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

 

1st March, 2005

 

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, 8TH MARCH, 2005 AT 6:00 P.M.

 

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, 8TH FEBRUARY, 2005.

 

3           Declaration of Pecuniary & Non-Pecuniary Interests

 

4           Addresses to Committee by the Public

 

5           Mayoral Minutes

 

6           Finance

 

6.1                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 11/2005 - INVESTMENT OF COUNCIL FUNDS AS AT 31 DECEMBER 2004.

2

 

6.2                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 12/2005 - INVESTMENT OF COUNCIL FUNDS AS AT 31 JANUARY 2005.

13

 

6.3                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 13/2005 - COUNCILLORS' DONATIONS FOR THE 2004/2005 FINANCIAL YEAR.

24

 

 

7           General Business

 

8                    Notice of Rescission Motions

 

 

 

……………………….

GENERAL MANAGER

 


 

Director, Governance & Financial Services' Report 11/2005

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 31 DECEMBER 2004

 

 

DATE:

25 January, 2005

FILE NO:

98/S/0745

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL 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 monies 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 December 2004” and in the attached graphs.

 

FINANCIAL IMPACT STATEMENT:

 

The budget provision for income from this source is $2.150M.  Income to 31 December, 2004 is $1,444,965.  On present trends our budget provisions should be met.

 

CONCLUSION:

 

All surplus cash has been invested as at 31 December 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 & Financial Services’ Report No. 11/2005 dated 25 January 2005 in relation to the investment of Council funds be noted.

 

ATTACHMENT/S:

 

1. Details of investments and analysis of investment performance as at 31 December 2004.

 

2. Graphs (7). 

 

 

 

 

 

 

 

 

 

………………………………

 

 

 

 

 

 

 

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR, GOVERNANCE, & FINANCIAL SERVICES

MANAGER, FINANCIAL SERVICES

 

 

 

 

 


DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 31 December 2004

 

 

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

For Period

#

$

 

 

$

 

#

LG Financial  Services 11am Call

AA

3,892,572

26,927

0.42

5.15

0.46

116,117

N/A

5.55

192,073

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

LGFS Expanded Credit Facility

Af

10,197,206

53,514

0.53

6.41

0.46

275,303

6.32

5.55

491,143

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 12

AA

4,000,000

21,049

0.53

6.40

0.46

129,281

N/A

5.55

259,056

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 21

AA

1,000,000

 

13,996

0.87

10.95

0.46

 

41,056

N/A

5.55

 

41,056

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 24

AA

2,500,000

 

14,652

0.57

6.89

0.46

 

87,540

N/A

5.55

 

100,439

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

Af

6,468,029

32,925

0.51

6.19

0.46

178,701

6.19

5.55

419,709

6.20

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

Af

9,544,710

48,648

0.51

6.20

0.46

265,905

6.42

5.55

530,018

6.40

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Diversified Treasury

Af

5,207,565

26,411

0.51

6.17

0.46

153,158

6.12

5.55

367,336

6.20

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Income Plus

Af

7,412,589

37,795

0.51

6.20

0.46

197,904

6.40

5.55

312,588

N/A

5.62

 

 

 

 

 

Index %

 

 

 

 

 

 

 

 

 

50,222,671

275,917

 

5.51

 

1,444,965

 

 

2,713,418

 

 

           


        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 December 2004                                                                            277,103

                                                                                                 

For 2004/2005 to 31 December –                                                    1,451,029                                                                                                 

 

 

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

 

Oct

%

 

0.42

0.52

0.53

0.20

0.57

0.47

0.51

0.46

0.48

 

0.46

Nov

%

 

0.42

0.55

0.53

1.46

0.57

0.49

0.47

0.48

0.49

 

0.45

Dec

%

 

0.42

0.53

0.53

0.87

0.57

0.51

0.51

0.51

0.51

 

0.46

*            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 & Financial Services' Report 12/2005

 

 

SUBJECT:

INVESTMENT OF COUNCIL FUNDS AS AT 31 JANUARY 2005

 

 

DATE:

22 February, 2005

FILE NO:

98/S/0745

 

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL 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 monies 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 January 2005” and in the attached graphs.

 

FINANCIAL IMPACT STATEMENT:

 

The budget provision for income from this source is $2.150M.  Income to 31 January, 2005 is $1,680,571.  On present trends our budget provisions should be met.

 

CONCLUSION:

 

All surplus cash has been invested as at 31 January 2005 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 & Financial Services’ Report No. 12/2005 dated 22 February 2005 in relation to the investment of Council funds be noted.

 

ATTACHMENT/S:

 

1. Details of investments and analysis of investment performance as at 31 January 2005.

 

2. Graphs (7). 

 

 

 

 

 

 

 

 

………………………………

 

 

 

 

 

 

………………………………

MARK HUMMERSTON

BRIAN GREGAN

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES

MANAGER, FINANCIAL SERVICES

 

 

 

 

 

 


DETAILS OF CASH INVESTMENTS AND ANALYSIS OF INVESTMENT PERFORMANCE

AS AT 31 January 2005

 

 

Investment Manager

 

Credit

Ratings

 

Amount Invested

 

 

Interest  Earned

January

 

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

319,499

10,179

0.42

5.15

0.46

126,296

N/A

5.54

198,060

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

LGFS Expanded Credit Facility

Af

10,241,170

43,964

0.43

5.21

0.46

319,267

6.24

5.54

505,397

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 12

AA

4,000,000

21,742

0.53

6.40

0.46

151,023

N/A

5.54

258,957

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 21

AA

1,000,000

 

4,771

0.31

3.76

0.46

 

45,827

N/A

5.54

 

45,827

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commonwealth Shield Series 24

AA

2,500,000

 

14,736

0.57

6.89

0.46

 

102,276

N/A

5.54

 

115,175

N/A

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS Credit Cash Enhanced

Af

6,495,774

27,745

0.43

5.17

0.46

206,446

6.08

5.54

393,292

6.15

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Cash Plus

Af

9,596,835

52,125

0.55

6.62

0.46

318,030

6.40

5.54

517,086

6.42

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Diversified Treasury

Af

5,231,940

24,375

0.47

5.65

0.46

177,533

6.08

5.54

343,718

6.13

5.62

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie Income Plus

Af

7,448,558

35,969

0.49

5.87

0.46

233,873

6.38

5.54

348,557

6.42

5.62

 

 

 

 

 

Index %

 

 

 

 

 

 

 

 

 

46,833,776

235,606

 

5.50

 

1,680,571

 

 

2,726,069

 

 

           


        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 January 2005                                                                            236,104

                                                                                                  

For 2004/2005 to 31 January –                                                    1,687,133                                                                                                 

 

 

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

 

Nov

%

 

0.42

0.55

0.53

1.46

0.57

0.49

0.47

0.48

0.49

 

0.45

Dec

%

 

0.42

0.53

0.53

0.87

0.57

0.51

0.51

0.51

0.51

 

0.46

Jan

%

 

0.42

0.43

0.53

0.31

0.57

0.43

0.55

0.47

0.49

 

0.46

*            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 & Financial Services' Report 13/2005

 

 

SUBJECT:

COUNCILLORS' DONATIONS FOR THE 2004/2005 FINANCIAL YEAR

 

 

DATE:

23 February, 2005

FILE NO:

F2004/07336

 

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL & 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 forty four (44) Councillors’ donations totalling $105,395.46 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)

 Cancelled

Community Services Committee – 10th August 2004

National Association for Prevention of Child Abuse & Neglect

$540.00

Ordinary Council – 27th July 2004

Barry Watterson – 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

$796.00

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

Works Committee – 9th November, 2004

Salvation Army – BBQ

$210.00

Works Committee – 9th November, 2004

Salvation Army – Carols By Candlelight in Kokoda Park

$2,301.80

Works Committee – 9th November, 2004

Coogee & South Maroubra Surf Life Saving Clubs – Use of Beaches (Surf Carnivals)

$1,742.00

Works Committee – 9th November, 2004

Coogee Bowling  Club – Use of Goldstein Reserve (Bowls Mobile)

$1,330.00

Health, Building & Planning Committee – 9th November, 2004

UNSW Sustainable Living Centre – Sponsorship of Sustainable Schools Awards

$2,200.00

Health, Building & Planning Committee – 9th November, 2004

Association of International Students of Science, Economics & Commerce – Sponsorship of Sustainability Seminars Program

$2,500.00

Ordinary Council – 23rd November, 2004

Randwick City Tourism – Filming of Tourism Video

$1,625.00

Ordinary Council – 23rd November, 2004

Coogee Surf Life Saving Club – Use of Coogee Beach (ocean swim event)

$640.00

Ordinary Council – 23rd November, 2004

Coogee Chamber of Commerce – Use of Goldstein Reserve (Coogee Family Fun Day)

$5,305.50

Ordinary Council – 23rd November, 2004

Barry Watterson – Musical Events in Grant Reserve

$798.80

Ordinary Council – 23rd November, 2004

United Nations Development Fund for Women – Purchase of Ribbons for White Ribbon Day

$150.00

Ordinary Council – 14th December, 2004

Indonesian Welfare Association – Street Fair

$3,365.00

Ordinary Council – 14th December, 2004

 

Castellorizian Ladies Auxiliary – Carol Singing

$302.20

Ordinary Council – 14th December, 2004

Matraville Families First – Matraville Family Fun Day

$408.00

Ordinary Council – 14th December, 2004

Greek Orthodox Church of Australia – Greek Epiphany Celebration

$1,173.50

Ordinary Council – 14th December, 2004

Randwick Information & Community Centre- Removal Expenses

$4,000.00

Ordinary Council – 14th December, 2004

La Perouse Local Aboriginal Community – Christian Convention in Aid of Suicide Prevention

$1,987.50

Ordinary Council – 14th December, 2004

New Year’s Eve Fireworks – Coogee Beach

$5,000.00

Ordinary Council – 14th December, 2004

Welcome Overseas Students’ – Pilot Program

$3,500.00

Extraordinary Council – 27th January, 2005

Donation Tsunami Relief Appeal

$10,000.00

Extraordinary Council – 27th January, 2005

Sri Lankan Fundraiser Walk Centennial Park – Hire & Erection of Stage

$1,561.96

Works Committee – 8th February, 2005

Eastern Beaches Local Area Command –  Community v  Police  Cricket Day

$1,542.00

Works Committee – 8th February, 2005

Surf Life Saving Sydney Inc. – Use of Maroubra Beach

$855.00

Works Committee – 8th February, 2005

Trees for Mum Program – Use of Central Park

$1,200.00

Works Committee – 8th February, 2005

Grace  Point Christian Church – Clean Up Australia Day

$3,480.00

Works Committee – 8th February, 2005

Malabar RSL Swimming Club – Malabar Clear Water Classic Swim

$1,079.10

Administration & Finance Committee – 8th February, 2005

Indonesian Consul General – Tsunami Appeal Luncheon

$500.00

Administration & Finance Committee – 8th February, 2005

Friends of La Perouse Museum – La Perouse Commemoration Day

$3,700.00

Ordinary Council – 22nd February, 2005

Surfing NSW – South side Eliminations – Use of Maroubra Beach

$855.00

Ordinary Council – 22nd February, 2005

Living In Harmony Festival – Use of Goldstein Reserve

$8,338.00

TOTAL                                                                                                         $105,395.46

 

FINANCIAL IMPACT STATEMENT:

 

Council has allocated $140,000.00 in the 2004/2005 Budget, for contingencies.

 

RECOMMENDATION:

 

That the Director, Governance & Financial Services’ Report No. 13/2005 dated 23rd February, 2005 in relation to the progressive amount of Councillors’ donations, allocations, waiving of fees and other similar issues for the current financial year be noted.

 

ATTACHMENTS:

 

Nil

 

 

 

 

………………………………

………………………………

MARK HUMMERSTON

 

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES