The recent announcement of a review of the financial model for local government in New South Wales (NSW) highlights the need to address the visibility gap surrounding government assets and the lack of knowledge regarding noncompliant assets. The draft terms of reference emphasise evaluating the financial and operational performance of councils, aiming to enhance transparency and accountability within the sector.
At iAM Omni, we recognise the importance of transparency in government asset management. The review’s focus on assessing the visibility of councillors and the community over council finances is commendable. Transparent insights into fund management are crucial for fostering trust and making informed decisions.
Furthermore, the review’s emphasis on evaluating budget processes for delivering value for money aligns with our core principles. Optimising budgetary performance and implementing robust planning and reporting systems can enhance long-term sustainability and accountability.
However, there remains a significant gap regarding the visibility and management of noncompliant assets. Noncompliant assets pose both public risks to financial sustainability and budget processes. Addressing these challenges requires mechanisms to identify and address such assets effectively.
As the review progresses, stakeholders must advocate for measures to enhance transparency, accountability, and address noncompliant assets. By prioritising these areas and investing in capacity-building initiatives, councils can navigate financial challenges more effectively.
In conclusion, the NSW financial model review presents an opportunity to strengthen government asset management. By prioritising transparency, accountability, and addressing noncompliant assets, councils can better serve their communities. iAM Omni remains committed to supporting initiatives that drive positive change across the public sector.
Read the original article from Government News here
Harness the power of intelligent asset management software and realise the true value of your assets.