The new Local Government Act 2020 was recently enacted to provide a contemporary and accurate guide to the powers, roles and responsibilities of Councils. The Act is the most ambitious reform to the local Government sector in over 30 years and will improve local Government democracy, accountability and service delivery for all Victorians.
There are a number key dates throughout 2021 for all Victorian Councils. These targets should be worked towards to ensure compliance with the new Act.
For more information on any of these key dates, click on the links below:
The phased implementation will conclude in 2022 with Asset Management Plan being the final compliance requirement, to be in place by 30 June 2022
It is still not yet clear when the 2021-22 Victorian Budget will be announced. For many organisations, this is likely to create uncertainty in future funding streams as business owners look toward planning and budget preparation for 2021-22.
The timing of future grants may also be uncertain and impact accounting treatment come 30 June 2021. If you have any questions regarding accounting treatment or would like assistance with your reporting, our external audit team can help. Give us a call on 03 5443 0344 or email firstname.lastname@example.org
The Department of Treasury and Finance released the updated Victorian Government Risk Management Framework (VGRMF) in August 2020.
The existing VGRMF is effective until 30 June 2021 and agencies must continue to attest to the existing VGRMF for the current financial year (2020-2021).
The VGRMF applies to departments and public bodies covered by the Financial Management Act 1994.
The new framework, commencing 1 July 2021, provides greater clarity on the roles of managers and audit committees in risk management. Departments and agencies are now asked to:
If you have any questions regarding the new framework or how it may affect your business, please contact Kate Scarce on 03 5443 0344 or email email@example.com