Notice of Meeting:
I hereby give notice that an ordinary meeting of the Finance
and Council Controlled Organisations Committee will be held on:
Date: Monday
15 June 2020
Time: 1.00
pm
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 Sophie Barker
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Cr David Benson-Pope
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Cr Rachel Elder
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Cr Christine Garey
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Mayor Aaron Hawkins
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Cr Carmen Houlahan
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Cr Marie Laufiso
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Cr Jim O'Malley
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Cr Jules Radich
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Cr Chris Staynes
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Cr Lee Vandervis
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Cr Steve Walker
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Cr Andrew Whiley
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Senior Officer Dave
Tombs, General Manager Finance and Commercial
Governance Support Officer Wendy
Collard
Wendy Collard
Governance Support Officer
Telephone: 03 477 4000
Wendy.Collard@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
15 June 2020
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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 Waipori
Fund - Quarter Ending March 2020 17
6 Financial
Result - Period Ended 31 May 2020 24
7 Items
for Consideration by the Chair 35
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Finance and Council
Controlled Organisations Committee
15 June 2020
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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
15 June 2020
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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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Elected Members'
Register of Interest
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7
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Finance and Council Controlled Organisations
Committee
15 June 2020
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Finance and Council Controlled Organisations
Committee
15 June 2020
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Part
A Reports
Waipori Fund - Quarter Ending March 2020
Department: Finance
EXECUTIVE SUMMARY
1 The
attached report from Dunedin City Treasury Limited provide information on the
results of the Waipori Fund for the quarter ended 31 March 2020.
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RECOMMENDATIONS
That the Committee:
a) Notes the
report from Dunedin City Treasury Limited on the Waipori Fund for the quarter
ended 31 March 2020.
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BACKGROUND
2 Not
applicable.
DISCUSSION
3 The
attached report shows that the Waipori Fund suffered a 6.5% loss in the quarter
ended March 2020, attributable to the COVID-19 virus.
4 The
March finance report provided to Council on 25 May 2020 showed that the value
of the Waipori Fund decreased by $6.14m in the month of March.
5 The
April finance report provided to Council on 25 May 2020 showed that $3.87m of
the Waipori Funds’ March decrease was recovered in April.
6 The
May finance report shows that a further $1.95m of the Fund’s March
decrease was recovered in May.
OPTIONS
7 Not
applicable.
NEXT STEPS
8 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
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Page
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⇩a
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Waipori Fund - March
2020 Quarter
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20
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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.
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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.
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Māori Impact Statement
There are no know implications 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 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
This report has been prepared for and approved by the
Board of Dunedin City Treasury Limited.
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Engagement - internal
There has been no internal engagement.
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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
15 June 2020
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Finance and Council Controlled
Organisations Committee
15 June 2020
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Financial Result - Period Ended 31 May 2020
Department: Finance
EXECUTIVE SUMMARY
1 This
report provides the financial results for the period ended 31 May 2020 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 31 May 2020 and the Financial
Position as at that date.
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BACKGROUND
2 This
report provides the financial statements for the period ended 31 May
2020. 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.
3 Please
note that the supporting narrative (Financial Review) for May 2020 had not been
completed at the time of publication of this agenda.
DISCUSSION
4 The
year to date unfavourable revenue variance included the impact of the
nationwide lockdown with a number of operating units recording little or no
income in the month of April, flowing into May. The variance also
included the previously reported reduced activity at the Green Island Landfill
and lower parking revenue.
These unfavourable variances were partially offset by an
unbudgeted dividend from Civic Assurance and unbudgeted revenue from the
Provincial Growth Fund for economic development initiatives.
Grants revenue was also less than budget due to the lower
than expected capital expenditure on roading projects. This included the
impact of limited activity in April.
5 Overall
expenditure was a favourable spend of $4.677 million. This was due to
favourable interest costs, delayed timing associated with Parks maintenance
contracts (reserves, buildings and other facilities), lower variable costs
resulting from the reduced landfill activity, timing of ETS costs relating to
the Green Island landfill and lower than expected pre-reseal road maintenance
expenditure. An absence of significant weather events to date has also
resulted in lower emergency works being carried out.
The nationwide lockdown also resulted in a reduction in
expenditure in April and May across various activities in particular Three
Waters, Parks, Property and Transportation.
These favourable variances were partially offset by higher
depreciation following the revaluation of Transport assets and higher personnel
costs due to additional staffing required to support the delivery of 2GP and
increased building consent activity.
6 The
year to date Waipori result was behind budget however there has been a
significant degree of recovery in April/May following the initial market
decline that occurred in March.
7 Capital
expenditure was running under budget with a significant underspend in the month
of April following the nationwide lockdown. It is anticipated that
capital spend for the full year will fall short of budget.
OPTIONS
8 Not
applicable.
NEXT STEPS
9 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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29
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⇩b
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Statement of Financial
Performance
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30
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⇩c
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Statement of Financial
Position
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31
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⇩d
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Statement of Cashflows
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32
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⇩e
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Capital Expenditure
Summary
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33
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⇩f
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Summary of Operating
Variances
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34
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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
which contribute to the well-being of 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
15 June 2020
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Finance and Council
Controlled Organisations Committee
15 June 2020
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Finance and Council
Controlled Organisations Committee
15 June 2020
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Finance and Council
Controlled Organisations Committee
15 June 2020
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Finance and Council
Controlled Organisations Committee
15 June 2020
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Finance and Council
Controlled Organisations Committee
15 June 2020
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Finance and Council Controlled Organisations
Committee
15 June 2020
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Items for Consideration by
the Chair
Any items for
consideration by the Chair
