Finance Committee

MINUTES

Unconfirmed minutes of an ordinary meeting of the Finance Committee held in the Edinburgh Room, Municipal Chambers, The Octagon, Dunedin on Monday 5 September 2016, commencing at 1.53 pm.

PRESENT

Chairperson	Richard Thomson
Deputy Chairperson	Hilary Calvert
Members	David Benson-Pope	John Bezett
	Mayor Dave Cull	Doug Hall
	Aaron Hawkins	Mike Lord
	Jinty MacTavish	Andrew Noone
	Chris Staynes	Lee Vandervis
	Andrew Whiley	Kate Wilson

IN ATTENDANCE

Gavin Logie (Acting Chief Financial Officer) and Lawrie Warwood (Financial Analyst)

Governance Support Officer      Wendy Collard

1       Public Forum

There was no Public Forum

2       Apologies
	Moved (Cr Richard Thomson/Cr Chris Staynes): that the Committee Accepts the apology from Cr Neville Peat. Motion carried (FIN/2016/005)

3       Confirmation of agenda
	Moved (Cr Richard Thomson/Cr Mike Lord): that the Committee Confirms the agenda without addition or alteration Motion carried (FIN/2016/006)

4       Declarations of interest

Members were reminded of the need to stand aside from decision-making when a conflict arose between their role as an elected representative and any private or other external interest they might have.

There were no declarations of interests made or conflicts of interest declared.

Part A Reports

5       Financial Result - Year Ended 30 June 2016
	A report from Finance provided the financial results for the year ended 30 June 2016 and the financial position as at that date.  The Acting Chief Financial Officer (Gavin Logie) spoke to the report and advised that the overall net surplus to June was $7.491 million or $6.327 million better than was budgeted for.  Mr Logie commented that Council's total debt as at 30 June 2016 was $217.250 million which was $30.595 million lower than budget and the reasons for this included a better than expected opening position for the 2015/16 financial year and lower than expected capital expenditure 2015/16. In response to a question regarding the payment for Carisbrook of $3.1 million, Mr Logie advised that the funds had been used to repay debt, and that term debt as at the end of August 2016 was $212.376 million.
	Moved (Cr Richard Thomson/Cr Chris Staynes): that the Committee a)     Notes the Financial Performance for the year ended 30 June 2016 and the Financial Position as at 30 June 2016. Motion carried (FIN/2016/007)

The meeting concluded at 2.16 pm.

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CHAIRPERSON