Queensland Consolidated Regulations

LOCAL GOVERNMENT REGULATION 2012 - REG 200

200 Trust fund

(1) A local government must establish a trust fund.

(2) A
"trust fund" is a fund that is credited with trust money.

(3)
"Trust money" is money that is—

(a) paid to the local government in trust for a person; or

(b) paid to the local government as a deposit; or

(c) required by an Act to be credited to a trust fund; or

(d) interest accrued on money that was paid to the local government under paragraphs (a) to (c) , whether or not the money was required to be paid to the local government, unless the local government and the depositor have agreed the interest accrued should be paid to an entity other than the local government.

(4) A local government must deposit trust money in a financial institution account.

(5) A local government must not allow a financial institution account in which trust money has been deposited to be overdrawn at any time.

(6) The local government must, at least monthly, reconcile the assets of the trust fund with the liabilities of the trust fund.