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2022-09-12 General Committee Meeting Agenda
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GENERAL COMMITTEE MEETING AGENDA 12 SEPTEMBER 2022
Page 60 of 85
GENERAL COMMITTEE MEETING AGENDA 12 SEPTEMBER 2022
COUNCIL POLICY - ENTERPRISE RISK & OPPORTUNITY MANAGEMENT
ZERO FINANCIAL
MANAGEMENT
Risk Appetite Statement
Council has a responsibility to ensure that it has sufficient resources now and into the future to provide
levels of service that are both affordable and at a level considered appropriate by the community. Council
has no appetite to make decisions or engage in activities that have a significant negative impact on Council
achieving its financial sustainability objectives over the short and medium term, and which result in council
failing to meet its financial sustainability ratios/targets. Council accepts that it must respond to and consider
the changing environment of local government and respond to increasing cost pressures by taking
advantage of revenue diversification opportunities where possible. Council has up to a moderate risk
appetite and may take some entrepreneurial risks in exploring these opportunities.
Risk Tolerance Statement
Council will NOT tolerate: Council will tolerate: Council encourages:
¢ Financial activities and/or investment ¢ Minor unforeseen and *« Employee awareness
practices that contravene legislative or unavoidable cost variations of the financial
policy requirements. in capital projects within the impact of their
¢ Failure to maintain or implement established contingency. activities and
effective systems, processes and ¢ Minor losses or capital decisions.
controls which adequately protect outlays, attributable to new ¢ Aculture of
Council from fraudulent activity. processes or innovation to communication and
¢ Actions that have a significant negative meet community needs, reporting with respect
impact on long term financial provide better outcomes and to financial impacts
sustainability and do not comply with increased value for money. and risks.
the Council Debt Policy and Financial ¢ Calculated financial risks to ¢ Sound investment
Sustainability Policy (Operating surplus deliver infrastructure, decisions.
ratio 0-10% and the net financial improve service delivery or ¢ The development
liabilities ratio less than 60%). promote long-term financial and use of effective
¢ Fraudulent actions or corrupt behaviour sustainability, which may internal controls
of employees or councillors. result in a reduction of including monthly
Council's budgeted net budget status
operating position or capital reporting and
budget by up to 2% or which quarterly budget
result in a single loss or reviews.
liability of up to $50,000. * Compliance with
Council’s Fraud and
Corruption Control
Policy.
Page 6
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