DLG seeking submissions for Code Update #21 (YE 12/13)

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The DLG issued an email request to Responsible Accounting Officers (RAO's) on 25/10 seeking

"...any feedback on Code #20 for consideration and possible input into Code #21. Such feedback could include, but not limited to any enhancements or practical issues encountered during completion of the 2011/12 statements."

Submissions close on Friday 23 November, 2012.


We thought a TOPIC on the LGS Web Forum might permit RAO's to collectively share their thoughts prior to making their submission to the DLG.

So if you have anything on "the good, the bad or the ugly" relating to Code Update #20 (for YE 11/12) OR have some comments on what needs to be in Code Update #21 (for YE 12/13)...why not make a post here....

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To kick the ball off, we listed the followiing "BIG TICKET" items in the November edition of LG ""Debits & Credits" as worth including in our submisssion:

1. Incorporating the Special Schedules as unaudited Notes within the GPFS, instead of reporting them in a separate publication.

2. Reviewing the need for SPFS Reports and if still required, determining whether the Water & Sewer Special Schedules can be incorporated into the SPFS’s.

3. Issuing (each year) the Final Code at least 8 weeks before 30 June.

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Some other submission thoughts include:

a. Increasing the SS8 forecast years to 10 in line with the IP&R LTFP requirements.

b. Reviewing the Note 13 Ratio's, expanding them & breaking them up into short term LIQUIDITY RATIO's & LONGER TERM Sustainability Ratio's. The revised Note 13 Ratio's could also include the 10 year forecast figures as per Council's LTFP.

c. Making the Infrastructure Renewals Ratio a moving average of (say) the past 3 years figures rather than a stagnant 1 year snapshot (thereby smoothing the spikes out) that is a failing of the current ratio.

d. Including the net movement to/from Infrastructure Renewals Reserve in the Infrastructure renewals Ratio OR include the baallnce of the Infrastructure Renewals Reserve as a seperate figure to indicate where Council is not spending on Infrastructure renewals if it is at least puttting money aside for it !

After all...Council doesn't replace Infratsructure at the exact same time it depreciates it - yet the current Renewals Ratio has a bias towards Councils spending Renewal Dollars versus saving for future Renewals !!