Establishment of a new reserve account and to change the use of other reserves funds to fund this new reserve.
Published on Wednesday, 1 February 2023 at 11:53:34 AM
Local public notice is hereby given for an establishment of a new reserve account and to change the use of other reserves funds to fund this new reserve.
Reserve Accounts 2022/2023
In accordance with Section 6.11. of the Local Government Act 1995 – Reserve Accounts
(1) Subject to subsection (5), where a local government wishes to set aside money for use for a purpose in a future financial year, it is to establish and maintain a reserve account for each such purpose
(2) Subject to subsection (3), before a local government — (a) changes* the purpose of a reserve account; or (b) uses* the money in a reserve account for another purpose, it must give one month’s local public notice of the proposed change of purpose or proposed use.
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At a Special Meeting held on the 31st January 2023, it was decided that Council:
- Establish a new reserve account as follows:
Name of Reserve:
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Norseman IGA and Norseman Post Office Agency
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Purpose of Reserve:
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To be used to purchase the Norseman IGA and Norseman Post Office Agency and upgrade and renew its assets.
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Balance:
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$1,723,287
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- Change the use of the money in various reserve accounts by approving the following transfers from the reserves to the Norseman IGA and Norseman Post Office Agency Reserve:
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Reserve Name
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2022/23 Budget Transfer (from)
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b
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Plant Reserve
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- $56,428.00
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c
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Airport Reserve
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- $52,761.00
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d
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IT Reserve
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- $50,250.00
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e
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Transport Reserve
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- $802,088.00
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f
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Land Development
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- $761,760.00
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Peter Fitchat
Chief Executive Officer
1st February 2023
The CEO will give effect of this notice 1 month from which this notice is dated.