Audit and Finance Working Party

19 February 2019 

Audit & Finance Working Party Minutes

 

Meeting held in the Whale Bay Room

36 Water Street, Whangārei

on Tuesday 19 February 2019, commencing at 8.30am

 

 

Present:                             Cr Bill Shepherd (Acting Chair)

                                                         Cr Joce Yeoman

                                                         Geoff Copstick

 

In Attendance:                  Full Meeting

                                                         Cr Penny Smart

                                                         NRC Chief Executive

                                                         Finance Manager

                                                         PA, Corporate Excellence (minutes)

                                                         Part Meeting

                                                         GM, Corporate Excellence

                                                         Financial Accountant

 

 

The Acting Chair declared the meeting open at 8.40am

 

1.0     APOLOGIES

             Cr David Sinclair

             GM, Corporate Excellence

 

8.42am  -  Cr Penny Smart joined the meeting

 

2.0     DECLARATIONS OF CONFLICTS OF INTEREST

It was advised that committee members should make any declarations item-by-item as the meeting progressed.

 

3.0     PRESENTATION

3.1       Financial Update

             Presented by:  Simon Crabb, Finance Manager

·      Council’s managed funds made $916k worth of gains in January, as per the preliminary report received from EriksensGlobal late last night

·      Managed funds capital losses at the end of December 2018  $1.1m

·      Managed funds capital losses at the end of January 2019        $226k

·      Still require budgeted general funding of $1.7m for the year

·      It was noted that globally, allocation to cash is higher than it has been since the 1970s

 

8.52am  -  GM, Corporate Excellence joined the meeting

 

Recruitment has been on hold (six non-vital positions) – some of these are now being released

 

8.54am  -  Financial Accountant joined the meeting

 

·      The $916k gains are in aggregate – some funds have performed better than others

·      The market lift, as of this morning, is greater in February than in was in January

·      Discussion took place regarding movement of monies between funds, and the splitting of funds

·      Reserves will remain separate

 

9.02am  -  GM, Corporate Excellence left the meeting

 

4.0     REPORTS

4.1       External Audit Planning

             Presented by:  Simon Crabb, Finance Manager

·      A schedule was presented to the committee – this is attached to these minutes

 

 

Agreed Action Points:

1.              Schedule a council workshop ASAP to discuss plans for addressing the shortfall           PA, CorpEx
in general funding

2.              Schedule a council workshop regarding the external audit prior to the August              PA, CorpEx
council agenda closing on 9 August

3.              Schedule an Audit & Finance Working Party meeting for 12 September for the            PA, CorpEx
Deloitte Report / Clearance

 

 

The meeting closed at 9.15am