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Rates and charges

Who sets rates, how they are decided, and what type of rates and charges exist in Queensland.

Sustainability and reporting

Long-term financial and asset management planning is essential to ensure local governments can continue to provide the desired levels of services to residents now and into the future, within their respective financial capacities.

Annual financial reporting

Local governments are required to prepare audited annual financial statements that comply with local government legislation and the Australian Accounting Standards.

Borrowing program

The Statutory Bodies Financial Arrangements Act 1982 provides that statutory bodies must have the Treasurer's approval to obtain borrowings. Under a general approval of 23 May 2003, the Treasurer's approval is granted for local governments to borrow from Queensland Treasury Corporation (QTC) subject to the approval of the Department of Local Government, Community Recovery and Resilience.

Working capital facilities

Local governments may apply for a new working capital facility or to extend an existing facility with the Queensland Treasury Corporation.

Local government financial arrangements

The Statutory Bodies Financial Arrangements Act 1982 provides that local governments must first obtain the Treasurer's approval prior to entering into financial arrangements such as entering into a lease as lessee, forming a company, entering into a trust, providing loans to community organisations and council-owned entities, and providing guarantees and indemnities.

Investment Policy Guidelines

Local governments derive their investment powers from Part 6 of the Statutory Bodies Financial Arrangements Act 1982 (SBFA Act). Local governments are required to invest in a prudent and appropriate manner. These Investment Policy Guidelines are designed to assist local governments in understanding their obligations under the SBFA Act, and to provide direction on some of the key considerations that should form the development of a prudent and appropriate investment framework.

National Competition Policy

The Local Government Act 2009 (LGA) and the City of Brisbane Act 2010 (COBA) include requirements to ensure local governments comply with the National Competition Policy (NCP).

Interest rate on overdue rates and charges

Section 133 of the Local Government Regulation 2012 (LGR) and section 125 of the City of Brisbane Regulation 2012 (CBR) have been amended to change the way that the maximum interest rate on overdue rates and charges is calculated.

Budgets and rating resolutions

Councils are required to adopt a budget for each financial year, detailing the council’s budgeted income and expenditure. The budget is adopted at a budget meeting, where councils decide the rates and charges for the year.