Statement of Accounting Policies
The Council has a 1.7% interest in the Local Government Funding Agency. The Omarunui Refuse Landfill is a jointly controlled asset. The Council includes only its 63.68% share of all revenue, expenditure, assets and liabilities of the Landfill facility. The prospective financial statements include the activities of the Council only.
Reporting Entity Hastings District Council ("the Council") is a territorial authority within the definition of the Local Government Act 2002 and domiciled in New Zealand. The operations of the Council are divided into the following activity groups:
Safe, Healthy and liveable communities; Economic and Community development; and Governance and support services. The Hastings District Council Group consists of the Council and the following subsidiaries (the Group): Te Mata Park Trust Board
Hastings District Holdings Limited
100%
100%
HB Regional Sports Park Trust 100%
The Council also has the following investments in associates:
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Basis of Preparation The Council, who are authorised to do so and believe that the assumptions underlying these forecast financial statements are appropriate, adopted the Long Term Plan on 24 June 2021. The Council of the Hastings District Council accept responsibility for the preparation of their forecast financial statements, including the appropriateness of the assumptions underlying the prospective financial statements and all other required disclosures. The Council reserves the right to update this plan in the future.
Water & Roads;
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The primary objective of the Council is to provide goods and services for the community or social benefit rather than making a financial return. Accordingly the Council is a public benefit entity (PBE) for the purposes of financial reporting.
A 23.88% shareholding in Hawke's Bay Airport Limited, a Council Controlled Organisation and is an equity accounted associate; Horse of the Year (Hawke's Bay) Limited is an associate that the Council hold a 33% shareholding; and Hastings District Holdings Limited provides the Council with an extra layer of governance and a monitoring structure for Council's other CCOs which include the Hawke's Bay Opera House Limited and the Hastings District Properties Limited.
No actual financial results have been incorporated within the prospective financial statements.
Statement of Compliance The prospective financial statements are for the council as a separate legal entity and have been prepared in accordance with Section 93 of the Act, which requires local authorities to prepare and adopt a long-term plan before the commencement of the first year to which it relates, and continues in force until the close of the third consecutive year to which it relates. The prospective financial statements comply with PBE Standards and have been prepared in accordance with Tier 1 PBE Standards. The accounting policies set out below have been applied consistently to all periods presented in these prospective financial statements.
Measurement Base The measurement base adopted is that of historical cost, modified by the revaluation of certain classes of property, plant and equipment, and financial instruments (including derivative instruments).
LONG TERM PLAN 2021-2031 HASTINGS DISTRICT COUNCIL // 69
