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 June, 2006

 

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 JUNE, 2006 AT 6:00 P.M.

 

Committee Members:         His Worship the Mayor, Cr T. Seng, Andrews, Hughes (Chairperson), Matson, Nash (Deputy Chairperson), Sullivan, Tracey & Woodsmith.

 

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 ADMINISTRATION & FINANCE COMMITTEE MEETING HELD ON TUESDAY, 9TH MAY, 2006.

 

3           Declaration of Pecuniary & Non-Pecuniary Interests

 

4           Addresses to Committee by the Public

 

5           Finance

 

5.1                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 35/2006 - INVESTMENT REPORT - APRIL 2006.

2

 

5.2                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 36/2006 - MONTHLY FINANCIAL REPORTS AS AT 30 APRIL 2006.

6

 

5.3                      

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES' REPORT 37/2006 - 2005/2006 COUNCIL CONTINGENCY FUND - STATUS AS AT 31 MAY 2006.

8

 

 

6           General Business

 

7           Notice of Rescission Motions

…………………………

GENERAL MANAGER


 

Director, Governance & Financial Services' Report 35/2006

 

 

SUBJECT:

INVESTMENT REPORT - APRIL 2006

 

 

DATE:

23 May, 2006

FILE NO:

F2004/06527

 

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL SERVICES  

 

 

INTRODUCTION:

 

The Local Government (General) Regulation requires that the responsible accounting officer provide a written report to the 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.

 

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 23 September, 2005. The Local Government (General) Regulation prescribes the records that must be maintained in relation to Council’s investments.

 

The attached table titled “Investment Performance Report – April 2006” outlines the investment portfolio held by Council as at the end of April 2006. All investments have been made in accordance with the Act, Regulations and Council's Investment Policy.

 

Investment Commentary

 

The size of the investment portfolio may vary significantly from month to month as a result of cash flows for the period. Cash outflows (expenditure) are typically relatively stable from one month to another. Cash inflows (income) are cyclical and are largely dependent on the rates instalment due dates and the timing of grant payments including receipt of the Financial Assistance Grant.

 

The investment portfolio decreased by $3.929 million during April 2006. The decrease is representative of the negative cash flow for the month as expenditure exceeded revenue. Expected revenue in May includes the next instalment of the Financial Assistance Grant of $694,000 and the final instalment of 2005/2006 rates and charges which is due on 31 May 2006.

 

 

The above graph illustrates the movement in the investment portfolio since April 2004. The peaks are representative of the rates instalment periods.

 

The investment portfolio is diversified across a number of investment types and is spread across a number of financial institutions. The various investment types may include managed funds, term deposits, rolling rate investments, floating rate notes and on‑call accounts. The following graph indicates the various investments held during April 2006.

 

 

 

The investment portfolio is regularly reviewed in order to maximise investment performance and minimise risk. Comparisons are made between existing investments with available products that are not part of Council's portfolio. Independent advice is sought on new investment opportunities.

 

Investment performance exceeded the industry benchmark UBS Australia Bank Bill Index in April 2006 with an average return after fees of 6.15%, compared with the benchmark index of 5.51%.

 

Official Reserve Bank of Australia (RBA) cash interest rate remained unchanged at 5.50% for April 2006. The cash rate was increased in May 2006 to 5.75%.

 

FINANCIAL IMPACT STATEMENT:

 

Funds are invested with the aim of achieving budgeted income in 2005/2006. The budget provision for income from this source is $2.925 million. Income to 30 April, 2006 amounted to $2.374 million.

 

CONCLUSION:

 

All investments as at 30 April, 2006 have been made in accordance with Policy No: 3.02.07 and the provisions of s625 of the Local Government Act and the Local Government (General) Regulation have been complied with.

 

RECOMMENDATION:

 

That the report be received and noted.

 

ATTACHMENT/S:

 

Investment Performance Report – April 2006

 

………………………………

………………………………..………………………………

GEOFF BANTING

GREG BYRNE

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES

MANAGER FINANCIAL OPERATIONS

 

 

Investment Performance Report - April 2006

 

Investment

Credit Rating

Amount Invested

Interest Earned

Investment Performance

Period

FYTD

Period

FYTD

Past 12 Months

 

$

$

$

%

%

%

CBA Cash Deposit (CDA)

AA

81,411

4,916

6,327

5.45

5.45

5.45

Local Govt Financial Serv (LGFS) 11am call

AA

59,534

2,916

142,679

5.40

5.40

5.40

LGFS Expanded Credit Facility

Af

4,585,426

23,826

343,567

6.00

6.20

6.14

Macquarie Income Plus Enhanced Income Fund

Af

5,683,839

26,065

239,829

5.75

6.17

6.13

Deutsche Income Enhanced Income Fund

Af

8,182,226

40,638

392,542

6.25

6.42

6.39

ING Enhanced Cash Fund

Af

8,226,319

37,119

365,873

5.66

6.22

6.22

Merrill Lynch Diversified Credit Fund

Af

6,999,955

35,669

363,425

6.41

6.70

6.53

ANZ Bank - Three Pillars

AA-

2,000,000

10,869

113,564

6.83

6.84

6.88

3 month BBSW + 1.20%

Commonwealth Bank Shield Series 12

AA

4,000,000

21,704

220,239

6.60

6.62

6.60

3 month BBSW + 1.00%

Commonwealth Bank Shield Series 21

AA

1,000,000

Purchased in April 2004. Capital is guaranteed and interest is paid at maturity. Investment value as at 30 April 2006 is $1,140,284 which equates to return since inception of 6.5%

Commonwealth Bank Shield Series 24

A-

2,500,000

14,589

148,056

7.10

7.12

7.15

Negative watch

3 month BBSW + 1.50%

Interest earned from matured investments

-

-

0

29,416

-

-

-

General Fund Bank Account

-

-

885

8,521

-

-

-

Total

 

43,318,711

219,196

2,374,038

6.15

6.31

6.29

Official (Reserve Bank of Australia) Cash Rate

5.50

5.50

5.50

UBS Australian Bank Bill Index

5.51

5.73

5.75


 

Director, Governance & Financial Services' Report 36/2006

 

 

SUBJECT:

MONTHLY FINANCIAL REPORTS AS AT 30 APRIL 2006

 

 

DATE:

31 May, 2006

FILE NO:

F2004/06527

 

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL SERVICES    

 

 

INTRODUCTION:

 

Section 202 of the Local Government (General) Regulation 2005 requires that the responsible accounting officer of a council must:

(a)     establish and maintain a system of budgetary control that will enable the council’s actual income and expenditure to be monitored each month and to be compared with the estimate of the council’s income and expenditure, and

(b)     if any instance arises where the actual income or expenditure of the council is materially different from its estimated income or expenditure, report the instance to the next meeting of the council.

 

ISSUES:

 

This report provides the financial results of Council as at 30 April 2006. Attachment 1 summarises Council’s Financial Performance, and its Source and Application of Funds. It also summarises the operating result for each of Council’s principal activities. Attachment 2 details the financial position of Council as at 30 April 2006.

 

FINANCIAL IMPACT STATEMENT:

 

There is no direct financial impact for this matter.

 

CONCLUSION:

 

Council’s Director Governance & Financial Services as the responsible accounting officer, advises that the projected financial position is satisfactory.

 

RECOMMENDATION:

 

The monthly financial reports as at 30 April 2006 be noted.

 

ATTACHMENT/S:

 

1. Statement of Financial Performance and Source & Application of Funds

2. Financial Position - ALL UNDER SEPARATE COVER   

 

 

………………………………

………………………………

GEOFF BANTING

 

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES

 

 

 

 


 

Director, Governance & Financial Services' Report 37/2006

 

 

SUBJECT:

2005/2006 COUNCIL CONTINGENCY  FUND - STATUS AS AT 31 MAY 2006

 

 

DATE:

31 May, 2006

FILE NO:

F2004/07369 xr F2005/00182

 

 

 

REPORT BY:            DIRECTOR, GOVERNANCE & FINANCIAL SERVICES    

 

 

INTRODUCTION:

 

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

 

ISSUES:

 

In the 2005/2006 financial year there have been 59 Councillors’ allocations totalling $164,613.91 as listed in the table below.

 

MEETING

DETAILS

NET COST TO COUNCIL

Ordinary Council – 28 June 2005

Disability Information Referral Centre - Access Aware Program

$2,000.00

 

Ordinary Council – 26 July 2005

Industrial Relations Reform – Donation to ACTU

$1,000.00

 

Ordinary Council – 26 July 2005

Industrial Relations Reform – purchase of Banners

$600.00

 

Ordinary Council – 26 July 2005

Peninsular LATM Kingsford/Kensington area – Purchase of Street Banners

$1,440.00

Ordinary Council –  23 August 2005

Sonja St Leon Memorial Eating Disorders Research Fund

$500.00

 

Ordinary Council – 23 August 2005

Fun Run/Oktoberfest & Market Day

$2,735.00

Ordinary Council – 23 August 2005

Maroubra Seals Winter Swimming Clubs annual Championships

$550.00

Ordinary Council – 23 August 2005

Access Ramps Convoy – Rally, Posters & Letterbox Drop

$2,203.31

Ordinary Council – 23 August 2005

Aust Day Botany Bay Regatta

Reception in February 2006:

Contribution:

 

$5,000.00

$500.00

Ordinary Council – 27 September 2005

Carols by the Sea – St Paul’s Anglican Church – Waiving of fees

$1,448.60

 

Ordinary Council – 27 September 2005

Coogee Family Fun Day – Waiving of fees

$5,506.80

 

Ordinary Council – 18 October, 2005

Surfing NSW - Seeking waiving of fees for use of Maroubra Beach

$396.30

 

Ordinary Council – 18 October, 2005

Use of Coral Sea Park by Maroubra United Soccer Club

$686.40

 

Ordinary Council – 18 October, 2005

Des Renford Chair of Heart Research Swim Challenge & Charity Day - Use of Des Renford Aquatic Centre

$5,000.00

 

Ordinary Council – 18 October, 2005

Use of Kokoda Park, Kensington, for Carols by Candlelight- Waiving of fees 

$2,525.50

 

Ordinary Council – 18 October, 2005

Gordon’s Bay Amateur Fishing Club - Financial assistance for repairs to the storm damaged boat racks

$2,674.60

 

Ordinary Council – 18 October, 2005

Waiving Of Fees - Musical performances and Shakespearean Theatre in Grant Reserve

$7,876.40

 

Ordinary Council – 18 October, 2005

Maroubra PCYC Swimming Program – DRAC

$600.00

 

Ordinary Council – 18 October, 2005

Australian Paralympic Team. 

$250.00

 

Ordinary Council – 18 October, 2005

Refugee Scholarship 

$500.00

 

Ordinary Council – 18 October, 2005

National recognition of Maroubra Beach as one of Australia's cultural significant Surfing Reserves

$3,000.00

 

Ordinary Council – 22 November 2005

Randwick & District Historical Society – Christmas Function

$300.00

Ordinary Council – 22 November 2005

Use of community bus for carol singing

$275.00

Ordinary Council – 22 November 2005

Peace and Goodwill Festival – Heffron Park

$7,906.80

Ordinary Council  – 22 November 2005

Epiphany Celebration

$2,801.50

Ordinary Council – 22 November 2005

Coogee Surf Life Saving Club – Glass island Challenge

$1,797.20

Ordinary Council – 22 November 2005

2nd Paul Travini Cup Community Cricket Day

$2,553.60

 Ordinary Council  – 22 November 2005

UNSW’s Sustainable Schools Awards

$4,800.00

 Ordinary Council – 22 November 2005

Carols by Candlelight – Pioneer Park, Malabar

$2,617.80

Ordinary Council – 22 November 2005

Coogee Surf Life Saving Club – Annual Open Carnival

$2,079.00

Ordinary Council – 22 November 2005

Randwick City Tourism Video

$2,580.00

Ordinary Council – 22 November 2005

Randwick Shield – Maroubra Beach

$705.70

 Ordinary Council – 22 November 2005

Waiving of the Greenwaste Disposal Fees for the Guriwal Aboriginal Community at La Perouse

$6,500.00

Ordinary Council – 22 November 2005

2006 Sydney Body Art Ride (SBAR)

$3,000.00

Ordinary Council – 13 December 2006

Local Area Command – contribution towards the cost of providing specialised protective riding equipment

 $8,080.00

Ordinary Council – 13 December 2006

Waving of Fees – Use of Maroubra Beach for the promotion of Junior Development in Surfing

$ 3,085.70

Ordinary Council – 13 December 2005

Waiving of Fees – South Maroubra Village Green Carols by Candlelight

$2,523.00

Ordinary Council – 13 December 2005

University of NSW Army Regiment Freedom of Entry Parade

$4,000.00

Postponed

Ordinary Council – 13 December 2005

Chinese New Year 2006

$10,000.00

Ordinary Council – 28 February 2006

2006 Coogee Beach Clean up Australia Day Festival -  Gracepoint Christian Church.

$1,381.82

Ordinary Council – 28 February 2006

Waiving of Fees – Surfing NSW, Maroubra Surfers Association & Southend Board Riders Inc.

$6,930.36

Ordinary Council – 28 February 2006

Youth & Seniors Week 2006 - request for donation of 250 native seedlings.

$340.91

 

Ordinary Council – 28 February 2006

Waiving of fees - filming of non-commercial short drama at Yarra Bay Beach for Tropfest

$1,245.45

Ordinary Council – 28 February 2006

Clovelly Public School – installation and dismantling of banner on Council flagpoles.

$691.00

Ordinary Council – 28 February 2006

Maroubra Beach Surfing Reserve & Surfing Walk of Fame.

$8,000.00

Ordinary Council – 28 February 2006

Matthew Talbot Hostel –Fundraising night “Magic Moments at the SCG.”

$3,500.00

Ordinary Council – 28 February 2006

Indonesian Community Council Harmony Day Event.

$563.64

Ordinary Council – 28 February 2006

Randwick Community Centre - Book publication costs

$970.00

 Ordinary Council – 28 February 2006

Annual Pere Recevueur Mass – Waiving of Fees

$2,642.88

Ordinary Council – 28 March 2006

Cyclone Larry - Innisfail

$5,000.00

Ordinary Council – 28 March 2006

Malabar Clear Water Classic

$806.00

Ordinary Council – 18 April 2006

Benevolent Society – Community Festival 27 May 2006 (50% of fees)

$3,643.18

Ordinary Council  – 18 April 2006

Indonesian Welfare Association – Street Fair

$3,120.91

Ordinary Council – 18 April 2006

Qantas Wallabies Fan Day – 29 May 2006

$2,004.55

Ordinary Council – 18 April 2006

Maroubra Development Carnival – Des Renford Aquatic Centre

$600.00

Ordinary Council – 18 April 2006

Malabar Headland – the People’s Park Community Forum

$400.00

Ordinary Council – 30 May 2006

“Trees for Mum” planting day at Nagle Park

$5,000.00

Ordinary Council – 30 May 2006

Yarra Bay House, La Perouse - Assistance with removal of a number of mature Cassuarina Glauca trees

$8,000.00

Ordinary Council – 30 May 2006

Waiving of fees – installation of a banner St. Catherine’s School

$691.00

Ordinary Council – 30 May 2006

Waiving of fees - use of South Maroubra Beach for Inflatable Rescue Boat Surf Life Saving Carnival

$484.00

TOTAL                                                                                                           $164,613.91

The amounts shown in the table above reflect the net cost to Council in providing the donation or grant.  The GST, where applicable, has not been shown because it will be claimed back from the Australian Taxation Office.

 

FINANCIAL IMPACT STATEMENT:

 

Council has allocated $140,000.00 in the 2005/2006 budget for contingencies.  This amount includes the original budget $120,000 and an additional $20,000 which was allocated with the March quarterly budget review.

 

RECOMMENDATION:

 

That the report be received and noted.

 

ATTACHMENT/S:

 

Nil

 

 

………………………………

………………………………

GEOFF BANTING

JULIE HARTSHORN

DIRECTOR, GOVERNANCE & FINANCIAL SERVICES

SENIOR ADMINISTRATIVE COORDINATOR

 

 

 

 

 

 


 

General Business

 

Notice of Rescission Motions