Q&A Session with OAG and Department of Local Government on proposed Financial Management Regulation changes

Local government professionals are invited to attend this webinar Q&A session to learn about the proposed changes to the Local Government (Financial Management) Regulations 1996. 

The proposed changes include:
  • the requirement to revalue plant and equipment type assets has been removed. Only land, buildings, infrastructure and investment property have to be held at fair value
    right of use (ROU) assets to be measured at cost
  • vested crown land and other land which is not owned by the local government (LG), but which is under its control or management (including Land under roads), is a concessionary lease ROU asset to be reported at cost ($nil).
  • Regulation (reg) 16 has been removed as it is redundant. Removes the requirement to value vested land under golf courses, showgrounds, racecourses or any other sporting or recreational facilities of State or regional significance. 

Following an overview, there will be opportunities to ask questions of both the Department of Local Government and OAG to clarify implementation for local governments.


To assist with interpreting the proposed amendments, the Department has included an extract from the Regulations in marked-up format, showing how they will look when the amendments are "read in". The papers are consultation draft only at an officer level and currently have no official status within Government.

Date

Wednesday 16 September 2020

Time

2.00pm

Venue

Online via zoom

Cost

Complimentary