CHANGE IN NAME AND PURPOSE OF RESERVE FUND
Published on Monday, 29 March 2021 at 3:28:30 PM
In accordance with section 6.11(2) of the Local Government Act 1995, notice is hereby given that Council intend to change the Name and Purpose of a Reserve Fund. The “Unspent Grants Reserve Fund” is to become the “Unspent Capital Works Reserve Fund” and the purpose of the funds included is “to be utilised for the quarantining of funds awaiting completion of works”.
To date the Shire has transferred unspent grants to the Unspent Grants Reserve Fund to be utilised for the quarantining of grant moneys awaiting the completion of works. Recent changes for Australian Accounting Standards (AASB 15 and 1058) result in the value of unspent grants now required to be recognised as liabilities and provisions on the Shire’s balance sheet. These changes have resulted in the Unspent Grants Reserve Fund now being obsolete.
Submissions on the intention to change the name and purpose of the reserve should be addressed to the Chief Executive Officer and submitted to the Shire by 4:00pm on 30th April 2021.
Mark Dacombe
Temporary Chief Executive Officer