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

 

 

 

6th August, 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,13TH AUGUST, 2002 AT 6:00 P.M.

 

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, 9th JULY, 2002.

 

3           Addresses to Committee by the Public

 

4           Mayoral Minutes

 

5           Finance

 

5.1                        

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES' REPORT 26/2002 - INVESTMENT OF COUNCIL FUNDS AS AT 30 JUNE 2002.

2

 


 

6           Administration

 

6.1                      

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES' REPORT 27/2002 - LOCAL GOVERNMENT ASSOCIATION OF NEW SOUTH WALES - 2002 ANNUAL CONFERENCE.

12

 

 

7          General Business

 

8           Notice of Rescission Motions

 

 

 

 

 

 

 

……………………………..

ACTING GENERAL MANAGER


 

Director Governance Management & Information Services' Report 26/2002

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 30 JUNE 2002

 

 

DATE:

23 July, 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.

 

Details of all investments are shown on the attachment sheet titled “Details of cash investments and analysis of investment performance as at 30 June 2002” and in the attached graphs.

 

CONCLUSION:

 

All surplus cash has been invested as at 30 June 2002 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 23 July 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 June 2002.

 

2. Graphs (5). 

 

 

 

 

 

 

 

 

 

………………………………

 

 

 

 

 

 

 

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES

MANAGER, FINANCIAL SERVICES

 


 

DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 30 JUNE 2002

 

 

 

Investment Manager

 

Credit

Ratings

 

Amount Invested

 

 

Interest  Earned

May

 

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

**

$

 

**

$

 

**

LG Financial Services 11am Call

AA

3,204,483

 

16,369

0.38

4.65

0.39

120,835

4.65

4.66

120,835

4.65

4.66

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

Af

10,115,017

33,594

0.47

5.62

0.39

268,412

5.27

4.66

268,412

5.27

4.66

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

Af

10,203,815

28,345

0.42

5.00

0.39

185,715

5.15

4.66

185,715

5.15

4.66

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Diversified Treasury

Af

10,614,373

41,529

0.43

5.14

0.39

119,954

5.26

4.66

119,954

5.26

4.66

 

 

 

 

 

 

 

 

 

 

 

 

 

CBA Premium Cash Enhanced

AAf

5.350,802

22,388

0.43

5.16

0.39

173,192

4.89

4.66

173,192

4.89

4.66

 

 

 

 

 

 

 

 

 

 

 

 

 

Alliance Capital Cash Enhanced

AAf

2,143,514

24,170

0.32

3.78

0.39

342,622

4.72

4.66

342,622

4.72

4.66

 

 

41,632,004

166,395

 

 

 

1,210,730

 

 

1,210,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


      # 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 May 2002                                                                                                       170,145

For 2001/2002 to 31 May –                                                                             1,764,153                                

 

 

 

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

Current estimate budget for interest earned – 2001/2002                               1,675,000

 

 

 

 

*

**

Monthly earning rates for the last three months

 

 

LG Financial Services 11am Call                          

UBS Credit Cash Enhanced.

Deutsche Cash Plus

Macquarie Diversified Treasury

CBA Premium Cash Enhanced

Alliance Capital Cash Enhanced

 

WDR Bank Bill Index

 

Apr

%

 

0.34

0.41

0.40

0.40

0.47

0.27

 

0.38

May

%

 

0.36

0.40

0.37

0.40

0.34

0.34

 

0.37

Jun

%

 

0.38

0.47

0.42

0.43

0.43

0.32

 

0.39

*          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 30.06.02.doc



 





 

 

 

 

 


 

 

Director Governance Management & Information Services' Report 27/2002

 

 

SUBJECT:

LOCAL GOVERNMENT ASSOCIATION OF NEW SOUTH WALES - 2002 ANNUAL CONFERENCE

 

 

DATE:

24 July, 2002

FILE NO:

98/S/3558

 

 

 

REPORT BY:            DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES   

 

INTRODUCTION:

 

The 2002 Annual Conference of the Local Government Association of New South Wales will be held in Broken Hill from Saturday, 26th to Wednesday, 30th October, 2002, with the theme of this year’s Conference being “Rock’n the Outback”.

 

ISSUES:

 

(a)        Nomination of Delegates and Observers to attend the 2002 LGA Conference

 

Under the formula applied by the Local Government Association, Randwick City Council is eligible to nominate five (5) voting delegates and an unlimited number of non-voting observers.

 

Council’s Policy 1.03.10 (Part 2, iii) permits all members of the Council to attend this Conference.

 

(b)        Submission of Motions

 

Any motions that Council may wish to submit for consideration at the Conference must be forwarded to the Association by no later than 23rd August, 2001.  The Association stipulates that Category One motions should seek to alter existing Association policy or to address new or emerging policy issues.  Motions re-affirming existing policy or calling for actions to be taken within existing policy will be classified as Category Two.

 

All motions submitted are to be accompanied by a “Note from Council” containing no more than three lines of text explaining the reason for submitting the motion and how it alters or adds to existing policy.  In addition a detailed supporting case is also required, giving reasons for raising the issue and which will allow the Association to convincingly argue the case if the motion is passed at the Conference.

 

CONCLUSION:

 

Registration forms for all Councillors wishing to attend the Conference will be distributed shortly as registrations close on 13th September, 2002.  Council has already booked travel arrangements/accommodation for delegates and observers.

 

RECOMMENDATION:

 

a)         That Council proceed to elect five (5) delegates to attend the Local Government Association’s Annual Conference at Broken Hill in October, 2002.

 

b)         That Council also nominate up to five (5) “alternate delegates” to attend the Conference; and

 

c)         That other interested Councillors attend the Conference in the capacity of “observers”.

 

ATTACHMENT/S:

 

1. Conference Program

 

 

………………………………

………………………………

MARK HUMMERSTON

 

DIRECTOR GOVERNANCE MANAGEMENT & INFORMATION SERVICES