Administrative Centre

30 Frances St

Randwick 2031

Tel: 02 9399 0999

Fax 02 9319 1510

DX 4121 Maroubra Junction

general.manager@randwick.nsw.gov.au

INCORPORATED

AS A MUNICIPALITY

22 FEBRUARY 1859

PROCLAIMED AS

A CITY JULY 1990

 

5th February, 2002

 

ADMINISTRATION AND FINANCE COMMITTEE MEETING

 

NOTICE IS HEREBY GIVEN THAT AN ADMINISTRATION AND FINANCE   COMMITTEE MEETING OF THE COUNCIL OF THE CITY OF RANDWICK WILL BE HELD IN THE COUNCIL CHAMBER, TOWN HALL, 90 AVOCA STREET, RANDWICK, ON TUESDAY, 12TH FEBRUARY, 2002 AT 6:00 PM

 

Committee Members:                  His Worship, the Mayor, Cr D. Sullivan, Crs Andrews (Deputy Chairperson), Daley, Matson, Matthews, Notley-Smith, Procopiadis (Chairperson) and Tracey.

 

Quorum:                                      Five (5) members.

 

NOTE: AT THE EXTRAORDINARY MEETING HELD ON 5TH SEPTEMBER, 2000, THE COUNCIL RESOLVED THAT THE ADMINISTRATION AND FINANCE COMMITTEE BE CONSTITUTED AS A COMMITTEE WITH FULL DELEGATION TO DETERMINE MATTERS ON THE AGENDA.

 

1           Apologies

 

2           Minutes

 

CONFIRMATION OF THE MINUTES OF THE ADMINISTRATION & FINANCE COMMITTEE MEETING HELD ON TUESDAY, 4TH DECEMBER, 2001.

 

3           Addresses to Committee by the Public

 

4           Mayoral Minutes

 

4.1                        

MAYOR'S MINUTE 2/2002 - REQUEST FOR PROVISION OF MARQUEE AT LA PEROUSE FOR THE ANNUAL PERE RECEVEUR MASS MONUMENT.

2

 

 

5           Finance

 

5.1                        

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES' REPORT 1/2002 - INVESTMENT OF COUNCIL FUNDS AS AT 30 NOVEMBER 2001.

5

 

5.2                        

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES' REPORT 2/2002 - INVESTMENT OF COUNCIL FUNDS AS AT 31 DECEMBER 2001.

14

 

6           General Business

 

7           Notice of Rescission Motions

………………………………

GENERAL MANAGER


 

MAYOR'S MINUTE 2/2002

 

 

SUBJECT:

REQUEST FOR PROVISION OF MARQUEE AT LA PEROUSE FOR THE ANNUAL PERE RECEVEUR MASS MONUMENT.

 

 

DATE:

18 January, 2002

FILE NO:

98/S/0492

 

 

REPORT BY:            MAYOR    

 

INTRODUCTION:

 

I have received advice from the organisers of the Annual Pere Receveur Historic Mass, that the annual mass is to be held at La Perouse on Sunday 17 February, 2002 at 11.00am and a cocktail party is planned on the evening prior to the commemorative mass on Saturday, 16 February.

 

ISSUES:

 

Since 1988, the St. Andrews Parish and the Friends of the La Perouse Museum organise the Annual Commemorative Mass for the late Pere Receveur, who died at Botany Bay on 17 February 1788.  He was a Franciscan Priest and a noted scientist with the La Perouse expedition.  The La Perouse area is almost certainly where the first Mass was celebrated in Australia.

 

The organisers have asked Council to assist with the costs associated with the hiring of a marquee for the Annual Pere Receveur Mass and with the costing associated with a cocktail party to be held on the prior evening. 

 

It has been customary for the Randwick Council to host the La Perouse Day morning tea at the La Perouse museum and also for the Council to bear the costs of erecting a marquee so as the parishioners who attend the mass can be covered. The matter has been discussed with the French Consul-General, M. Finaud, and it has been agreed to hold the La Perouse Day celebrations (ordinarily celebrated on February 23rd each year) in conjunction with the Annual Mass to be held on Sunday 16th February.

 

The Friend’s of La Perouse Museum have suggested that the costs of La Perouse Day be used to cover the Cocktail Party.

 

The Mass’ finances have had to cover costs for the sound system, advertising, seating, and sundry expenses. 

 

CONCLUSION:

 

RECOMMENDATION:

 

That Council agree to assist with the sponsorship of the Annual Pere Receveur Historic Mass, to be held on Sunday, 16 February 2002, by underwriting the hire charges of the

marquee and cocktail party on Saturday 16 February 2002.

 

ATTACHMENT/S:

 

 

 

 

Letter from La Perouse Museum

 

 

………………………………

………………………………

DOMINIC SULLIVAN

 

MAYOR

 

 

 

 


 


 

 

Director Governance Management & Information Services' Report 1/2002

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 30 NOVEMBER 2001

 

 

DATE:

18 January, 2002

FILE NO:

98/S/0745

 

 

REPORT BY:            DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES  

 

INTRODUCTION:

 

To report on Council’s current investments.

 

ISSUES:

 

Council is authorised by s625 of the Local Government Act to invest its surplus funds. Funds may only be invested in the form of investment notified by Order of the Minister dated 29 November 2000.

 

The Local Government Financial Management Regulations prescribe the records that must be maintained in relation to Council’s investments. The regulations also require that the responsible accounting officer provide a written report to each ordinary meeting of the Council giving details of all moneys invested and a certificate as to whether or not the investments have been made in accordance with the Act, the regulations and Council’s Investment Policy No: 3.02.07.

 

Council’s investment policy is currently been updated to incorporate a number of changes. This new policy will be submitted to Council shortly for its consideration.

 

Details of all investments are shown on the attachment sheet titled “Details of cash investments and analysis of investment performance as at 30 November 2001” and in the attached graphs.

 

CONCLUSION:

All surplus cash has been invested as at 30 November 2001 in accordance with Policy No: 3.02.07 and the provisions of s625 of the Local Government Act have been complied with.

 

RECOMMENDATION:

 

That the report dated 18 January 2002 in relation to the investment of Council funds be noted.

 

ATTACHMENT/S:

 

1. Details of cash investments and analysis of investment performance as at 30 November 2001.

 

2. Graphs. 

 

 

 

 

 

 

 

 

 

………………………………

 

 

 

 

 

 

 

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES

MANAGER, FINANCIAL SERVICES


DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 30 NOVEMBER 2001

 

 

 

Investment Manager

 

Credit

Ratings

 

Amount Invested

 

 

Interest Earned

November

 

Amount              % Return

UBSWA

Bank Bill

Index   %

 

 

Interest Earned

Financial Year to Date

Amount % Return

UBSWA

Bank

Bill

Index

%

 

 

Interest Earned

Last 12 Months

 

Amount % Return

UBSWA

Bank

 Bill

Index 

 %

 

#

$

$

Month

Annualised

**

$

 

**

$

 

**

AMP Premium Treasury

AAf

8,104,791

23,979

0.30

3.54

0.36

142,972

4.92

4.96

353,201

5.43

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

ANZ Cash Plus

AAf

8,251,677

27,274

0.34

4.02

0.36

138,524

4.85

4.96

434,058

5.61

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

National Mutual Cash Enhanced

AAAm

7,938,484

22,962

0.39

4.62

0.36

137,592

4.65

4.96

366,229

5.62

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

CBA Premium Cash Enhanced

Aaf

4,623,826

16,514

0.36

4.26

0.36

40,340

5.37

4.96

40,340

-

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Financial Services 11am Call

AA

5,201,654

4,918

0.37

4.40

0.36

56,557

4.40

4.96

124,260

-

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

BBB-AAA

5,719,721

12,995

0.37

4.44

0.36

70,076

5.08

4.96

88,173

5.81

5.42

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

BBB-AAA

3,588,174

22,937

0.40

4.74

0.36

 

92,844

5.11

4.96

 

119,722

5.77

5.42

 

 

43,428,327

131,579

 

 

 

678,905

 

 

1,525,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

      # Credit Ratings                                                               Standard & Poors

 

Extremely strong capacity to pay                                                    AAA

Very strong capacity to pay                                                             AA

Adequate capacity to pay                                                                BBB

Funds valued on a mark to market basis                                            f

Funds valued on an accruals basis                                                    m

 

 

 

**UBSWA Bank Bill Index

 

-Is a performance benchmark published in the Australian Financial Review.

 

-The index rate can be compared to the interest rate earned by Council on its investments.

 

 

 

                      Interest Earned                                                                                      $

 

 

In November 2001                                                                                              131,579                                        

For 2001/2002 to 30 November –                                                                      686,418                                    

 

 

 

Current estimate budget for interest earned – 2001/2002                               1,500,000

 

 

 

 

*

**

Monthly earning rates for the last three months

 

 

AMP Premium Treasury                                                                                                                                                                                                                                       

ANZ Cash Plus

National Mutual Cash Enhanced

CBA Premium Cash Enhanced

LG Financial Services 11am Call

Deutsche Cash Plus

UBS Credit Cash Enhanced.

 

WDR Bank Bill Index

 

Sept

%

 

0.40

0.41

0.39

0.42

0.39

0.35

0.36

 

0.43

Oct

%

 

0.38

0.36

0.40

0.37

0.37

0.37

0.23

 

0.38

Nov

%

 

0.30

0.34

0.39

0.36

0.37

0.37

0.40

 

0.36

*          Includes bank account interest as well as interest on investments with Managed Funds.

**         Includes bank account interest and those Managed Funds no longer used.

 

I certify that the above investments have made in accordance with the Local Government Act, the regulations

and Council’s investment policy No. 3.02.07.

 

___________________________

BRIAN GREGAN

MANAGER, FINANCIAL SERVICES DIVISION

G:\COUNCIL\COMMITTE\Finserv\Investment report 30.11.01.doc



 

 

 


 



 

Director Governance Management & Information Services' Report 2/2002

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 31 DECEMBER 2001

 

 

DATE:

29 January, 2002

FILE NO:

98/S/0745

 

 

REPORT BY:            DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES  

 

INTRODUCTION:

 

To report on Council’s current investments.

 

ISSUES:

 

Council is authorised by s625 of the Local Government Act to invest its surplus funds. Funds may only be invested in the form of investment notified by Order of the Minister dated 29 November 2000.

 

The Local Government Financial Management Regulations prescribe the records that must be maintained in relation to Council’s investments. The regulations also require that the responsible accounting officer provide a written report to each ordinary meeting of the Council giving details of all moneys invested and a certificate as to whether or not the investments have been made in accordance with the Act, the regulations and Council’s Investment Policy No: 3.02.07.

 

Council’s investment policy is currently been updated to incorporate a number of changes. This new policy will be submitted to Council shortly for its consideration.

 

Details of all investments are shown on the attachment sheet titled “Details of cash investments and analysis of investment performance as at 31 December 2001” and in the attached graphs.

 

CONCLUSION:

 

All surplus cash has been invested as at 31 December 2001 in accordance with Policy No: 3.02.07 and the provisions of s625 of the Local Government Act have been complied with.

 

RECOMMENDATION:

 

That the report dated 18 January 2002 in relation to the investment of Council funds be noted.

 

 

ATTACHMENT/S:

 

1. Details of cash investments and analysis of investment performance as at 31 December, 2001.

2. Graphs 

 

 

………………………………

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES

MANAGER, FINANCIAL SERVICES

 

 

 

 

 


DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 31 DECEMBER 2001

 

 

 

Investment Manager

 

Credit

Ratings

 

Amount Invested

 

 

Interest  Earned

December

 

Amount              % Return

UBSWA

Bank Bill

Index   %

 

 

Interest Earned

Financial Year to Date

Amount % Return

UBSWA

Bank

Bill

Index

%

 

 

Interest Earned

Last 12 Months

 

Amount % Return

UBSWA

Bank

 Bill

Index 

 %

 

#

$

$

Month

Annualised

**

$

 

**

$

 

**

AMP Premium Treasury

AAf

8,134,571

29,780

0.37

4.38

0.36

172,753

4.88

4.86

346,618

5.26

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

ANZ Cash Plus

AAf

8,279,631

27,954

0.35

4.14

0.36

166,478

4.77

4.86

410,072

5.39

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

National Mutual Cash Enhanced

AAAm

7,970,632

32,148

0.41

4.86

0.36

169,740

4.74

4.86

359,298

5.42

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

CBA Premium Cash Enhanced

Aaf

5,640,340

18,495

0.34

4.02

0.36

58,835

5.17

4.86

58,835

5.59

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Financial Services 11am Call

AA

3,356,573

17,268

0.35

4.15

0.36

73,825

4.15

4.86

124,782

-

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

BBB-AAA

3,601,891

13,717

0.39

4.68

0.36

83,793

5.05

4.86

101,890

5.64

5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

BBB-AAA

5,741,539

21,818

0.38

4.50

0.36

114,661

5.06

4.86

141,540

5.60

5.24

 

 

42,725,176

161,180

 

 

 

840,085

 

 

1,543,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


      # Credit Ratings                                                               Standard & Poors

 

Extremely strong capacity to pay                                                    AAA

Very strong capacity to pay                                                             AA

Adequate capacity to pay                                                                BBB

Funds valued on a mark to market basis                                            f

Funds valued on an accruals basis                                                    m

 

 

 

**UBSWA Bank Bill Index

 

-Is a performance benchmark published in the Australian Financial Review.

 

-The index rate can be compared to the interest rate earned by Council on its investments.

 

 

 

                      Interest Earned                                                                                      $

 

 

In December 2001                                                                                         164,793                                        

For 2001/2002 to 31 December –                                                                  851,211                                    

 

 

 

Current estimate budget for interest earned – 2001/2002                          1,504,000

 

 

 

 

*

**

Monthly earning rates for the last three months

 

 

AMP Premium Treasury                                                                                                                                                                                                                                        

ANZ Cash Plus

National Mutual Cash Enhanced

CBA Premium Cash Enhanced

LG Financial Services 11am Call

Deutsche Cash Plus

UBS Credit Cash Enhanced.

 

WDR Bank Bill Index

 

Oct

%

 

0.38

0.36

0.40

0.37

0.37

0.37

0.23

 

0.38

Nov

%

 

0.30

0.34

0.39

0.36

0.37

0.37

0.40

 

0.36

Dec

%

 

0.37

0.35

0.41

0.34

0.35

0.39

0.38

 

0.36

*          Includes bank account interest as well as interest on investments with Managed Funds.

**         Includes bank account interest and those Managed Funds no longer used.

 

I certify that the above investments have made in accordance with the Local Government Act, the regulations

and Council’s investment policy No. 3.02.07.

___________________________

BRIAN GREGAN

MANAGER, FINANCIAL SERVICES DIVISION

G:\COUNCIL\COMMITTE\Finserv\Investment report 31.12.01.doc







 

General Business

 

Notice of Rescission Motions