year ending 30 June 2011, be received and noted for information;

2.   The draft Financial reports for the year ended 30 June 2011, be referred to Council’s auditor, Morse Group, to complete the audit report in accordance with Section 413 of the NSW Local Government Act 1993;

3.   The Mayor and Deputy Mayor sign the Statement by Councillors and Management in the approved format, for both the General Purpose and Special Purpose Financial Statements

 

  


Item 50 Ordinary Meeting 19 September 2011

Item 50 - Annexure 1