The Local Government Finance Authority of South Australia (the Authority), a body corporate, was established under the Local Government Finance Authority Act 1983 (the LGFA Act). It is managed and administered by a Board of Trustees.
The main functions of the Authority are to develop and implement borrowing and investment programs for the benefit of councils and prescribed local government bodies. For more information about the Authority’s functions refer note 1 of the financial report.
Liabilities incurred or assumed by the Authority in pursuance of the LGFA Act are guaranteed by the Treasurer under section 24(1) of the LGFA Act. As a result of this guarantee the Authority pays an annual guarantee fee to the Treasurer.