Meeting of the Finance Audit & Risk Sub-committee
Date: Wednesday 22 May 2019
Time: 9.00am
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Venue: |
Council Chamber Hawke's Bay Regional Council 159 Dalton Street NAPIER |
Agenda
Item Subject Page
Information or Performance Monitoring
13. Treasury Report 3
Finance Audit & Risk Sub-committee
Wednesday 22 May 2019
Subject: Treasury Report
Reason for Report
1. This item provides an update on the development of Council’s diversified investment portfolio and application to join the Local Government Funding Agency (LGFA).
Background
2. Council has engaged PwC to provide treasury advice and reporting, their quarterly treasury report for the period ended 31 March 2019 is attached.
3. The last update provided to FARS on 12 February 2019, outlined the distribution of funds to dual fund managers. At this time $15m of a total $40m allocation pool was distributed. Staff can confirm that the full $40m has now been fully allocated, with performance of each fund outlined in treasury report.
4. This treasury report will be further developed for future updates and will include additional analysis such as cash flow forecasting and borrowing limit covenants.
Joining LGFA
5. Authority to execute all of the documentation for joining the LGFA was resolved by Council on 19 December 2018. Staff have worked alongside Council’s solicitors to complete all of the documentation, with Council successfully acceding on 29 March 2019.
6. Council has drawn down an initial $2.5m from LGFA’s recent tender on 20 May 2019, in line with approved borrowing for Year 1 of the LTP.
Decision Making Process
7. Staff have assessed the requirements of the Local Government Act 2002 in relation to this item and have concluded that as this report is for information only, the decision making provisions do not apply.
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That the Finance Audit and Risk Sub-committee receives and notes the “Treasury Report”. |
Authored by:
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Melissa des Landes Acting Chief Financial Officer |
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Approved by:
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Jessica Ellerm Group Manager Corporate Services |
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⇩1 |
HBRC Treasury Reporting May 2019 |
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