Long Term Financial Plan
The Local Government Act 1999 requires that a Council must develop and adopt a Long Term Financial Plan (LTFP) for a period of at least 10 years and must undertake a review of this as soon as practicable after adopting the Council’s Annual Business Plans for a particular financial year.
The information contained within a LTFP is presented at a high level, it is not a detailed budget and does not ‘commit’ council to the spending or assumptions outlined within the LTFP. Council uses the information within the LTFP to:
* inform future decision making of council;
* understand the level of financial and interest rate risk exposure;
* confirm adequacy of spending on assets and capital renewal;
* allow the ability to track performance against key financial ratios; and
* inform decisions around future service levels and service provision.