Investment
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.