Financial reports

Loddon Shire Council prepares a range of planning and reporting documents for the short, medium and long term to ensure sound financial management.  

Budget

Council’s Budget is developed annually within an overall planning framework that guides Council in identifying and addressing community needs and aspirations over the long term, medium term and short term.

Section 127 and 130 of the Local Government Act 1989 and the Local Government (Planning and Reporting Regulations) 2014 requires Councils to prepare a Budget for each financial year.

At the end of each year, Council produces an Annual Report to provide an update against the budget.

Annual Reports

The Loddon Shire Council Annual Report is a statutory reporting requirement. It provides Council and the community with a detailed progress update in terms of how the organisation is performing against the community’s expectations outlined in the four-year Council Plan. 

The Annual Report also captures some of the highlights for the financial year, and reports information that is required by the Local Government Act 1989.

The Annual Report is provided to the Minister for Local Government by 30 September each year. It is then presented for endorsement at a Special Meeting of Council. 

Copies of Annual Reports are available by contacting Council. They are also available for public viewing at Council's offices in Serpentine and Wedderburn, and by clicking on the relevant links below. 

The Annual Report has three components: the Report of Operations, the Performance Statement and the Financial Statements. 

  • The Report of Operations contains a statement of progress in relation to the major initiatives identified in the budget, the results of Council’s assessment against the governance and management checklist, service performance indicator results and general information on the activities of Council.
  • Financial statements are defined as general purpose financial reports. Financial statements are audited financial statements prepared in accordance with the Australian Accounting Standards. They consist of a Comprehensive Income Statement, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, Statement of Capital Works and notes accompanying these financial statements.  The Financial Statements comply with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, the Local Government Act 1989, and the Local Government (Planning and Reporting) Regulations 2014.
  • Performance statements are audited results achieved against the prescribed performance indicators and measures. These measures consist of Sustainability Capacity Indicators, Service Performance Indicators and Financial Performance Indicators.

Long term financial plan

Loddon Shire Council first adopted an operational Long Term Financial Plan (LTFP) early in 2013 which was supported by asset management planning and more recently, extensive strategy development and planning work across the main service areas.

By preparing a LTFP, Council will not only be able to see into the long term but will also have the ability to determine whether service levels and community expectation are able to be funded.

A LTFP represents a comprehensive approach to consolidate and integrate the various financial strategies of Council. The development of Council's long term financial projections represent the output of several strategy areas, which when combined, produce the financial direction of Council.

A financially sustainable Council can meet its funding requirements relative to the provision of required services including maintenance, renewal and replacement of assets without imposing excessive debt on current or future generations, and also without unplanned rate revenue increases.

A successful LTFP will predict Council's performance and position to improve not only infrastructure levels but also standards without the need for unplanned increases to rates or reductions to services.