Investment and Property Subcommittee Wednesday 29 September 2021 at 1.00pm

Investment and Property Subcommittee

29 September 2021

Investment and Property Subcommittee Tabled Agenda

Meeting to be held Remotely via Zoom

on Wednesday 29 September 2021, commencing at 1.00pm

Recommendations contained in the agenda are NOT decisions of the meeting. Please refer to minutes for resolutions.

Item                                                                                                                                                                                   Page

2.0A    Receipt of Tabled Items

5.0       Reports

5.4       Transfer of NIWA cashflow from Long term fund                                                                            4

Investment and Property Subcommittee                                                                                                                 ITEM: 2.0A

29 September 2021

TITLE:	Receipt of Tabled Report
From:	Finance Manager, Simon Crabb

Executive summary

SFollotate clearly why the information was not included in the main agenda.  For example:

A “placeholder” was included in the council agenda indicating that supplementary information was required before presenting the full report to council.

Or

The report was unable to be completed in time for circulation with the council agenda due to further discussion required at the council workshop on <<enter dd Month 2099>>

Or

The report was unable to be completed in time for circulation with the council agenda due to ongoing negotiations.

Or

The report was unable to be completed in time for circulation with the council agenda due to comment still being outstanding from <<enter name of organisation>>

Or

Subsequent to the collation of the council agenda, the Chairman received a formal invitation. A response is required before the next ordinary meeting of council. Hence council is requested to consider the report.

Or

The purpose of this report is to place before the council a tabled item for inclusion in the council meeting agenda. The report includes the recommendation that the tabled item be received.

Subsequent to the collation of the original agenda additional information came to hand regarding the transfer of NIWA cashflow from the Long Term Fund.  This matter cannot be delayed until the next meeting of the Investment and Property Subcommittee (being 24 November 2021).  Hence it is requested that the subcommittee receive the tabled item.

Recommendation

That as permitted under section 46A(7) of the Local Government Official Information and Meetings Act 1987 the following tabled report be received:

· Transfer of NIWA cashflow from Long term fund

Authorised by Group Manager

Name:	Bruce Howse
Title:	Group Manager Corporate Services
Date:	24/09/2021

Investment and Property Subcommittee item: 5.4

29 September 2021

TITLE:	Transfer of NIWA cashflow from Long term fund
From:	Simon Crabb, Finance Manager
Authorised by Group Manager/s:	Bruce Howse, Pou Taumatua – Group Manager Corporate Services, on

Whakarāpopototanga / Executive summary

Councils Statement of Investment Policy and Objectives (SIPO) sets out the expectation that the known cashflow requirements for a 12-month period should be held in the Short-Term Investment Fund.

In respect to the NIWA Kingfish project, EriksensGlobal has recommended (refer Attachment 1) that the transfer of the anticipated 12-month cashflow, from the Long-Term fund into the Short-Term fund, is deferred until council receives the net proceeds from the Kensington Crossing sale - $19.5M anticipated mid November 2021.

Ngā mahi tūtohutia / Recommendation

That the report ‘Transfer of NIWA cashflow from Long term fund’ by Simon Crabb, Finance Manager and dated 24 September 2021, be received.

Background/Tuhinga

The NIWA cashflow schedule is presented in Attachment 2, noting the cashflow requirement through to December is $208,333. The Short-Term Fund has adequate capacity to fund this requirement pending receipt of the Kensington proceeds.

This matter is set down for discussion with Jonathan Eriksen at the September Subcommittee meeting.

Attachments/Ngā tapirihanga

Attachment 1: 2021 09 24 NIWA Funding recommendation ex EriksensGlobal. msg ⇩

Attachment 2: NIWA Kingfish RAS Forecast Budget Cashflow 30 08 2021 ⇩

Investment and Property Subcommittee ITEM: 5.4

29 September 2021Attachment 1

Investment and Property Subcommittee ITEM: 5.4

29 September 2021Attachment 2