1. TASMANIAN CITY COUNCIL Model Estimates - 2012/13 7th Edition

2. THE INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA Tasmanian City Council Model Estimates – 2012/13 Tasmanian City Council Model Estimates – 2012/13 A best practice guide for reporting local government estimates in Tasmania A best practice guide for reporting local government estimates in Tasmania Rod Whitehead FCA Rod Whitehead FCA The Institute of Chartered Accountants in Australia The Institute of Chartered Accountants in Australia Local Government Association of Tasmania – Annual Conference Local Government Association of Tasmania – Annual Conference Thursday 12 July 2010 Thursday 12 July 2010 Wrest Point, Hobart Wrest Point, Hobart

3. WHAT IS THE MODEL ESTIMATES GUIDE? The guide is aimed at providing local government with definitive guidance on best practice budget reports and is based on real examples relevant to local government in Tasmania. Based on a fictitious Council, the Tasmanian City Council model is designed to take into consideration the various levels of detailed information required by different stakeholders providing estimated financial performance, cash position, financial position and capital works

4. WHAT ARE ITS MAIN BENEFITS? Ensures compliance with LGA Encourages provision of information regarding key activities and initiatives affecting estimates. Structured so that readers can obtain varying levels of detail depending on their needs Ensures councils maintain links between estimates and elements of their strategic planning framework

5. WHAT ARE ITS MAIN BENEFITS? Allows readers to see these links Presents financial information in the same format as the annual financial statements Applies relevant accounting standards Enables councils and users to understand the projected financial position Encourages the inclusion of relevant key financial indicators

6. WHAT ARE THE CHANGES?  See “Revision of Guide” on first page following Contents. Changes include:  Changes to Key Strategic Activities  Updated presentation of funding sources for capital works  Updated description of topical issues including carbon pricing, a waste levy and accounting for natural disasters

7. WHAT IS THE AIM OF THE GUIDE? The Guide aims to improve the quality and content of local government estimates reporting, making it easier for ratepayers and general stakeholders, not trained in financial management, to understand how their council’s money is being spent The guide demonstrates how a council’s estimates form part of, and should be driven by, the strategic planning framework. It shows how to link the annual estimates with council’s long term objectives and with the long term financial plan. To assist various stakeholders including ratepayers, community groups, state government, funding bodies and financial institutions.

8. WHO WAS INVOLVED WITH THE GUIDE? Headed up by local Chartered Accountant, Christine Bell, with some support from the Institute of Chartered Accountants. Based on Victorian equivalent but adapted for the Tasmanian regulatory arrangements

9. WHERE CAN I GET A COPY? Copies of the Tasmanian City Council Model Estimates forwarded to every General Manager and Mayor of each local council If you have any further queries please email Elaine Coghlan on elaine.coghlan@charteredaccountants.com.au

10. Tasmanian City Council Model Estimates 2012-13 7 th Edition