Principles of Sound Financial Management
The Principles of sound financial management (as listed in Section 136 of the Victorian Local Government Act 1989) are:
(a) manage financial risks faced by the Council prudently, having regard to economic circumstances;
(b) pursue spending and rating policies that are consistent with a reasonable degree of stability in the level of the rates burden;
(c) ensure that decisions are made and actions are taken having regard to their financial effects on future generations;
(d) ensure full, accurate and timely disclosure of financial information relating to the Council.
Part (1) of Section 136 states that "a Council must implement the principles of sound financial management."