Information Paper 16. Long-term Financial Plan (A Model Format for Financial Information)

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1 Information Paper 16 Long-term Financial (A Model Format for Financial Information) February 2008

2 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Introduction The LGA s Financial Sustainability Information Paper 8: Long-term Financial s provides information on what Long-term Financial s (LTFPs) do, what they should include, what financial targets they should contain and how they relate to the other elements of a Council s strategic management plans and its funding strategy. Integral to LTFPs are the financial projections which result from the assumptions adopted and on which the analysis, actions, responsibilities etc. of the plans are based. A software product, Longterm Financial Model, recently updated by the South Australian Local Government Financial Management Group (FMG) in association with the LGA and made available to Councils via the LGA s secure web site, provides Councils with a tool to generate long-term financial estimates for periods of up to 30 years. This software product is based on, and updates, an earlier version which was made available to Councils by the FMG in early The process of updating the software has drawn on feedback received from Councils via a survey conducted by the LGA in mid 2006 and the inputs of a working party of FMG representatives. This information paper includes at Attachment 1 a recommended format for long-term financial information, consistent with that produced by the recently updated Long-term Financial Model software product. In order to generate consistent and reliable long-term financial planning and reporting across Local Government it is important that Councils LTFPs build from a sound base of financial information. Work done within the LGA s Financial Sustainability Program to date has provided Councils with guidance in the presentation of their annual financial reports, high level summaries of finances, annual budgets and financial indicators. Improved consistency of financial reporting across the sector will improve the capability of Councils to assess their individual financial performance, to compare their performance against sector-wide levels and therefore highlight areas where they might change their policies and practices in order to improve their financial sustainability. Councils are encouraged to present the information in their LTFPs in the attached format, whether they generate this information from the software product made available or their own in-house or other systems. It is also recommended that Councils LTFPs include graphs which show projected performance of the 7 financial indicators endorsed by the sector, and included in the attached model format, against the Councils targets that have been set for these (see LGA Information Papers 9: Local Government Financial Indicators and 12: Targets for Local Government Financial Indicators ). This paper should be read in conjunction with other information papers which assist Councils to set their future financial directions to ensure financial sustainability in the long term, and in particular in conjunction with those on: Long-term Financial s Local Government Financial Indicators Targets for Local Government Financial Indicators Debt Management Treasury Management Other information papers have been, or will soon be, prepared on the following topics: Financial Sustainability An Overview of Audit Mechanisms Audit Committees Scope of External Audit Audit Specification Efficiency and Economy Audits Infrastructure and Asset Management (Policy and ning) 1

3 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Service Delivery Framework including the Role of Shared Services Governance in Local Government Model Framework for Council Annual Business s Model Work Program for Council Audit Committees Depreciation and Related Issues Financial Policies Framework Financial Governance and Management A New Approach to State-Local Resourcing A number of manuals, guidelines, templates, technical definitions, codes, standards and similar documents supporting this series of information papers are also being prepared by the LGA to provide practical assistance to Councils. For an update on which information papers have now been completed or information about other documents and activities, including briefing and training sessions, please visit our website at: What does the legislation require? Recent amendments to the Local Government Act require a Council to have strategic management plans (SMPs) which must address: the sustainability of its financial performance and position; the maintenance, replacement or development needs for infrastructure within its area; proposals with respect to debt levels; and, identification of any anticipated or predicted changes in any factors that have a significant effect upon the costs of the Council s activities/operations. Councils are specifically required under the Act to develop and adopt a LTFP covering a period of at least 10 years but Councils that wish can prepare a LTFP for a longer period. Councils are required to undertake a review of their LTFPs as soon as practicable after the adoption of their annual business plans. In this regard it is important to note that there is an express statutory obligation on Councils CEOs to report, as part of the annual review of the LTFP, on the sustainability of their Council s long term financial performance and position, having taken into account the annual business plan and SMPs. Recent regulations introduced in support of the Local Government Act require Councils LTFPs to include certain financial information for the period of the financial plan in a format consistent with that set out in the Model Financial Statements. Relevant provisions of the Local Government Act (incorporating the amendments) and supporting regulations are included at Attachment 2. What are the issues for Councils? The purpose of a LTFP is to assist a Council set its future financial direction. Longer-term planning is essential in order to assess revenue raising needs and capacity, to vary service levels and undertake major additional capital works while ensuring that a Council remains financially sustainable in the long-term. A Council s LTFP should provide linkages, in financial terms, between its objectives, goals and desired strategic directions. It should guide the Council s future decisions and timing of actions, encouraging it to think about the impact of these on future revenues and expenses. From this 2

4 LGA Long-term Financial (A Model Format for Financial Information) Information Paper thinking comes a better understanding of the financial implications arising from community needs and preferences identified by the Council and the capacity to effectively plan for changes in service levels and infrastructure spending. A Council s LTFP should be based on robust and reliable financial information and present a picture of its long-term financial circumstances on a basis consistent with those of other Councils. Acknowledgements The contribution of Mr John Wright of the Office for State/Local Government Relations and Mr Simon Zbierski of the City of Campbelltown supported by a working party of representatives of the SA Local Government Financial Management Group in the preparation of this paper is acknowledged. The development of this information paper has been assisted by funding from the Local Government Research and Development Scheme. 3

5 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Attachment 1: Long-term Financial Model Format for Financial Information SUMMARY STATEMENT INCLUDING FINANCING TRANSACTIONS Operating Revenues less Operating Expenses Actual Budget Operating Surplus / (Deficit) Before Capital Amounts Less: Net Outlays on Existing Assets Capital Expenditure on Renewal/Replacement of Existing Assets less Depreciation, Amortisation & Impairment less Proceeds from Sale of Replaced Assets Net Outlays on Existing Assets Less: Net Outlays on New and Upgraded Assets Capital Expenditure on New/Upgraded Assets less Amounts received specifically for New/Upgraded Assets less Proceeds from Sale of Surplus Assets Net Outlays on New and Upgraded Assets Equals: Net Lending / (Borrowing) for Financial Year In any one year, the financing transactions identified below are associated with either applying surplus funds stemming from a net lending result or accommodating the funding requirement stemming from a net borrowing result. 4

6 LGA Long-term Financial (A Model Format for Financial Information) Information Paper FINANCING TRANSACTIONS New Borrowings Principal Repayments on Borrowings (Increase)/Decrease in Cash and Cash Equivalents (Increase)/Decrease in Receivables Increase/(Decrease) in Payables and Provisions Other including movement in Inventories Equals: Financing Transactions Actual Budget KEY FINANCIAL INDICATORS Target Actual Budget Operating Surplus / (Deficit) - Operating Surplus Ratio - % Net Financial Liabilities - Net Financial Liabilities Ratio - % Interest Cover Ratio - % Asset Sustainability Ratio - % Asset Consumption Ratio - % 5

7 LONG-TERM FINANCIAL PLAN ESTIMATED INCOME STATEMENT LGA Long-term Financial (A Model Format for Financial Information) Information Paper INCOME Rates Statutory charges User charges Grants, subsidies and contributions Investment Income Reimbursements Other Revenues Share of profit joint ventures & associates Total Revenues EXPENSES Employee Costs Materials, contracts & other expenses Finance Costs Depreciation, Amortisation & Impairment Share of loss joint ventures & associates Total Expenses Actual Budget OPERATING SURPLUS/(DEFICIT) BEFORE CAPITAL AMOUNTS Net gain/(loss) on disposal or revaluation of assets Amounts received specifically for new or upgraded assets Physical resources received free of charge NET SURPLUS/(DEFICIT) 6

8 LONG-TERM FINANCIAL PLAN ESTIMATED BALANCE SHEET LGA Long-term Financial (A Model Format for Financial Information) Information Paper ASSETS Current Assets Cash & cash equivalents Trade & other receivables Other financial assets Inventories Sub-total Non-current Assets held for sale Total Current Assets Non-current Assets Financial Assets Equity accounted investments in Council businesses Investment Property Infrastructure, Property, t & Equipment Other Non-current Assets Total Non-current Assets Total Assets LIABILITIES Current Liabilities Trade & Other Payables Borrowings Short-term Provisions Other Current Liabilities Sub-total Liabilities relating to Non-current Assets held for sale Total Current Liabilities Non-current Liabilities Trade & Other Payables Long-term Borrowings Long-term Provisions Other Non-current Liabilities Total Non-current Liabilities Actual Budget

9 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Total Liabilities NET ASSETS EQUITY Accumulated Surplus Asset Revaluation Reserve Other Reserves TOTAL EQUITY 8

10 LGA Long-term Financial (A Model Format for Financial Information) Information Paper LONG-TERM FINANCIAL PLAN ESTIMATED STATEMENT OF CHANGES IN EQUITY ACCUMULATED SURPLUS Balance at end of previous reporting period Net Result for Year Transfers to Other Reserves Transfers from Other Reserves Balance at end of period ASSET REVALUATION RESERVE Balance at end of previous reporting period Gain on revaluation of infrastructure, property, plant & equipment Transfer to Accumulated Surplus on sale of property, plant & equipment Balance at end of period OTHER RESERVES Balance at end of previous reporting period Transfers from Accumulated Surplus Transfers to Accumulated Surplus Balance at end of period Actual Budget TOTAL EQUITY AT END OF REPORTING PERIOD 9

11 LONG-TERM FINANCIAL PLAN ESTIMATED CASH FLOW STATEMENT LGA Long-term Financial (A Model Format for Financial Information) Information Paper CASH FLOWS FROM OPERATING ACTIVITIES Receipts Operating receipts Investment receipts Payments Operating payments to suppliers and employees Finance payments Net Cash provided by (or used in) Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Receipts Amounts specifically for new or upgraded assets Sale of replaced assets Sale of surplus assets Sale of Investment Property Net disposal of investment securities Sale of real estate developments Repayments of loans by community groups Distributions received from associated entities Payments Expenditure on renewal/replacement of assets Expenditure on new/upgraded assets Purchase of Investment Property Net purchase of investment securities Development of real estate for sale Loans made to community groups Capital contributed to associated entities Net Cash provided by (or used in) Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Receipts Proceeds from Borrowings Proceeds from Aged Care Facility deposits Payments Repayments of Borrowings Actual Budget

12 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Repayment of Finance Lease Liabilities Repayment of Aged Care Facility deposits Net Cash provided by (or used in) Financing Activities Net Increase (Decrease) in cash held Cash & cash equivalents at beginning of period Cash & cash equivalents at end of period 11

13 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Attachment 2: Local Government Act Provisions Relating to Long-term Financial s Local Government At 1999 Section 122 provides that: (1) A council must develop and adopt plans (which may take various forms) for the management of its area, to be called collectively the strategic management plans, which (a) (ab) (b) (d) (e) identify the council's objectives for the area over a period of at least 4 years (the relevant period), and provide a clear indication of (i) (ii) (iii) the extent to which the council has participated with other councils, and with State and national governments, in setting public policy objectives, and the extent to which the council's objectives are related to regional, State and national objectives; and the extent to which the council has given consideration to regional, State and national objectives and strategies which are relevant to the economic, social, physical and environmental development and management of its area; and the extent to which the council intends to co-ordinate with State and national governments in the planning and delivery of services in which there is a common interest; and provide assessments that relate to the following matters (with particular reference to the relevant period): (i) (ii) (iii) (iv) (v) (vi) the sustainability of the council's financial performance and position; and the extent or levels of services that will be required to be provided by the council to achieve its objectives; and the extent to which any infrastructure will need to be maintained, replaced or developed by the council; and anticipated changes in its area with respect to (A) (B) real property development; and demographic characteristics of its community to the extent that is reasonable taking into account the availability of appropriate and accurate data; and the council's proposals with respect to debt levels; and any anticipated or predicted changes in any factors that make a significant contribution to the costs of the council's activities or operations; and identify the principal activities that the council intends to undertake to achieve its objectives; and state the measures (financial and non-financial) that are to be used to monitor and assess the performance of the council against its objectives over the relevant period; and identify the means by which its activities are to be carried out and its objectives achieved; and 12

14 (1a) (g) (h) LGA Long-term Financial (A Model Format for Financial Information) Information Paper address issues associated with arranging its affairs so as to separate its regulatory activities from its other activities, so far as this is reasonable to do so; and make provision for the regular review of the charters, activities and plans of any subsidiary of the council. A council must, in conjunction with the plans required under subsection (1), develop and adopt (a) (b) a long-term financial plan for a period of at least 10 years; and an infrastructure and asset management plan, relating to the management and development of infrastructure and major assets by the council for a period of at least 10 years, (and these plans will also be taken to form part of the council's strategic management plans). (2) Strategic management plans (a) (b) should (as far as practicable) be consistent with the ning Strategy and the Development or s for the council's area, and with other relevant statutory policies and plans; and must comply with any requirement prescribed by the regulations. (3) In addition to the requirements of subsection (2), a council must, in formulating its strategic management plans, have regard to (a) (b) the council's roles and responsibilities under this or any other Act; and the council's objectives for its area. (4) A council may review its strategic management plans under this section at any time but must (4a) (a) (b) undertake a review of (i) (ii) its long-term financial plan; and any other elements of its strategic management plans prescribed by the regulations for the purposes of this paragraph, as soon as practicable after adopting the council's annual business plan for a particular financial year; and in any event, undertake a comprehensive review of its strategic management plans within 2 years after each general election of the council. A council must, for the purposes of a review under subsection (4), take into account (a) (b) in relation to a review under subsection (4)(a)(i) a report from the chief executive officer on the sustainability of the council's long-term financial performance and position taking into account the provisions of the council's annual business plan and strategic management plans; and insofar as may be relevant any other material prescribed by the regulations. (5) A council may amend its strategic management plans or adopt new plans. (6) A council must adopt a process or processes to ensure that members of the public are given a reasonable opportunity to be involved in the development and review of its strategic management plans. 13

15 LGA Long-term Financial (A Model Format for Financial Information) Information Paper (7) A council must ensure that copies of its strategic management plans under this section are available for inspection (without charge) and purchase (on payment of a fee fixed by the council) by the public at the principal office of the council. (8) A council must, for the purposes of this section, specifically declare which plans will constitute the strategic management plans of the council. Local Government (Financial Management) Regulations 1999 Regulation 5 provides that: Pursuant to section 122(2)(b) of the Act, a long-term financial plan must include (a) (b) (c) an estimated income statement, balance sheet, statement of changes in equity and statement of cash flows with respect to the period of the long-term financial plan presented in a manner consistent with the Model Financial Statements; a summary of proposed operating and capital investment activities presented in a manner consistent with the note in the Model Financial Statements entitled Uniform Presentation of Finances; estimates with respect to an operating surplus ratio, an asset sustainability ratio and a net financial liabilities ratio presented in a manner consistent with the note in the Model Financial Statements entitled Financial Indicators. 14

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