(1) In relation to each reserve account, the annual financial report is to include details of ¾

(a) the purpose for which the money in the account is set aside;

(b) the amount set aside during the financial year;

(c) the amount used during the financial year;

(d) the opening balance brought forward on 1 July;

(e) the closing balance at 30 June;

(f) if the money held in a financial institution or institutions is insufficient to match the corresponding asset account in the statement of financial position ¾

(i) the extent of the insufficiency;

(ii) the reason for the insufficiency; and

(iii) when the insufficiency is likely to be made up;

(g) when the local government anticipates the money in the account will be used; and

(h) if the purpose of the account was changed or if money in the account was used for another purpose ¾

(i) the purpose for which the money was used;

(ii) the amount changed or used; and

(iii) the objects of, and reasons for, the change or use.

(2) In relation to an asset re-valuation reserve established in accordance with AAS 27 the annual financial report is not to include the details set forth in subregulation (1).