(1) A local government is to prepare ¾

(a) monthly financial reports in such form as the local government considers to be appropriate; and

(b) subject to subregulation (1a), either ¾

(i) quarterly financial reports for the periods ending on 30 September, 31 December, 31 March and 30 June; or

(ii) triannual financial reports for the periods ending on 31 October, 28 February and 30 June,

(or where a 4 weekly period system is used, the period to the end of the week closest to each of those dates) in accordance with regulation 35.

(1a) A local government need not prepare a quarterly or triannual report for the period ending on 30 June in any year if, before that date, the council resolves* that such a report is not necessary.

*Absolute majority required.

(2) A monthly, quarterly or triannual financial report is to be ¾

(a) presented to the council ¾

(i) at the next ordinary meeting of the council following the end of the period to which the report relates; or

(ii) if the report is not prepared in time to present it to the meeting referred to in subparagraph (i), to the next ordinary meeting of the council after that meeting;

and

(b) recorded in the minutes of the meeting at which it is presented.

(3) A quarterly or triannual report may be presented to a local government in lieu of a monthly report.

[Regulation 34 amended in Gazette 20 June 1997 p.2841.]