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The second and final tranche of amendments to implement the Model Financial Statements were gazetted on 30 June 2023.
The Local Government Regulations Amendment Regulations 2023 amend the:
These amendments support the Model Financial Statements guidance materials and templates for
2022-23 and are great news particularly for smaller local governments, which have previously had the same reporting requirements WA’s larger councils.
Good news for many local governments is the introduction of proportionate and tiered reporting obligations for class 1 and 2 local governments, with different reporting obligations for class 3 and 4 local governments.
Class 3 and 4 local governments will have reduced financial reporting requirements and standardised annual financial statements, to reflect the less complex operations of a smaller local government.
The amendments require local governments to prepare a statement of financial position each month that details the current position (for the previous month). The statement must be presented to council at the next ordinary council meeting
within 2 months of the statement being prepared.
From 1 September 2023, local governments are required to prepare a list of credit card payments made by employees each month, and the list must be presented to council at the next ordinary meeting and recorded in the minutes.
Amendments to the Financial Management Regulations and Administration Regulations will reduce local government reporting requirements and the scope of the audit work for the 2022-23 financial statement audits, from 1 July 2023.
This means that the following information is no longer required to be included in a 2022-23 annual financial report:
Amendments to the Administration Regulations mean that information regarding trading undertakings, major land transactions and completed major land transactions must now be provided in the annual report.
Information regarding capital grants and contributions for renewal of assets must also be provided in the annual report to inform the Local Government Financial Health Indicator of a local
From 1 July 2023, a local government must carry out a review of its budget between 1 January and the last day of February (previously 31 March) and submit the review to council by 31 March in each financial year.
From 1 July 2023, a local government is required to provide a copy of the annual budget to the Department CEO within 14 days (previously 30 days) of adoption. A copy of the minutes must also be submitted.
Other key changes include amendments to:
In addition to amendments made to the Financial Management Regulations and the Administration Regulations, consequential amendments to the Regional Subsidiaries Regulations include:
For more information contact the team at: LG.email@example.com
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