At Junee Shire Council’s July 1 meeting they received a report that provides an overview of the advanced grant funding received and held as external restrictions within Council’s liabilities as of 31 May.
A total of $1,746,860 in specific purpose grants remains unexpended, with funding commitments allocated across ten strategic programs and infrastructure improvement initiatives according to the report.
These funds are restricted and subject to delivery milestones aligned with grant agreements, said Council.
In line with the Local Government Code of Accounting Practice and Financial Reporting, grant funding received in advance for specific purposes must be recognised as a liability until the associated project expenditure is incurred. These externally restricted funds reflect advance payments made to Council by various State agencies under targeted capital and recovery programs, including:
• The Stronger Country Communities Fund (SCCF)
• Creative Capital Fund
• Local Roads and Community Infrastructure Program (LRCI)
• Office of Local Government Recovery Programs
• Regional Emergency Road Repair Funds
• Regional Tourism Activation Fund
As of 31 May, the following externally restricted funds remain on Council’s books as unexpended liabilities: It should be noted that not all grants received in advance represent the full approved funding.
Additional instalments remain subject to the achievement of milestones, submission of compliant reporting, and adherence to funding conditions. Council staff continue to manage these obligations to ensure timely claim progression and full recovery of approved funds. Grant income recognition and expenditure are subject to external audit scrutiny through both interim and final financial statement reviews, ensuring compliance, and relevant funding agreements. The financial management of advance grant funding remains a key component of Council’s delivery program.
Council staff continue to monitor project milestones to ensure that all funded initiatives are delivered in compliance with funding obligations and to the benefit of the community.
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