UNCONFIRMED MINUTESInvestment and Property Subcommittee

30 June 2021

Investment and Property Subcommittee Minutes

 

Meeting held in the Council Chamber

36 Water Street, Whangārei

on Wednesday 30 June 2021, commencing at 1.00pm

 

 

Tuhinga/Present:

Chairperson, NRC Councillor, Rick Stolwerk

Councillor Justin Blaikie (via audio visual link)

Councillor Colin Kitchen

Councillor Jack Craw

Ex-Officio Penny Smart

Independent Advisor Stuart Henderson

 

I Tae Mai/In Attendance:

Full Meeting

Councillor Terry Archer

Chief Executive Officer

GM - Corporate Services

PA – Corporate Services

Finance Manager

Strategic Projects and Facilities Manager

 

Part Meeting

Independent Consultant Jonathan Eriksen (via audio visual link)

Jenksmax consulting - Ian Jenkins

Property Officer

Thomson Wilson Law Partner – Graeme Mathias

 

The Chair declared the meeting open at 1.00pm.

Ngā Mahi Whakapai/Housekeeping (Item 1.0)

Ngā whakapahā/Apologies (Item 2.0)

 

Moved (Kitchen /Smart)

That the apologies from Independent Audit & Risk Advisor Danny Tuato'o for non-attendance be received.

Carried

 

Nga whakapuakanga/Declarations of Conflicts of Interest (Item 3.0)

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

 

Confirmation of Minutes - Investment and Property Subcommittee - 31 March 2021 (Item 4.1)

Report from Judith Graham, Corporate Excellence P/A

Moved (Stolwerk/Kitchen)

That the minutes of the Investment and Property Subcommittee meeting held on 31 March 2021 be confirmed as a true and correct record.

Carried

Secretarial Note: 1.02pm  Ian Jenkins joined the meeting

Mount Tiger Forest Half Yearly Report January to June 2021 (Item 5.1)

Report from Jordan Jordaan, Property Officer

Moved (Smart/Craw)

That the report ‘Mount Tiger Forest Half Yearly Report January to June 2021’ by Jordan Jordaan, Property Officer and dated 17 June 2021, be received.

Carried

Jenksmax consulting - Ian Jenkins informed the Subcommittee that there was a slight overspend on budget due to the storm damage back in July 2020.

Secretarial Note: 1.08pm  Ian Jenkins left the meeting

 

Performance of Councils Externally Managed Funds to 31 May 2021 (Item 5.2)

Report from Simon Crabb, Finance Manager

Moved (Craw/Stolwerk)

That the report ‘Performance of Councils Externally Managed Funds to 31 May 2021’ by Simon Crabb, Finance Manager and dated 25 June 2021, be received.

Carried

Secretarial Note: proposed resolution relating to item 5.2 was tabled.

Secretarial Note: Independent Consultant Eriksen Joined the meeting via audio visual link at 1:20pm.

Moved (Craw/Smart)

That the term deposits maturing in Q1 of the 2021/22 financial year are reinvested in line with the EriksensGlobal recommendation dated 28 June 2021, subject to market conditions not substantially changing.

Carried

Finance Manager pointed out to the Subcommittee, the allocation to self-managed cash in both the LTF (at 9.4%) and the STF (at 25%) exceeds its corresponding limit. This is deemed prudent to accommodate the de-risking of the portfolio leading into financial year end. The upper limit of self-managed cash allocation in the LTF was increased to 20% as part of the SIPO review in June 2021.

Secretarial Note: Independent Consultant Eriksen left the meeting.

 

 

Kaupapa ā Roto/Business with Public Excluded (Item 6.0)

Moved (Stolwerk/Kitchen)

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

6.1

Confirmation of Confidential Minutes - Investment & Property Subcommittee - 31 March 2021

The public conduct of the proceedings would be likely to result in disclosure of information, as stated in the open section of the meeting -.

6.2

Accelerating Council’s Property Management Plan

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to protect information where the making available of the information would be likely unreasonably to prejudice the commercial position of the person who supplied or who is the subject of the information s7(2)(b)(ii), the withholding of which is necessary to enable council to carry out, without prejudice or disadvantage, commercial activities s7(2)(h) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

6.3

Update on Council’s Current Property Redevelopments

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) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

6.4

Purchase of 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) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

6.5

Future of a Port Road Property

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) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

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

Carried

Whakamutunga (Conclusion)

The meeting concluded at 2.44pm.