UNCONFIRMED MINUTESInvestment and Property Subcommittee

26 February 2020

Investment and Property Subcommittee Minutes

 

Meeting held in the Council Chamber

36 Water Street, Whangārei

on Wednesday 26 February 2020, commencing at 1.00pm

 

 

Present:

Chairperson, NRC Councillor Rick Stolwerk

Councillor Justin Blaikie

Councillor John Bain

Ex-Officio Penny Smart

Independent Financial Advisor Geoff Copstick

 

In Attendance:

Full Meeting

Chief Executive Officer

GM- Corporate Excellence

Finance Manager

 

                                                        Part Meeting

Strategic Projects Manager

Property Officer

                                                   Independent Financial Advisor  Jonathan Eriksen – by phone

 

The Chair declared the meeting open at 1.04pm.

Apologies (Ngā whakapahā) (Item 1.0)

 

That the apologies from Councillor Colin Kitchen for non-attendance be received.

Moved (Bain / Stolwerk)

Carried

 Declarations of Conflicts of Interest (Nga whakapuakanga) (Item 2.0)

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

Moved (Bain / Stolwerk)             

Carried

Secretarial Note: Withdrawal of the Planned Annual General Funding Contribution from the Managed Fund Portfolio (Item 1.3) was tabled.

 Item 1.3  changed to 5.3

Moved (Bain / Stolwerk)

Carried

Confirmation of Minutes - 16 December 2019 (Item 3.1)

ID: A1286905

Report from Dave Tams, Group Manager, Corporate Excellence

Recommendation

That the minutes of the Investment & Property Subcommittee meeting held on 16 December 2019 be confirmed as a true and correct record.

Moved (Bain / Stolwerk)

Carried

 

 

Performance of Councils Externally Managed Funds to 31 January 2020 (Item 4.1)

ID: A1288563

Report from Simon Crabb, Finance Manager

Recommendation

That the report ‘Performance of Councils Externally Managed Funds to 31 January 2020’ by Simon Crabb, Finance Manager and dated 20 February 2020, be received.

 

Moved (Bain / Stolwerk)

Carried

Reviewed Externally managed funds report dated 20 February acknowledged investments for the month of January had positive performance.

Debate around the impact the coronavirus is having on the global investment market and effects it is having.

1.18pm Phoned Jonathan Eriksen form EriksensGlobal. Jonathan Eriksen gave an update on the volatility of the global investment market.  

Northland Regional Council portfolio has changed over time and is now deemed to be a conservative growth portfolio.

Secretarial Note: 1.35pm Cr Bain declared a conflict of interest and withhold from participating in the rest of the discussion.

Secretarial Note: Chair Smart left the meeting at 1:51pm.

Secretarial Note: Chair Smart returned to the meeting at 1:53pm.

Secretarial Note: Independent Financial Advisor Eriksen phone call ended at 2.01.

 

 

 

Mount Tiger Forest Quarter Two Report (October - December 2019) (Item 4.2)

ID: A1284587

Report from Alicia Jurisich, Property Officer

Recommendation

That the report ‘Mount Tiger Forest Quarter Two Report (October - December 2019)’ by Alicia Jurisich, Property Officer and dated 10 February 2020, be received.

Moved (Stolwerk /Bain)

Carried

 Ian Jenkins from Jenksmax Consulting Limited gave his apologies.

Note for discussion at next meeting, contractor costs pg. 2 of Mont Tiger quarter two report by  Jenksmax Consulting Limited do we need to consider altering budgets.    

 

  

Business with Public Excluded (Item 5.0)

1.              That the public be excluded from the proceedings of this meeting to consider confidential matters.

2.              That the general subject of the matters to be considered whilst the public is excluded, the reasons for passing this resolution in relation to this matter, and the specific grounds under the Local Government Official Information and Meetings Act 1987 for the passing of this resolution, are as follows:

Item No.

Item Issue

Reasons/Grounds

5.1

Confirmation of Confidential Minutes - 16 December 2019

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to protect information which is subject to an obligation of confidence or which any person has been or could be compelled to provide under the authority of any enactment, where the making available of the information would be likely otherwise to damage the public interest s7(2)(c)(ii).

5.2

Value of Consolidated Whangarei CBD Properties

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to enable council to carry out, without prejudice or disadvantage, commercial activities s7(2)(h).

3.              That the Independent Financial Advisor be permitted to stay during business with the public excluded.

Moved (Bain /Blaikie)

 

Carried

 

 

Withdrawal of the Planned Annual General Funding Contribution from the Managed Fund Portfolio (Item 5.3)

ID: A1290315

Report from Simon Crabb, Finance Manager

Recommendation(s)

1.         That the report ‘Withdrawal of the Planned Annual General Funding Contribution from the Managed Fund Portfolio’ by Simon Crabb, Finance Manager and dated 25 February 2020, be received.

2.         That the Subcommittee approve that $2,068,979 is redeemed from the fund managers recommended by EriksensGlobal, and invested into term deposits, when the fund gain are above $2.1m and this decision is delegated to CE.

3.      Finance Manager  to confirm with Independent Financial Advisor  Jonathan Eriksen today 26 February 2020 if investment gains are above $2,068,979, money to be transfer immediately between long term and short term funds

Moved (Smart / Blaikie)

Carried

Secretarial Note: Councillor Bain left the meeting at 2.33pm.

Group Manager Corporate Excellence to contact Independent Financial Advisor  Jonathan Eriksen and ask for a more fluid report to better track updates of Councils Externally Managed Funds.

 

Group Manager Corporate Excellence to prepare paper to take to March council regarding authority  to withdrawal gains from Long term fund on a quarterly basis

 

 

Moved (Stolwerk / Smart )

 Carried

 

Frequency of meetings to be discussed at next Investment & Property Subcommittee meeting.

 

Moved (Stolwerk / Blaikie )

 Carried

 

 

 

 

Conclusion

The meeting concluded at 3.07pm.