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Finance and
Performance Committee
20 June 2017
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1 Apologies
2 Declaration
of Interest
There were no
declarations of interest.
3 Confirmation
of Minutes
4 Petitions
There were no
petitions.
5 Public Input
There was no
public input.
6 Local Board Input
There was no
local board input.
7 Extraordinary Business
There was no
extraordinary business.
8 Notices of Motion
There were no
notices of motion.
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9
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Review of the Diversified Financial Assets Portfolio
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Cr W Walker entered the meeting at
9.32am.
Cr M Lee entered the meeting at 9.32am.
Cr J Walker entered the meeting at
9.39am.
Cr E Collins entered the meeting at
10.09am.
IMSB
Member D Taipari entered the meeting at 10.12am.
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Resolution number FIN/2017/88
MOVED
by Deputy Chairperson D Simpson, seconded by Cr L Cooper:
That the Finance and
Performance Committee:
a) approve
full divestment of the Diversified Financial Asset Portfolio with a target
completion date no later than 30 June 2018.
b) delegate
final authorisation to complete the withdrawal to the Chair of the Finance
and Performance Committee, the Chief Executive and the Group Chief Financial
Officer.
c) agree
the proceeds of the Diversified Financial Assets
portfolio be solely used for the purpose of public transport and stormwater
infrastructure.
A division was called for, voting on
which was as follows:
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For
Deputy Mayor B Cashmore
Chairperson R Clow
Cr L Cooper
Cr C Darby
Cr C Fletcher
Mayor P Goff
Cr R Hills
Cr P Hulse
Cr D Quax
Cr G Sayers
Deputy Chairperson D Simpson
Cr S Stewart
IMSB Member D Taipari
Cr J Walker
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Against
Cr C Casey
Cr E Collins
Cr M Lee
Cr W Walker
Cr J Watson
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Abstained
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The motion was declared carried by 14 votes to 5.
CARRIED
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10.59am meeting adjourned
11.06am meeting reconvened
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10
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Panuku Development Auckland Limited debt to equity conversion
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Resolution number FIN/2017/89
MOVED
by Cr C Fletcher, seconded by Chairperson R Clow:
That the Finance and
Performance Committee:
a) approve
the conversion of $15 million owed to council by Panuku (debt) into Panuku
equity and accept the resulting issue of shares from Panuku
b) provide
the shareholder approvals required under the Companies Act 1993 to enable
Panuku to convert the debt to equity and issue the resulting shares to
Auckland Council
c) authorise the Chief Executive to sign all documentation
and take any other actions on behalf of council in
the Chief Executive’s discretion required to facilitate and effect the
above debt capitalisation transaction.
CARRIED
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11
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Budget update June 2017
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Brent Catchpole, Papakura Local Board
Chairperson spoke in support of this item.
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Resolution number FIN/2017/90
MOVED
by Cr C Fletcher, seconded by Chairperson R Clow:
That the Finance and
Performance Committee:
a) approve
the conversion of $3.1 million capital budget in the 2018/2019 financial year
into annualised operational budget for the new multi-purpose community
facility in Takanini, on the basis of no impact on the general rates for
future years.
CARRIED
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13 Consideration
of Extraordinary Items
There was no consideration of extraordinary items.
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14 Procedural
motion to exclude the public
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Resolution number FIN/2017/92
MOVED by Deputy Chairperson D Simpson, seconded by Chairperson R
Clow:
That the
Finance and Performance Committee:
a) exclude
the public from the following part(s) of the proceedings of this meeting.
b) agree
that Paul McKay, General Manager AON, and Sahreena Mohammed, Executive
Director – Account Manager for Council Group AON be permitted to remain
for Confidential Item C2 Insurance Renewal – Proposed Council Group
Programme for 2017/2018 period after the public has been excluded, because of
their knowledge of matters which will help the Finance and Performance
Committee in its decision-making.
The
general subject of each matter to be considered while the public is excluded,
the reason for passing this resolution in relation to each matter, and the specific
grounds under section 48(1) of the Local Government Official Information and
Meetings Act 1987 for the passing of this resolution follows.
This
resolution is made in reliance on section 48(1)(a) of the Local Government
Official Information and Meetings Act 1987 and the particular interest or
interests protected by section 6 or section 7 of that Act which would be
prejudiced by the holding of the whole or relevant part of the proceedings of
the meeting in public, as follows:
C1 The Woodhill Sands Trust -
Guarantee in Favour of ASB Bank Ltd
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Reason
for passing this resolution in relation to each matter
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Particular
interest(s) protected (where applicable)
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Ground(s)
under section 48(1) for the passing of this resolution
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The
public conduct of the part of the meeting would be likely to result in the
disclosure of information for which good reason for withholding exists
under section 7.
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s7(2)(b)(ii)
- The withholding of the information 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)(g)
- The withholding of the information is necessary to maintain legal
professional privilege.
s7(2)(h)
- The withholding of the information is necessary to enable the local
authority to carry out, without prejudice or disadvantage, commercial
activities.
s7(2)(i)
- The withholding of the information is necessary to enable the local
authority to carry on, without prejudice or disadvantage, negotiations
(including commercial and industrial negotiations).
In
particular, the report contains details concerning the negotiations between
the vendor and purchaser of the property.
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s48(1)(a)
The
public conduct of the part of the meeting would be likely to result in the
disclosure of information for which good reason for withholding exists
under section 7.
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C2 Insurance Renewal -
Proposed Council Group Programme for 2017/2018 period
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Reason
for passing this resolution in relation to each matter
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Particular
interest(s) protected (where applicable)
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Ground(s)
under section 48(1) for the passing of this resolution
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The
public conduct of the part of the meeting would be likely to result in the
disclosure of information for which good reason for withholding exists
under section 7.
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s7(2)(i)
- The withholding of the information is necessary to enable the local
authority to carry on, without prejudice or disadvantage, negotiations
(including commercial and industrial negotiations).
In
particular, the report contains proposed insurance policies, premiums and
terms from insurers which are the subject of consideration and negotiation.
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s48(1)(a)
The
public conduct of the part of the meeting would be likely to result in the
disclosure of information for which good reason for withholding exists
under section 7.
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The text of these
resolutions is made available to the public who are present at the meeting
and form part of the minutes of the meeting.
CARRIED
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11.27am The
public was excluded.
Resolutions in
relation to the confidential items are recorded in the confidential section of
these minutes and are not publicly available.
12.07pm The
public was re-admitted.
restatementS
It was resolved
while the public was excluded:
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C1
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The Woodhill Sands Trust - Guarantee in Favour of ASB Bank Ltd
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Resolution
number FIN/2017/93
MOVED by Cr C Fletcher, seconded by Cr
P Hulse:
That the Finance and Performance Committee:
a) note
that in May 2016 the Finance and Performance Committee first approved a
guarantee of up to $2.5 million in favour of ASB Bank Ltd to enable The
Woodhill Sands Trust to purchase Woodhill Sands Equestrian Centre.
Events have occurred throughout the year that necessitates staff updating the
committee so the matter may be considered again.
b) approve
a guarantee limited to a maximum of $2.5 million in favour of ASB Bank Ltd,
to enable The Woodhill Sands Trust, or its nominee WST Company (2016) Ltd to purchase
the property known as Woodhill Sands Equestrian Centre, located at
24 James Mackie Rd, Kumeu, Auckland, subject to the Trust/Company
concluding successful negotiations to purchase the property.
c) require
The Woodhill Sands Trust and WST Company (2016) Ltd to enter into a Guarantee
Side Deed with Auckland Council recording the terms and conditions that must
be met by the Trust/Company prior to any successful negotiations to purchase
Woodhill Sands Equestrian Centre being concluded and the guarantee between
Auckland Council and ASB Bank Ltd coming into effect.
d) authorise
the Group Chief Financial Officer (or delegate) to approve:
i) the
final terms and conditions of the guarantee between Auckland Council and ASB
Bank Ltd,
ii) the
final terms and conditions of the Guarantee Side Deed,
iii) the
final terms and conditions of any other agreement necessary to effect this
transaction.
Restatement:
e) confirm
that the report, attachments and presentation remain confidential but the
decisions be restated in the open minutes.
CARRIED
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C2
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Insurance Renewal - Proposed Council Group Programme for 2017/2018
period
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Resolution number FIN/2017/94
MOVED
by Cr W Walker, seconded by Chairperson R Clow:
That the Finance and
Performance Committee:
a) note
the proposed council group insurance programme was endorsed by the Audit and
Risk Committee on 29 May 2017.
b) approve
the proposed programme for the 2017/2018 year.
c) delegate
final placement of insurance policies to the Chair of the Finance and
Performance Committee, Chief Executive and the Group Chief Financial Officer
by 30 June 2017.
Restatement:
d) confirm
that the report and attachments remain confidential until 1 July 2017 but the
decisions be restated in the open minutes.
CARRIED
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12.07pm The
Chairperson thanked Members for their attendance and attention to business and
declared the meeting closed.
CONFIRMED AS A TRUE AND CORRECT RECORD AT A MEETING OF
THE Finance and Performance Committee
HELD ON
DATE:.........................................................................
CHAIRPERSON:........................................................
