30 June 2021
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:
Councillor Terry Archer
Chief Executive Officer
GM - Corporate Services
Strategic Projects and Facilities Manager
Independent Consultant Jonathan Eriksen (via audio visual link)
Jenksmax consulting - Ian Jenkins
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.
It was advised that members should make declarations item-by-item as the meeting progressed.
Report from Judith Graham, Corporate Excellence P/A
That the minutes of the Investment and Property Subcommittee meeting held on 31 March 2021 be confirmed as a true and correct record.
Report from Jordan Jordaan, Property Officer
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.
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
Report from Simon Crabb, Finance Manager
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.
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.
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.
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)
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:
3. That the Independent Advisors be permitted to stay during business with the public excluded.
The meeting concluded at 2.44pm.