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

 

2nd November, 2004

 

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, 9TH NOVEMBER, 2004 AT 6:00 PM

 

Committee Members:                  His Worship the Mayor, Cr M. Matson, Crs Andrews, Daley, Hughes (Deputy Chairperson), Kenny, Nash, Procopiadis & Seng (Chairperson.)

 

Quorum:                                      Five (5) members.

 

NOTE: AT THE EXTRAORDINARY MEETING HELD ON 28TH SEPTEMBER, 2004, 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, 12TH OCTOBER, 2004.

 

3           Declaration of Pecuniary & Non-Pecuniary Interests

 

4           Addresses to Committee by the Public

 

5           Mayoral Minutes

 

6           Finance

 

6.1                        

DIRECTOR GOVERNANCE, MANAGEMENT & INFORMATION SERVICES' REPORT 33/2004 - INVESTMENT OF COUNCIL FUNDS AS AT 30 SEPTEMBER 2004.

2

 

6.2                        

DIRECTOR GOVERNANCE, MANAGEMENT & INFORMATION SERVICES' REPORT 34/2004 - COUNCILLORS' DONATIONS FOR THE 2004/2005 FINANCIAL YEAR.

13

 

 

7           General Business

 

8           Notice of Rescission Motions

……..…………………..

GENERAL MANAGER


 

Director Governance, Management & Information Services' Report 33/2004

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 30 SEPTEMBER 2004

 

 

DATE:

14 October, 2004

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 September 2004” and in the attached graphs

 

FINANCIAL IMPACT STATEMENT:

 

The budget provision for income from this source of $2.150M.  Income to 30 September, 2004 is $677,085.  On present trends our budget provisions should be met.

 

CONCLUSION:

 

All surplus cash has been invested as at 30 September 2004 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 “Director Governance, Management & Information Services’ Report No. 33/2004 dated 14 October 2004 in relation to the investment of Council funds be noted.

 

ATTACHMENT/S:

 

1. Details of investments and analysis of investment performance as at 30 September 2004.

 

2. Graphs (7). 

 

 

 

 

 

 

 

 

 

………………………………

 

 

 

 

 

 

 

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR GOVERNANCE, MANAGEMENT & INFORMATION SERVICES

MANAGER, FINANCIAL SERVICES

 

 

 

 

 

 


DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 30 September 2004

 

Investment Manager

 

Credit

Ratings

 

Amount Invested

 

Interest  Earned

September

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

For Period

#

$

 

 

$

 

#

LG Financial  Services 11am Call

AA

7,011,277

37,107

0.42

5.15

0.45

 

55,003

N/A

5.58

 

166,779

N/A

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LGFS Expanded Credit Facility

Af

8,946,548

44,955

0.51

6.34

 

0.45

 

124,644

6.12

5.58

 

424,827

N/A

5.44

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 12

AA

4,000,000

21,176

0.53

6.44

0.45

 

65,192

N/A

5.58

 

256,007

N/A

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 21

AA

1,000,000

 

 8,398

0.55

6.74

 

0.45

 

 

  8,398

N/A

5.58

 

 

8,398

N/A

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 24

AA

2,500,000

 

14,272

0.57

6.94

0.45

 

 

43,892

N/A

5.58

 

 

56,791

N/A

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

Af

6,373,652

30,299

0.50

6.29

0.45

 

84,323

6.18

5.58

 

478,113

6.08

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

Af

9,403,219

49,187

0.53

6.69

0.45

124,413

6.47

5.58

 

558,099

6.27

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Diversified Treasury

Af

5,133,124

25,655

0.50

6.29

0.45

78,717

6.08

5.58

 

416,374

6.02

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Income Plus

Af

7,303,735

37,646

0.52

6.51

045

 

89,052

6.50

5.58

 

203,735

N/A

5.49

 

 

 

 

 

 

Index %

 

 

 

 

 

 

 

 

 

51,671,555

268,695

 

5.56

 

673,634

 

 

2,569,123

 

 

           


        Credit Ratings                                                           Standard & Poors

 

Extremely strong capacity to pay                                                    AAA

Very strong capacity to pay                                                             AA

Funds exhibit strong protection against credit default                         Af

 

 

 

#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 September 2004                                                                         270,244

                                                                                                 

For 2004/2005 to 30 September –                                                    677,085                                                                                                  

 

 

Original estimate budget for interest earned – 2004/2005               2,150,000

 

 

 

 

 

*

 

**

Monthly earning rates for the last three months

 

 

LG Financial Services 11am Call                           

LGFS Expanded Credit Facility

Commonwealth Shield Series 12

Commonwealth Shield Series 21

Commonwealth Shield Series 24

UBS Credit Cash Enhanced

Deutsche Cash Plus

Macquarie Diversified Treasury

Macquarie Income Plus

 

UBSWA Bank Bill Index

 

July

%

 

0.42

0.55

0.54

-

0.58

0.47

0.52

0.47

0.50

 

0.46

 

 

Aug

%

 

0.42

0.49

0.54

-

0.58

0.48

0.48

0.46

0.48

 

0.46

 

Sept

%

 

0.42

0.51

0.53

0.55

0.57

0.50

0.53

0.50

0.52

 

0.45

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

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

                        ***      The interest return on this investment has been estimated. Interest rates and amounts invested vary on a daily basis.

                       

 

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

 









 

Director Governance, Management & Information Services' Report 34/2004

 

 

SUBJECT:

COUNCILLORS' DONATIONS FOR THE 2004/2005 FINANCIAL YEAR

 

DATE:

26 October, 2004

FILE NO:

98/S/0492 (04)

 

 

REPORT BY:            DIRECTOR GOVERNANCE, MANAGEMENT & INFORMATION SERVICES  

 

 

INTRODUCTION:

 

To keep Councillors aware of the progressive amount of Councillors’ donations, allocations, waiving of fees and other similar issues for the current financial year

 

ISSUES:

 

Since 1st July, 2004 there have been fourteen (14) Councillors’ donations totalling $35,044.80 as listed in the table below as at the date of this report.

 

MEETING

DETAILS

AMOUNT

Works Committee – 13th July 2004

Greek Glendi

($7,695.00) (and permission to use Kensington Oval) - Cancelled

Community Services Committee – 10th August 2004

National Association for Prevention of Child Abuse & Neglect

$540.00 (and promotion in Mayoral Column, childcare facilities & community centres)

Ordinary Council – 27th July 2004

Barry Waterson – Shakespearean Theatre

$3,114.30

Ordinary Council – 27th July 2004

POW Hospital

$1,085.00

Ordinary Council – 27th July 2004

Randwick Girls & Boys High Schools (Rock Eisteddfod)

$3,114.30

Ordinary Council – 27th July 2004

Dolphin Street Playgroup (Temporary Fencing)

$1,000.00

Ordinary Council – 24th August 2004

Maroubra Fun Run & Oktoberfest

$3,734.00

Ordinary Council – 21st September 2004

Regional Study of Changing Tourism Dynamics in Sydney (Backpackers)

$2,500.00

Ordinary Council – 21st September 2004

Bali Tragedy 2nd Anniversary Commemorations

$8,678.00

Ordinary Council – 19th October 2004

Des Renford Aquatic Centre Charity Day

$5,320.40

Ordinary Council – 19th October 2004

St George Coptic Church Fete

$2,096.00

Ordinary Council – 19th October 2004

South Maroubra Village Green Art Show

$85.00

Ordinary Council – 19th October 2004

South Maroubra Carols by Candlelight

$1,906.00

Ordinary Council – 19th October 2004

St Paul’s Anglican Church – Carols by the Sea

$1,871.80

TOTAL                                                                                        $35,044.80

 

FINANCIAL IMPACT STATEMENT:

 

Funds will be identified in the December Quarterly review, as the amounts donated were not specifically included in Council's budget. However, it is expected that sufficient funds will be available to cover these donations.

 

RECOMMENDATION:

 

That the Director Governance, Management & Information Service Report No. 34/2004

dated 26th October, 2004 in relation to the progressive amount of Councillors’ donations, allocations, waiving of fees and other similar issues for the current financial year be noted.

 

ATTACHMENT/S:

 

Nil

 

 

………………………………

………………………………

MARK HUMMERSTON

 

DIRECTOR GOVERNANCE, MANAGEMENT & INFORMATION SERVICES