Focus on Finance - Summer 2017
Hopefully everyone managed to have at least a few weeks off over the Christmas holiday period as we enter the phase where the majority of councils will be finalising their Long Term Financial Plans and working on the new year’s budget. It was great to see such a great turnout at the December workshop and conference “I’m a Financial Professional Get me out of here” with near record numbers attending the workshop and conference and over 100 people attending the dinner.
On 20 December, the LGA published Sabine Schuhrer’s report in a circular (http://www.lga.sa.gov.au/page.aspx?c=74685) and invited comment (via a brief survey or a written submission) from Councils with a view to forming an LGA response to the issues raised. The report and consultation is important as it will potentially have an impact on the future audits of all South Australian Councils. As an FMG member you are encouraged to provide your opinion and/or your Council’s opinion by the 2 March 2017.
As always we have our various working groups progressing though a number of projects such as revising the Better Practice Model – Internal Financial Controls that has recently been out for consultation, the Australian Taxation Office class ruling of GST treatment all fees and charges used by Councils and the evaluation of Long Term Financial Plan models for a future preferred product. In the legislative area we are working to give councils clarification of the requirements of AASB13 Fair Value Measurement, AASB124 Related Party Disclosures while also reviewing the draft SA Model Financial Statements 2017.
I thank all members of the work groups for their dedication and effort and recognise that some are not even FMG members but have common interest and goals in the project work being undertaken.
I look forward to seeing you at the upcoming conference “Limitless” on the 17 March 2017 to be held at the Glen Ewin Estate, Registrations are now open Click here.
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