Annual Budget
An annual budget is a budget that is prepared for a 12-month period. An annual budget outlines both the income and expenditures that are expected to be received and paid over the coming year.
Victoria
In Victoria an annual budget was mandated by Section 127 of the Victorian Local Government Act 1989.
It stated that:
- A Council must prepare a budget for each financial year.
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The Council must ensure that the budget contains—
- the standard statements in the form and containing the matters required by the regulations;
- a description of the activities and initiatives to be funded in the budget;
- a statement as to how the activities and initiatives described under paragraph will contribute to achieving the strategic objectives specified in the Council Plan;
- separately identified Key Strategic Activities to be undertaken during the financial year and performance targets and measures in
relation to each Key Strategic Activity;
- any other details required by the regulations.
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The Council must ensure that the budget also contains—
- the information the Council is required to declare under section 158(1);
- if the Council intends to declare a differential rate under section 161, the details listed in section 161(2);
- if the Council intends to declare a differential rate under section 161A, the details listed in section 161(2).
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