Local governments can now invest in fixed term deposits of up to three years under section 19C(2)(b) of the Local Government (Financial Management) Amendment Regulations 2017.
amendment regulations came into effect on Saturday, 13 May 2017 and
allow local governments to hold money in reserve for works and services
planned more than one year into the future.
The amendment also
allows local governments to optimise their investment returns in fixed
term deposits until the funds are required.
The regulations were published in the Government Gazette on Friday, 12 May 2017. A copy of the Local Government (Financial Management) Regulations 1996, which incorporates the amendment, can be viewed on the State Law Publishers' website at www.slp.wa.gov.au.
you have any queries regarding the amendment regulations, please
contact Courtney Allen, Legislation Officer, Department of Local
Government and Communities, by phone on 61 8 6552 1437 or by email at email@example.com.
Hon David Templeman MLA
Minister for Local Government;
Heritage; Culture and the Arts