Notice of Meeting:
I hereby give notice that an ordinary meeting of the Finance
and Council Controlled Organisations Committee will be held on:
Date: Tuesday
20 November 2018
Time: 1.30
pm (or at the conclusion of the previous meeting, whichever is later)
Venue: Edinburgh
Room, Municipal Chambers, The Octagon, Dunedin
Sue Bidrose
Finance and Council Controlled Organisations Committee
PUBLIC AGENDA
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Chairperson
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Cr Mike Lord
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Deputy Chairperson
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Cr Doug Hall
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Members
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Cr David Benson-Pope
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Dave Cull
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Cr Rachel Elder
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Cr Christine Garey
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Cr Aaron Hawkins
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Cr Marie Laufiso
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Cr Damian Newell
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Cr Jim O'Malley
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Cr Chris Staynes
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Cr Conrad Stedman
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Cr Lee Vandervis
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Cr Andrew Whiley
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Cr Kate Wilson
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Senior Officer Dave
Tombs, General Manager Finance and Commercial
Governance Support Officer Jenny
Lapham
Jenny Lapham
Governance Support Officer
Telephone: 03 477 4000
Jenny.Lapham@dcc.govt.nz
www.dunedin.govt.nz
Note: Reports
and recommendations contained in this agenda are not to be considered as
Council policy until adopted.
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Finance and Council
Controlled Organisations Committee
20 November 2018
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ITEM TABLE OF CONTENTS PAGE
1 Public
Forum 4
2 Apologies 4
3 Confirmation
of Agenda 4
4 Declaration
of Interest 5
Part
A Reports (Committee has power to decide these matters)
5 Financial
Result - Period Ended 30 September 2018 15
6 Dunedin
City Holdings Limited Parent Financials - Year Ended 30 June 2018 34
7 Waipori
Fund - Quarter Ending September 2018 40
8 Items
for Consideration by the Chair 47
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Finance and Council
Controlled Organisations Committee
20 November 2018
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1 Public
Forum
At the close of the agenda no
requests for public forum had been received.
2 Apologies
At the close of the agenda no
apologies had been received.
3 Confirmation
of agenda
Note:
Any additions must be approved by resolution with an explanation as to why they
cannot be delayed until a future meeting.
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Declaration of Interest
EXECUTIVE SUMMARY
1. Members are reminded of the need
to stand aside from decision-making when a conflict arises between their role
as an elected representative and any private or other external interest they
might have.
2. Elected members
are reminded to update their register of interests as soon as practicable,
including amending the register at this meeting if necessary.
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RECOMMENDATIONS
That the Committee:
a) Notes/Amends
if necessary the Elected Members' Interest Register attached as Attachment A;
and
b) Confirms/Amends the proposed management plan for Elected Members' Interests.
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Attachments
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Title
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Page
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⇩a
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Register of Interest
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7
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Part
A Reports
Financial Result - Period Ended 30 September
2018
Department: Finance
EXECUTIVE SUMMARY
1 This
report provides the financial results for the period ended 30 September 2018
and the financial position as at that date.
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RECOMMENDATIONS
That the Committee:
a) Notes the
Financial Performance for the period ended 30 September 2018 and the
Financial Position as at 30 September 2018.
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BACKGROUND
2 This
report provides the financial statements for the period ended 30 September
2018. It includes reports on: financial performance, financial position,
cashflows and capital expenditure. The operating result is also shown by
group, including analysis by revenue and expenditure type.
DISCUSSION
3 Revenue
was ahead of budget year to date primarily due to additional NZTA grant income
resulting from higher than expected capital expenditure on roading projects
– cycleways, peninsula widening and July 2017 flood reinstatement.
4 Expenditure
was favourable to budget due to delayed timing of grant disbursements ($1.137
million), an overall underspend on operations and maintenance costs and lower
than expected interest due to the lower level of debt and a favourable floating
interest rate. These favourable variances were partially offset by higher
depreciation resulting from asset revaluations carried over from 2017/18
– Three Waters and Transport.
5 The year
to date Waipori result was favourable with higher than expected fair value
gains across a number of investment portfolios. There was however a
slow-down in the current month as global markets stall.
6 Capital
expenditure was running ahead of budget, particularly driven by activity in the
infrastructure group.
OPTIONS
7 Not
applicable.
NEXT STEPS
8 Not
applicable.
Signatories
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Author:
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Gavin Logie - Financial Controller
Lawrie Warwood - Financial Analyst
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Authoriser:
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Dave Tombs - General Manager Finance and Commercial
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Attachments
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Title
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Page
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⇩a
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Summary Financial
Information
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19
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⇩b
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Statement of Financial
Performance
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20
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⇩c
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Statement of Financial
Position
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21
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⇩d
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Statement of Cashflows
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22
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⇩e
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Capital Expenditure
Summary
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23
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⇩f
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Borrowing and
Investment Policy
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24
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⇩g
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Summary of Operating
Variances
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25
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⇩h
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Financial Report
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27
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SUMMARY OF CONSIDERATIONS
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Fit with purpose
of Local Government
The financial expenditure reported in this report relates
to providing local infrastructure, public services and regulatory functions
for the community.
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Fit with strategic
framework
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Contributes
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Detracts
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Not applicable
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Social Wellbeing Strategy
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☐
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☐
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☒
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Economic Development Strategy
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☐
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☐
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☒
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Environment Strategy
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☐
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☐
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☒
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Arts and Culture Strategy
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☐
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☐
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☒
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3 Waters Strategy
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☐
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☐
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☒
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Spatial Plan
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☐
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☐
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☒
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Integrated Transport Strategy
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☐
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☐
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☒
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Parks and Recreation Strategy
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☐
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☐
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☒
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Other strategic projects/policies/plans
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☐
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☐
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☒
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This report has no direct contribution to the Strategic
Framework, although the financial expenditure reported in this report has
contributed to all of the strategies.
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Māori Impact
Statement
There are no known impacts for tangata whenua.
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Sustainability
There are no known implications for sustainability.
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LTP/Annual Plan /
Financial Strategy /Infrastructure Strategy
This report fulfils the internal financial reporting
requirements for Council.
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Financial
considerations
Not applicable – reporting only.
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Significance
Not applicable – reporting only.
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Engagement –
external
There has been no external engagement.
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Engagement -
internal
The report is prepared as a summary for the individual
department financial reports.
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Risks: Legal /
Health and Safety etc.
There are no known risks.
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Conflict of
Interest
There are no known conflicts of interest.
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Community Boards
There are no known implications for Community Boards.
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council Controlled Organisations
Committee
20 November 2018
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Dunedin City Holdings Limited Parent
Financials - Year Ended 30 June 2018
Department: Finance
EXECUTIVE SUMMARY
1 This
report provides the financial results for the year ended 30 June 2018 and the
financial position as at that date for the Dunedin City Holdings Limited parent
company.
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RECOMMENDATIONS
That the Committee:
a) Notes the
Financial Performance for the year ended 30 June 2018 and the Financial
Position as at 30 June 2018 for Dunedin City Holdings Limited Parent Company.
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BACKGROUND
2 This
report provides a commentary of the financial performance of Dunedin City
Holdings Limited (Parent) for the year ended 30 June
2018 and the financial position as at that date.
DISCUSSION
3 The
net surplus for the year was $2.817 million or $2.982 million greater than
budget.
4 The
variance against budget was primarily due to higher than expected dividend
income from City Forests Limited.
5 Investment
in Subsidiaries as at 30 June was represented as follows:
6 Total
term loans as at 30 June 2018 was $23.060 million or $5.940 million lower than
budget. This favourable variance was due to the additional dividend
income discussed above and a lower than expected cash balance as at 30 June
2018.
OPTIONS
7 Not
applicable.
NEXT STEPS
8 Not
applicable.
Signatories
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Authoriser:
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Dave Tombs - General Manager Finance and Commercial
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Attachments
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Title
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Page
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⇩a
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Financial Statements
June 2018
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37
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SUMMARY OF CONSIDERATIONS
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Fit with purpose
of Local Government
The financial expenditure reported in this report relates
to providing local infrastructure, public services, commercial activities and
regulatory functions for the community.
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Fit with strategic
framework
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Contributes
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Detracts
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Not applicable
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Social Wellbeing Strategy
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☐
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☐
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☒
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|
Economic Development Strategy
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☐
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☐
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☒
|
|
Environment Strategy
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☐
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☐
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☒
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Arts and Culture Strategy
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☐
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☐
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☒
|
|
3 Waters Strategy
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☐
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☐
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☒
|
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Spatial Plan
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☐
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☐
|
☒
|
|
Integrated Transport Strategy
|
☐
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☐
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☒
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Parks and Recreation Strategy
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☐
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☐
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☒
|
|
Other strategic projects/policies/plans
|
☐
|
☐
|
☒
|
This report has no direct contribution to the Strategic
Framework, although the financial expenditure reported in this report has
contributed to all of the strategies.
|
|
Māori Impact
Statement
There are no known impacts for tangata whenua.
|
|
Sustainability
There are no known implications for sustainability.
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|
LTP/Annual Plan /
Financial Strategy /Infrastructure Strategy
This report fulfils the DCHL parent company financial
reporting requirements for Council.
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Financial
considerations
Not applicable – reporting only.
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Significance
Not applicable – reporting only.
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Engagement –
external
There has been no external engagement.
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Engagement -
internal
The report is prepared based on information provided by
DCHL.
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Risks: Legal /
Health and Safety etc.
There are no known risks.
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Conflict of
Interest
There are no known conflicts of interest.
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Community Boards
There are no known implications for Community Boards.
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council Controlled Organisations
Committee
20 November 2018
|
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Waipori Fund - Quarter Ending September 2018
Department: Finance
EXECUTIVE SUMMARY
1 The
attached report from Dunedin City Treasury Limited provides information on the
results of the Waipori Fund for the quarter ending 30 September 2018.
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RECOMMENDATIONS
That the Committee:
a) Notes the
report from Dunedin City Treasury Limited on the Waipori Fund for the quarter
ending 30 September 2018.
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BACKGROUND
2 Not
applicable.
DISCUSSION
3 Not
applicable.
OPTIONS
4 Not
applicable.
NEXT STEPS
5 Not
applicable.
Signatories
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Author:
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Richard Davey - Treasury Manager
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Authoriser:
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Dave Tombs - General Manager Finance and Commercial
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Attachments
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Title
|
Page
|
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⇩a
|
Waipori Report
September 2018
|
43
|
|
SUMMARY OF CONSIDERATIONS
|
|
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Fit with purpose
of Local Government
This
report relates to providing local infrastructure, public services and
regulatory functions for the community.
|
|
|
Fit with strategic
framework
|
|
Contributes
|
Detracts
|
Not applicable
|
|
Social Wellbeing Strategy
|
☐
|
☐
|
☒
|
|
Economic Development Strategy
|
☐
|
☐
|
☒
|
|
Environment Strategy
|
☐
|
☐
|
☒
|
|
Arts and Culture Strategy
|
☐
|
☐
|
☒
|
|
3 Waters Strategy
|
☐
|
☐
|
☒
|
|
Spatial Plan
|
☐
|
☐
|
☒
|
|
Integrated Transport Strategy
|
☐
|
☐
|
☒
|
|
Parks and Recreation Strategy
|
☐
|
☐
|
☒
|
|
Other strategic projects/policies/plans
|
☒
|
☐
|
☐
|
This report has no direct contribution to the Strategic
Framework.
|
|
|
Māori Impact
Statement
There
are no known impacts on tangata whenua.
|
|
|
Sustainability
There
are no known implications for sustainability.
|
|
|
LTP/Annual Plan /
Financial Strategy /Infrastructure Strategy
The
report fulfils the financial reporting requirements for Council.
|
|
|
Financial
considerations
Not
applicable – reporting only.
|
|
|
Significance
Not
applicable – reporting only.
|
|
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Engagement –
external
This report has been prepared for and approved by the Board
of Dunedin City Treasury Limited.
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Engagement -
internal
This report has been prepared for the Board of Dunedin
City Treasury Limited.
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Risks: Legal /
Health and Safety etc.
There are no known risks.
|
|
|
Conflict of
Interest
There are no known conflicts of interest.
|
|
|
Community Boards
There are no known implications for Community Boards.
|
|
|
|
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Finance and Council
Controlled Organisations Committee
20 November 2018
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Finance and Council Controlled Organisations
Committee
20 November 2018
|
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Items for Consideration by the Chair
