Adoption Of 2024-2025 Budget Policies

Frank Wilkie0:00

And welcome everybody to the Special Meeting to adopt the 2024-25 budget. I declare the meeting open at 9am. I'd like to acknowledge that we're meeting on the traditional lands of the Kabi Kabi people. Pay my respects to their elders past, present and emerging. I note that everyone is in attendance and as mentioned today's Special Meeting is to consider Noosa Council's 24/25 budget. The first item on the agenda is adoption of the 24/25 budget policies including the financial sustainability policy. Investment of surplus funds policy, the debt policy, restricted cash policy, general rate donations policy, entertainment and hospitality expenditure policy, the non-current asset accounting policy, the asset management policy, the procurement policy. To rescind the tender of financial capacity assessment policy and adopt the new rates financial hardship policy. It's an omnibus motion and here to give us an overview is our Acting Director Corporate Services Trent Grauf and manager of financial services Pauline Coles. Welcome.

Go on Councillors. Under the Local Government Act and its supporting regulation we are required to prepare a number of policies to support the budget adoption. The two mandatory policies in the suite of policies in front of you for consideration are the investment and debt policy. In addition to those mandatory policies Council also has a number of finance procurement and asset management policies that should be reviewed on a regular basis so to ensure prudent financial governance we also adopt a proactive approach and bring those forward as part of the budget process to review and adopt annually. There's ten policies in total for consideration I'll just mention each one of them briefly for their purpose and then I can get for questions. The first and foremost is the financial sustainability policy financial it outlines the governance framework that Council will work within to ensure that Councillors finances remain sustainable in the long term. The only change to this policy for the 24-25 year is to recognise the Corporate Plan objective and likely impending finance industry legislation on ESG reporting. Our commitment to follow that process in the coming years. The second policy is our investment of surplus funds policy. That remains current with only some minor disclosure changes. Our debt policy includes an outline of our borrowing proposed for the coming financial year as well as an indicative program of future nine borrowings. Council proposes to borrow $5 million in the 24-25 year to fund waste management works. With the management of restricted cash policy, that outlines. Where we set aside and restrict cash for regulatory reasons, levies or key signature future projects to ensure there's sufficient working capital to meet our long-term liquidity. That policy remains current and only monitor this disclosure changes. We have our general rate donations policy, which outlines the eligibility criteria for community organisations to receive a donation that discounts their general rates. Again, that policy remains current but only monitor disclosure changes. The entertainment and hospitality policy. Provides direction on how Council officers and Councillors spend entertainment and hospitality spend. That policy remains current with only monitor disclosure changes. We have two policies on asset management. One is the non-current asset accounting policy which guides the financial. Disclosure of non-current assets. There's no change to that policy for this financial year. And our asset management policy which has been updated to reflect a recent internal audit review and increased disclosure on our framework for asset management. The procurement policy has been updated this financial year. It ensures the sound application of contracting principles for council's procurement. The detailed review reflected both internal audit findings incorporating more internal controls as well as ensuring efficient business process and that also includes the merging of the financial capacity policy, so that is why you have a rescinding of one of the policies in the agenda. Last but not least is the financial hardship this is a new policy, Councillors. Under the Local Government Act, ratepayers are required to pay interest on overdue rates and payable charges. As we know, Council already has proactive measures in place to assist with payment arrangements where ratepayers are able to pay by the due date of their rates. But Council does recognise there are exceptional circumstances where people may not be able to pay during the due date. This policy provides Council with the ability to provide concessions on that interest charge for those that do undertake payment they meet the eligibility criteria for up to two years. Thank you, Councillors.