Audit and Finance Working Party

7 August 2019

Audit and Finance Working Party Record of Actions

 

Meeting held in the Whale Bay Room

36 Water Street, Whangārei

on Wednesday 7 August 2019, commencing at 12.00pm

 

 

Present:

Chairman, Councillor David Sinclair

Independent Financial Advisor, Mr Geoff Copstick

Councillor Bill Shepherd

Councillor Joce Yeoman

 

In Attendance:

Full Meeting

Simon Crabb

Vincent McColl

 

The meeting commenced at 8.35am.

Apologies (Item 1.0)

NRC Chief Executive

 

 

DECLARATIONS OF CONFLICTS OF INTEREST (Item 2.0)

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

 

 

Review of the 2018/19 Year-end Financial Agenda Items (Item 3.1)

Presented by: Councillor David Sinclair and Simon Crabb

Secretarial Note: 8.35 Phoned Dave Tams - GM Corporate Excellence to join the meeting.

Agreed action points:

·                Email out Monthly Investment Report from Jonathan Eriksens to Audit and Finance working party Councillors.

·                Operating cost reserve (OCR) name to be changed to Opex Funding Reserve to save confusion.

·                Review Terms of Reference regarding use of reserve funds.

·                Discuss with Jonathan Ericsen, what the market looks like for the year ahead.

·                Workshop – Council agenda best way forward MMH

·                Item 3.1 attachment 4Other Expenditure paragraph 3 more detail to be noted

·                Move forward and recommended actions noted on page 3.

1.       That the working party supports the content and recommendations in the attached draft agenda items.

2.       That the attached draft agenda items are finalised and presented to Council at the 20 August meeting.

Moved (Sinclair/Shepherd & Yeoman)

·           The committee acknowledge difficulties in the year given the volatility in the financial market and thank the finance team for their role in helping steer Council through it.

 

 

The meeting concluded at 1.00pm.