Gold Coast City Council has put in place a new financial modelling system which it believes sets a new standard for Local Government financial management in Australia. The system produces a range of management reports, including a detailed or summary forecast Operating Statement, Appropriation Statement and Balance Sheet, a schedule of projected discretionary funds available for future capital works or other new initiatives, and a register of prioritised capital works and new initiatives.
The system was developed by Council’s City Governance Director, Tony Davis, in partnership with SuperModeller Consultants Pty Ltd.
“What sets the Model apart from the ‘standard’ financial modelling that is currently used in Local Government is that it is based on a modelling language, not a spreadsheet, which has the advantage of separating logic, data and reports,” said Council’s Director City Governance, Dale Dickson.
The system is made up of a number of integrated modules, including loans, assets, and rating. Thus allows the development of future scenarios which take account of different depreciation and revaluation regimes for any assets, all relevant rating and debt management variables.
“Importantly, the system delivers simple and easily understood reports and maintains integrity with the Council’s formal accounting and budgeting system,” Dale Dixon said. “It provides the tool for decision makers to look beyond the annual budget and understand the potential future impacts of decisions made today.”
For further information, contact Dale Dickson on (07) 5582 8222
