|
 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
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INCORPORATED
AS A MUNICIPALITY
22 FEBRUARY 1859
PROCLAIMED AS
A CITY JULY 1990
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6th
May, 2003
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 MAY, 2003 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.
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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.
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1 Apologies
2 Minutes
CONFIRMATION OF MINUTES OF THE
ADMINISTRATION & FINANCE COMMITTEE MEETING HELD ON TUESDAY, 8TH APRIL, 2003.
3 Addresses to
Committee by the Public
4 Mayoral Minutes
5 Finance
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5.1
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DIRECTOR GOVERNANCE,
MANAGEMENT & INFORMATION SERVICES' REPORT 11/2003 - INVESTMENT
OF COUNCIL FUNDS AS AT 31 MARCH 2003.
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2
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6 General Business
7
Notice of Rescission Motions
………………………………
GENERAL
MANAGER
Director Governance, Management & Information
Services' Report 11/2003
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 31 March 2003” and in the attached graphs.
CONCLUSION:
All surplus cash has been
invested as at 31 March 2003 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 10 April 2003 in relation to the
investment of Council funds be noted.
ATTACHMENT/S:
1. Details of investments and analysis
of investment performance as at 31 March 2003.
2. Graphs (5).
DETAILS
OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE
AS
AT 31 MARCH 2003
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Investment
Manager
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Credit
Ratings
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Amount Invested
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Interest Earned
March
Amount % Return
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**
UBSWA
Bank Bill
Index %
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Interest Earned
Financial Year to Date
Amount
% Return
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**
UBSWA
Bank
Bill
Index
%
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Interest Earned
Last 12 Months
Amount % Return
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UBSWA
Bank
Bill
Index
%
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#
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$
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$
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Month
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Annualised
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$
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$
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**
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LG Financial Services 11am
Call
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AA
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276,124
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9,886
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0.38
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4.65
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0.40
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115,158
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4.65
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5.00
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139,050
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-
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4.91
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UBS Credit Cash Enhanced
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Af
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11,943,783
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45,939
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0.42
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5.04
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0.40
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428,767
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5.21
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5.00
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509,712
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5.15
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4.91
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Deutsche Cash Plus
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Af
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12,002,992
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46,507
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0.42
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5.04
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0.40
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399,175
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5.06
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5.00
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456,624
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5.08
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4.91
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Macquarie Diversified Treasury
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Af
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12,039,864
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47,561
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0.42
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5.04
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0.40
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425,491
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5.01
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5.00
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527,697
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4.94
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4.91
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CFS Wholesale Premium Cash
Enhanced
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AAf
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8,393,655
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31,626
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0.40
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4.80
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0.40
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252,092
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5.10
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5.00
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317,180
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5.14
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4.91
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44,656,419
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181,519
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1,620,683
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1,950,263
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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
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**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.
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Interest
Earned
$
In
March
2003
182,168
For
2002/2003 to 31 March
–
1,630,493
Original
estimate budget for interest earned – 2002/2003 1,500,000
Current
estimate budget for interest earned – 2002/2003 1,800,000
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*
**
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Monthly earning rates for the last three months
LG Financial Services 11am
Call
UBS Credit Cash Enhanced
Deutsche Cash Plus
Macquarie Diversified Treasury
CFS Wholesale Premium Cash
Enhanced
WDR Bank Bill Index
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Jan
%
0.38
0.60
0.48
0.44
0.40
0.41
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Feb
%
0.38
0.44
0.39
0.39
0.38
0.37
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Mar
%
0.38
0.42
0.42
0.42
0.40
0.40
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* 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\Committee\Finserv\Invest
report 31.03.03.doc
