102 Funding and financial policies

(1)

A local authority must, in order to provide predictability and certainty about sources and levels of funding, adopt the funding and financial policies listed in subsection (2).

(2)

The policies are—

(a)

a revenue and financing policy; and

(b)

a liability management policy; and

(c)

an investment policy; and

(d)

a policy on development contributions or financial contributions; and

(e)

a policy on the remission and postponement of rates on Māori freehold land; and

(f)

in the case of a unitary authority for a district that includes 1 or more local board areas, a local boards funding policy.

(3)

A local authority may adopt either or both of the following policies:

(a)

a rates remission policy:

(b)

a rates postponement policy.

(3A)

The following policies must also support the principles set out in the Preamble to Te Ture Whenua Maori Act 1993:

(a)

the revenue and financing policy, the policy on development contributions or financial contributions, and the policy on the remission and postponement of rates on Māori freehold land adopted under subsection (1):

(b)

any rates remission policy or rates postponement policy adopted under subsection (3).

(4)

A local authority—

(a)

must consult on a draft policy in a manner that gives effect to the requirements of section 82 before adopting a policy under this section:

(b)

may amend a policy adopted under this section at any time after consulting on the proposed amendments in a manner that gives effect to the requirements of section 82.

(5)

However, subsection (4) does not apply to—

(a)

a liability management policy:

(b)

an investment policy.

Section 102: substituted, on 27 November 2010, by section 19 of the Local Government Act 2002 Amendment Act 2010 (2010 No 124).

Section 102(2)(e): amended, on 8 August 2014, by section 37(1) of the Local Government Act 2002 Amendment Act 2014 (2014 No 55).

Section 102(2)(f): inserted, on 8 August 2014, by section 37(2) of the Local Government Act 2002 Amendment Act 2014 (2014 No 55).

Section 102(3A): inserted, on 1 July 2021, by section 77 of the Local Government (Rating of Whenua Māori) Amendment Act 2021 (2021 No 12).

Section 102(4): replaced, on 8 August 2014, by section 37(3) of the Local Government Act 2002 Amendment Act 2014 (2014 No 55).