Queensland Consolidated Acts

CITY OF BRISBANE ACT 2010 - SECT 103

103 Systems of financial management

(1) To ensure it is financially sustainable, the council must establish a system of financial management that—

(a) ensures regard is had to the sound contracting principles when entering into a contract for—

(i) the supply of goods or services; or

(ii) the disposal of assets; and

(b) includes the following—

(i) an annual budget;

(ii) an asset register;

(iii) a corporate plan;

(iv) a long-term financial forecast;

(v) a long-term asset management plan;

(vi) an efficient and effective internal audit function.

(2) The council is
"financially sustainable" if the council is able to maintain its financial capital and infrastructure capital over the long term.

(3) The
"sound contracting principles" are—

(a) value for money; and

(b) open and effective competition; and

(c) the development of competitive local business and industry; and

(d) environmental protection; and

(e) ethical behaviour and fair dealing.

(4) A
"contract for the supply of goods or services" includes a contract about carrying out work.

(5) To remove any doubt, it is declared that subsection (1) (a) does not require equal consideration to be given to each of the sound contracting principles.