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Reserves Act 1977

Financial provisions

91: Administering body may have debit in accounts in anticipation of revenue

You could also call this:

"Borrowing money for a recreation reserve before the funds arrive"

Illustration for Reserves Act 1977

If you are in charge of a recreation reserve, you can borrow money from your main fund to pay for things like managing and improving the reserve. You can do this even if you do not have enough money in the reserve's account, as long as you think you will get the money later. You must pay back the borrowed money within two years, or a longer time if the Minister agrees.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM444960.

Topics:
Environment and resources > ConservationEnvironment and resources > Parks and recreationMoney and consumer rights > Government fundingMoney and consumer rights > Public financeGovernment and voting > Local councils
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90: Borrowing powers of administering body, or

"People in charge of reserves can borrow money to improve or expand them"

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92: Relief of lessees and licensees of reserves, or

"Help with rent for people using reserves"

Part 4Financial provisions

91Administering body may have debit in accounts in anticipation of revenue

  1. Notwithstanding anything to the contrary in any Act, any local authority which is the administering body of a recreation reserve may incur a debit balance in the accounts of a particular recreation reserve by advancing money out of its general fund or account, or out of any separate ward account, in the case of any territorial authority that keeps ward accounts, to meet payments incurred in managing, administering, maintaining, protecting, improving, or developing the reserve, in anticipation of the collection of revenue from that reserve:

    provided that every such debit balance shall be cleared within a period of 2 years or such extended term as may be approved by the Minister.

Compare
  • 1953 No 69 s 80(5)
  • 1963 No 112 s 3
Notes
  • Section 91: amended, on , by section 262 of the Local Government Act 2002 (2002 No 84).