103 Revenue and financing policy

(1)

A policy adopted under section 102(1) must state—

(a)

the local authority’s policies in respect of the funding of operating expenses from the sources listed in subsection (2); and

(b)

the local authority’s policies in respect of the funding of capital expenditure from the sources listed in subsection (2).

(2)

The sources referred to in subsection (1) are as follows:

(a)

general rates, including—

(i)

choice of valuation system; and

(ii)

differential rating; and

(iii)

uniform annual general charges:

(b)

targeted rates:

(ba)

lump sum contributions:

(c)

fees and charges:

(d)

interest and dividends from investments:

(e)

borrowing:

(f)

proceeds from asset sales:

(g)

development contributions:

(h)

financial contributions under the Resource Management Act 1991:

(i)

grants and subsidies:

(ia)

regional fuel taxes under the Land Transport Management Act 2003:

(j)

any other source.

(3)

A policy adopted under section 102(1) must also show how the local authority has, in relation to the sources of funding identified in the policy, complied with section 101(3).

(4)

If a local authority amends its revenue and financing policy under section 93(4), only a significant amendment to the policy is required to be audited in accordance with sections 93D(4) and 94.

Compare: 1974 No 66 s 122O

Section 103(1): amended, on 27 November 2010, by section 20(1) of the Local Government Act 2002 Amendment Act 2010 (2010 No 124).

Section 103(2)(ba): inserted, on 28 June 2006, by section 15(4) of the Local Government (Rating) Amendment Act 2006 (2006 No 28).

Section 103(2)(ia): inserted, on 27 June 2018, by section 10(2) of the Land Transport Management (Regional Fuel Tax) Amendment Act 2018 (2018 No 15).

Section 103(3): amended, on 27 November 2010, by section 20(2) of the Local Government Act 2002 Amendment Act 2010 (2010 No 124).

Section 103(4): added, on 27 November 2010, by section 20(3) of the Local Government Act 2002 Amendment Act 2010 (2010 No 124).

Section 103(4): amended, on 8 August 2014, by section 75 of the Local Government Act 2002 Amendment Act 2014 (2014 No 55).