Finance and Performance Committee

Agenda

 

 

Notice of Meeting:

An ordinary meeting of the Finance and Performance Committee will be held on:

 

Date:                                     Wednesday 31 October 2018

Time:                                    9.30am

Venue:                                 Council Chambers, Civic Offices,
53 Hereford Street, Christchurch

 

 

Membership

Chairperson

Deputy Chairperson

Members

Councillor Raf Manji

Deputy Mayor Andrew Turner

Councillor Vicki Buck

Councillor Jimmy Chen

Mayor Lianne Dalziel

Councillor Mike Davidson

Councillor Anne Galloway

Councillor Jamie Gough

Councillor Yani Johanson

Councillor Deon Swiggs

Mr Mike Rondel (Non-Voting Member)

 

 

26 October 2018

 

 

 

Principal Advisor

Carol Bellette

General Manager Finance and Commercial

 

Aidan Kimberley

Committee and Hearings Advisor

941 6566

aidan.kimberley@ccc.govt.nz

www.ccc.govt.nz

Note:  The reports contained within this agenda are for consideration and should not be construed as Council policy unless and until adopted.  If you require further information relating to any reports, please contact the person named on the report.
To view copies of Agendas and Minutes, visit:
https://www.ccc.govt.nz/the-council/meetings-agendas-and-minutes/

 


Finance and Performance Committee

31 October 2018

 


Terms of Reference Finance and Performance Committee

 

Chair

Councillor Manji

Membership

Deputy Mayor Turner (Deputy Chair), Mayor Dalziel, Councillor Buck, Councillor Chen, Councillor Davidson, Councillor Galloway, Councillor Gough, Councillor Johanson, Councillor Swiggs and a non-voting independent member appointed by the Council.

Quorum

Half of the members if the number of members (including vacancies) is even, or a majority of members if the number of members (including vacancies) is odd.

Meeting Cycle

Monthly

Reports To

Council

 

Responsibilities

The focus of the Finance & Performance Committee is the financial and non-financial performance of the Council and its subsidiaries.

 

The Finance & Performance Committee:

·         Seeks to enhance the Council’s accountability with the community in relation to the Council’s financial and non-financial performance

·         Promotes active citizenship, community participation and community partnerships, including participatory budgeting

·         Works in partnerships with key agencies, groups and organisations

The Finance & Performance Committee considers and reports to Council on issues and activites relating to:

·         The preparation and adoption of the draft and final Annual Plan and Long Term Plan (based on the strategic direction of the Strategic Capability Committee)

·         Performance  against the  Long Term Plan (LTP) and  Annual Plan (AP), including financial performance and non-financial performance including:

-          medium to long term asset management

-          treasury investment and borrowings

-          organisational performance and capability

·         Insurance matters including to:

-          consider legal advice from the Council’s legal and other advisers,

-          approve further actions relating to the issues,

-          make recommendations to Council concerning formal actions.

·         Performance of a number of subsidiaries including Council Controlled Organisations (CCO). 

·         Recommendations   from   Council’s   Subcommittees,   Community Boards, the public, stakeholders and providers in relation to finance and performance.

·         Overseeing the development to the Annual Report for consideration by the Council

·         Development of the financial policy of the Council

·         Development of a Genuine Progress Indicator

 

Process for appointing Independent Members to the Finance and Performance Committee

 

The following principles will guide the appointment process for Independent Members of the Finance and Performance Committee:

 

1.              Council Officers, in consultation with Elected Members, will compile a longlist of candidates and provide this list to the General Manager Finance and Commercial for consideration.

 

2.              If appropriate, the Chair of the Finance and Performance Committee and the General Manager Finance and Commercial may endorse the nominations.

 

3.              Candidates will be contacted at the appropriate time to confirm their willingness to serve as an independent committee member and, if confirmation is received, appropriate background checks as determined by the General Manager Finance and Commercial will be conducted. Candidates will also be informed of Council policies.

 

4.              The Chair and Deputy Chair of the Finance and Performance Committee, and the General Manager Finance and Commercial, will review the candidates to develop a shortlist by assessing the following:

 

a.              Professional credentials and relevant experience.

b.             Their understanding of relevant legislation.

c.              Experience overseeing or assessing the performance of organisations.

d.             Potential conflicts of interest.

e.             Affiliations or connections with the Council and its related entities.

f.               Reference and background check reports.

 

5.              The shortlist of candidates will be presented to an Appointments Panel. The Panel will select from that shortlist the independent member to be appointed to the Committee. The resolution to appoint the independent member should specify the dates on which the appointment commences and concludes. 

 

1.         The Chair of the Panel will inform the Council in writing of the Panel’s decision.

 


Finance and Performance Committee

31 October 2018

 

Part A        Matters Requiring a Council Decision

Part B         Reports for Information

Part C         Decisions Under Delegation

 

 

TABLE OF CONTENTS

 

C       1.       Apologies.......................................................................................................................... 6

B       2.       Declarations of Interest................................................................................................... 6

C       3.       Confirmation of Previous Minutes................................................................................. 6

B       4.       Public Forum.................................................................................................................... 6

B       5.       Deputations by Appointment........................................................................................ 6

B       6.       Presentation of Petitions................................................................................................ 6

Staff Reports

C       7.       Regenerate Christchurch:  Annual Report for year ending 30 June 2018................ 13

C       8.       Council controlled organisations:  Annual Reports for the year ending 30 June 2018 43

C       9.       ChristchurchNZ Holdings Ltd -Written resolutions for 2018 Annual General Meeting 319

C       10.     Corporate Finance Report for the period ending 30 September 2018................... 375

C       11.     Financial Performance report for the three months to 30 September 2018......... 383

C       12.     Performance Reporting for September 2018............................................................ 403

C       13.     Resolution to Exclude the Public............................................................................... 417  

 

 


Finance and Performance Committee

31 October 2018

 

 

1.   Apologies

At the close of the agenda no apologies had been received.

2.   Declarations of Interest

Members are reminded of the need to be vigilant and to stand aside from decision making when a conflict arises between their role as an elected representative and any private or other external interest they might have.

3.   Confirmation of Previous Minutes

That the minutes of the Finance and Performance Committee meeting held on Wednesday, 3 October 2018  be confirmed (refer page 7).

4.   Public Forum

A period of up to 30 minutes may be available for people to speak for up to five minutes on any issue that is not the subject of a separate hearings process.

5.   Deputations by Appointment

There were no deputations by appointment at the time the agenda was prepared.

6.   Petitions

There were no petitions received at the time the agenda was prepared.


Finance and Performance Committee

31 October 2018

 

 

 

Finance and Performance Committee

Open Minutes

 

 

Date:                                     Wednesday 3 October 2018

Time:                                    9.33am

Venue:                                 Council Chambers, Civic Offices,
53 Hereford Street, Christchurch

 

 

Present

Chairperson

Deputy Chairperson

Members

Councillor Raf Manji

Deputy Mayor Andrew Turner

Councillor Vicki Buck

Councillor Jimmy Chen

Councillor Mike Davidson

Councillor Anne Galloway

Councillor Jamie Gough

Councillor Yani Johanson

Councillor Deon Swiggs

 

 

1 October 2018

 

 

 

Principal Advisor

Carol Bellette

General Manager Finance and Commercial

 

Aidan Kimberley

Committee and Hearings Advisor

941 6566

aidan.kimberley@ccc.govt.nz

www.ccc.govt.nz

To view copies of Agendas and Minutes, visit:
www.ccc.govt.nz/Council/meetingminutes/agendas/index

 


Part A        Matters Requiring a Council Decision

Part B         Reports for Information

Part C         Decisions Under Delegation

·                                        

 

 

The agenda was dealt with in the following order.

1.   Apologies

Part C

Committee Resolved FPCM/2018/00054

Committee Decision

That the apologies from Mayor Dalziel and Mike Rondel, and apology for lateness from Deputy Mayor Turner be accepted.

Councillor Chen/Councillor Galloway                                                                                                                  Carried

 

2.   Declarations of Interest

Part B

There were no declarations of interest recorded.

 

3.   Confirmation of Previous Minutes

Part C

Committee Resolved FPCM/2018/00055

Committee Decision

That the minutes of the Finance and Performance Committee meeting held on Wednesday, 5 September 2018 be confirmed.

Councillor Manji/Councillor Gough                                                                                                                      Carried

 

4.   Public Forum

Part B

There were no public forum presentations.

5.   Deputations by Appointment

Part B

There were no deputations by appointment.

6.   Presentation of Petitions

Part B

There was no presentation of petitions.

Deputy Mayor Turner joined the meeting at 9:38am.

11. Regenerate Christchurch - Quarterly Performance Report for period 1 April to 30 June 2018

 

Committee Comment

Sue Sheldon, Chair of Regenerate Christchurch, and Jason Rivett, Regenerate Christchurch Corporate Services Manager, joined the table for this item.

 

Committee Decided FPCM/2018/00056

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Notes Regenerate Christchurch’s performance for the period 1 April to 30 June 2018, updated to include key progress made through to September 2018.

Councillor Manji/Councillor Chen                                                                                                                         Carried

 

7.   Taiora QEII Recreation and Sport Centre Financial Close-Out Report

 

Committee Resolved FPCM/2018/00057

Part C

That the Finance and Performance Committee:

1.         Receive the specific information contained in the Financial Close-Out Report.

Councillor Galloway/Councillor Chen                                                                                                                  Carried

 

 

8.   Asset Management Programme Report

 

Committee Resolved FPCM/2018/00058

Part C

That the Finance and Performance Committee:

1.         Receives the information contained in this report and the August 2018 Portfolio Dashboard Report

2.         Confirms the monthly Portfolio Dashboard Project meets the Finance and Performance Committee needs.

Councillor Swiggs/Councillor Gough                                                                                                                    Carried

 


 

 

9.   Performance Reporting for August 2018

 

Committee Resolved FPCM/2018/00059

Part C

That the Finance and Performance Committee:

1.         Receive the information in the report.

Councillor Manji/Deputy Mayor                                                                                                                           Carried

 

 

10. Christchurch City Holdings Ltd - Annual Report 2017/18

 

Committee Comment

Leah Scales of Christchurch City Holdings Limited joined the table for this item.

 

Committee Decided FPCM/2018/00060

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Notes the annual results for the Christchurch City Holdings Ltd Group for 2017/18, including net profit after tax of $135.7 million which is a 7.3% return on shareholders’ equity.

Councillor Manji/Councillor Chen                                                                                                                         Carried

 

12. Development Christchurch Ltd - Quarterly Progress Report, September 2018

 

Committee Comment

Rob Hall and Joel Lieschke of Development Christchurch Limited joined the table for this item.

 

Committee Decided FPCM/2018/00061

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Receives Development Christchurch Ltd’s quarterly report dated September 2018.

Councillor Manji/Deputy Mayor                                                                                                                           Carried

 


 

 

13  Resolution to Exclude the Public

 

Committee Resolved FPCM/2018/00062

Part C

That Rob Hall, Joel Lieschke, Steve Clarke, Amelia Brereton and Michale Gale of Development Christchurch Limited remain after the public have been excluded for Item 15 of the public excluded agenda as they have knowledge that is relevant to that item and will assist the Committee.

AND

That at 10:48 the resolution to exclude the public set out on pages 189 to 190 of the agenda be adopted.

Councillor Manji/Deputy Mayor                                                                                                                              Carried

 

The public were re-admitted to the meeting at 11:49am.

 

   

Meeting concluded at 11:49am.

 

CONFIRMED THIS 31ST DAY OF OCTOBER 2018.

 

Councillor Raf Manji

Chairperson

 


Finance and Performance Committee

31 October 2018

 

 

7.        Regenerate Christchurch:  Annual Report for year ending 30 June 2018

Reference:

18/1033717

Presenter(s):

Jason Rivett, Corporate Services Manager, Regenerate Christchurch

 

 

1.   Purpose and Origin of Report

Purpose of Report

1.1       The purpose of this report is for the Finance and Performance Committee to recommend that the Council receives Regenerate Christchurch’s Annual Report for the year ending 30 June 2018. 

Origin of Report

1.2       This report is staff generated following receiving the Annual Report.

2.   Significance

2.1       The decisions in this report are of low significance in relation to the Christchurch City Council’s Significance and Engagement Policy.  The level of significance was determined by assessing the extent to which the decisions may impact the community.

 

3.   Staff Recommendations

That the Finance and Performance Committee recommends that the Council:

1.         Receives Regenerate Christchurch’s Annual Report for the year ending 30 June 2018;

2.         Requests that Council staff report back to the Finance and Performance Committee by March 2019 with a review of Regenerate Christchurch’s future funding requirements, in line with clause 31 of the Heads of Agreement between the Chief Executives of the Council and the Department of the Prime Minister and Cabinet; and

3.         Notes this staff report has been consulted on with Regenerate Christchurch staff and provided to the Department of the Prime Minister and Cabinet for their information.

 

4.   Key Points

4.1       The 2017/18 has been a year of significant regeneration activity for Regenerate Christchurch, in line with expectations.  This is reflected in its Annual Report, as follows:

·    completed and submitted advice to shareholders on Central City Momentum, from which the Council is leading the development of the Central City Revitalisation Action Plan to the Council;

·    completed its Cathedral Square Vision;

·    submitted s37 report and recommendations to the former acting Minister supporting Greater Christchurch Regeneration who then approved the Cranford Regeneration Plan, for which the Council was the proponent;

·    progressed work on the Ōtākaro Avon River Corridor Regeneration Area, including engaging with the public on 10 options for land uses, exhibiting a refined shortlist of land uses and completing the flatwater feasibility assessment; and

·    provided advice to the Minister for Greater Christchurch Regeneration (the Minister) on the use of powers under the Greater Christchurch Regeneration Act 2016 (the Act) to change the Christchurch District Plan to enable Redcliffs School to be re-located to Redcliffs Park; engaged with the residents of Southshore and South New Brighton, in partnership with the Council, Environment Canterbury and Ngāi Tahu to establish a community-led process to inform the development of a regeneration strategy for the area.

4.2       In 2018/19, Regenerate Christchurch’s primary focus will be on completing:

·        the Ōtākaro Avon River Corridor regeneration plan.  As at the end of Quarter 1 (30 September 2018) Regenerate Christchurch is seeking the views of the parties identified in section 29 of the Act as it develops the draft Regeneration Plan.  These parties are the Council, ECAN, Ngāi Tahu, Ōtākaro Ltd and the Chief Executive of the Department of the Prime Minister and Cabinet; 

·        the regeneration strategy for Southshore and South New Brighton; and

·        identification of potential regeneration opportunities across Christchurch, and ongoing advice on the use of the Act’s regeneration planning tools.

Annual Report

4.3       Expenditure for 2017/18 was $9.8 million, of which $4 million was funded by the Council and $4 million by the Crown.  The remaining $1.8 million was funded from Regenerate Christchurch’s Balance Sheet (funding received for projects that were scheduled to be undertaken in previous years but were deferred).

4.4       The cash balance at year end is $1.6 million.  Regenerate Christchurch’s latest forecast cash flow projects cash held will be $462,610 by the end of February 2019 and $898,122 by 30 June 2019. 

4.5       Regenerate Christchurch met 66% of the 38 Performance Measures contained in the Statement of intent.  Where Regenerate Christchurch only partially met the target (24%), a large number of the project deliverables and related measures have now been deferred until the next financial year.

4.6       In accordance with the Act, the Minister tabled Regenerate Christchurch’s Annual Report for 2017/18 in Parliament on Friday 5 October 2018.

Projected expenditure 2018/19

4.7       Regenerate Christchurch’s Statement of Performance Expectations for 2018/19 projects expenditure for this financial year of around $9.9 million, to be funded by the Council and Crown’s joint $8 million contributions, an additional $1.072 million of committed Crown funding (for establishment of the entity which has been accrued since 2016 as it was unspent) and from its Balance Sheet (retained funding for deferred projects).

4.8       A Heads of Agreement was entered into between the Chief Executives of the Council and the Department of the Prime Minister and Cabinet at the time of Regenerate Christchurch’s inception.  Among other things, it provided in clause 31 that they would:

“assist the Council and the Crown to review the on-going funding needs of Regenerate Christchurch in 2019, to see whether its funding remains appropriate for its activities”.

4.9       With the significant progress in its work programme in the last year, Regenerate Christchurch’s future funding levels need to be clarified.  Council and Department of the Prime Minister and Cabinet staff will engage with Regenerate Christchurch to complete this review and report back by March 2019.

 

 

 

Attachments

No.

Title

Page

a

Regenerate Christchurch Annual Report 2017/18

16

 

 

Confirmation of Statutory Compliance

Compliance with Statutory Decision-making Requirements (ss 76 - 81 Local Government Act 2002).

(a) This report contains:

(i)  sufficient information about all reasonably practicable options identified and assessed in terms of their advantages and disadvantages; and

(ii) adequate consideration of the views and preferences of affected and interested persons bearing in mind any proposed or previous community engagement.

(b) The information reflects the level of significance of the matters covered by the report, as determined in accordance with the Council's significance and engagement policy.

 

Signatories

Author

Linda Gibb - Performance Monitoring Advisor

Approved By

Len Van Hout - Manager External Reporting & Governance

Diane Brandish - Head of Financial Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

8.        Council controlled organisations:  Annual Reports for the year ending 30 June 2018

Reference:

18/1033772

Presenter(s):

Linda Gibb

 

 

1.   Purpose and Origin of Report

Purpose of Report

1.1       The purpose of this report is for the Finance and Performance Committee to receive the annual reports for the Council controlled-organisations (CCOs).

Origin of Report

1.2       This report is staff generated as a result of receiving the final audited annual reports for the Council’s CCOs. 

2.   Significance

2.1       The decisions in this report are of low significance in relation to the Christchurch City Council’s Significance and Engagement Policy.  The level of significance was determined by assessing the extent to which the decisions in this report could impact the community.

 

3.   Staff Recommendations

That the Finance and Performance Committee recommends that the Council:

1.         Receives the Annual Reports for the year ending 30 June 2018 for the following Council controlled organisations:

·    Vbase Ltd

·    Civic Building Ltd

·    Transwaste Canterbury Ltd

·    Riccarton Bush Trust

·    World Buskers Festival Trust

·    Rod Donald Banks Peninsula Trust

·    Christchurch Agency for Energy Trust

·    Central Plains Water Trust

2.         Notes the attached summaries of performance of the Council-controlled organisations in 2018/19 compared with the previous year; and

3.         Notes that the Annual Reports for Christchurch City Holdings Ltd, ChristchurchNZ Holdings Ltd and Vbase Ltd are the subject of separate staff reports.

 

4.   Key Points

4.1       The Council’s Annual Report includes a CCO section with a page relating each CCO’s performance for the year, compared with the prior year and against targets set in the CCO’s Statement of Intent.

4.2       The final audited annual reports for the CCOs have been received and are attached as Attachments A to H. The results have been consolidated into the Council’s 2017/18 Annual Report which has been finalised but not yet published.

4.3       This report excludes the Christchurch City Holdings Ltd Group which was reported to the Finance and Performance Committee on 3 October.  It also excludes ChristchurchNZ Holdings Ltd and Vbase Ltd, the results for which are discussed in separate staff reports to the Finance and Performance Committee.

4.4       The table below notes key outcomes for each CCO in 2017/18 only. 

CCO

2017/18 Performance

Vbase Ltd

Operating deficit for the year ended 30 June 2018 was $1.652 million.  This excluded interest costs and one-off demolition cost for the Lancaster Park stadium.

Vbase’s prior period results were restated in the current year to reflect the move from “for-profit” to “public benefit entity” accounting standards.

Further analysis of Vbase’s performance is included in a separate report to the Finance and Performance Committee.

Civic Building Ltd

Net profit after tax of $1.25 million on land had led to a profit for the year of $309,000.

The Council’s Facilities Management Team considers that the building is operating in a manner consistent with a star 6 facility, in line with CBL’s performance target.

Transwaste Canterbury Ltd

Net profit after tax of $13.4 million, compared with prior year of $30 million.  This was in part caused by a reduction in waste received for processing.

Performance target of total revenue from the Burwood Resource Recovery Park, for processing of material from the earthquakes was not achieved.

Tonnage of earthquake waste was lower than expected by 16.6%.

Riccarton Bush Trust

Loss of $142,000 largely reflects increased operating expenses arising from the write off costs for several projects that the Board decided would not proceed. These include the bus turning area, additional carparking and augmented reality options and applications.

In addition, the proposed development of the waterfront grass bank area to front of Riccarton House has been put on hold indefinitely.

Total expenses of $711,000 were for the maintenance of Riccarton House and grounds offset by increased revenue from the Council of $390,000, and heritage, commission and rental income of $131,000.

World Buskers Festival Trust

The loss in 2017/18 of $11,000 was anticipated and was funded from reserves.

The 2018 Festival was the last to be managed under the Trust and the Trust was wound up as at 30 June 2018.  In future the festival will be delivered by ChristchurchNZ Ltd from 2019.

Against a target of 250,000 visits, 300,000 visits was achieved.

Rod Donald Banks Peninsula Trust

Loss of $325,000 due to a number of expenditure items including the securing of public access to land at Te Ara Pātaka and Woodills project costs ($280,000), grants to partners ($43,000) and Trust management ($70,500).

Revenue is received from several sources with the main contribution being interest of $87,886 on Trust funds.

Christchurch Agency for Energy Trust

Loss of $815,000 for grants paid.  At year end, the Trust had awarded but unpaid grants of $818,602 and unallocated funds of $64,342. 

We expect the Trust’s activities to be concluded and the Trust wound up in 2018/19.

The allocation of any remaining funds at wind-up will need to be decided by the Council.

Central Plains Water Trust

Central Plains Water Ltd meets the full costs of CPWT which were $58,000.  This includes the cost of $19,500 for two sustainability reports, one each for 2015/16 and 2016/17 and $26,755 for trustee remuneration and meeting expenses.

The Central Plains Irrigation Scheme will be supplying water to an area of around 47,000 hectares between the Waimakariri and Rakaia Rivers.  The Report provides detail of the Scheme’s development and performance.

 

4.1       Performance targets were largely met by each CCO.  Targets that are of high significance that have not been met are noted in the table above.

Tuam Limited

4.2       Tuam Limited has been exempted under Section 7 of the Local Government Act from being a Council-controlled organisation.  The company is no longer trading, but has a small cash balance which generated net profit of $1,000 for the year.  A proposal to merge Tuam Ltd with Vbase Ltd will be provided to the Finance and Performance Committee for its 5 December 2018 meeting.  The financial statements will be presented at the time the amalgamation is approved.

 

 

 

 

Attachments

No.

Title

Page

a

VBASE LIMITED Annual Report 2017/18

47

b

Civic Building Limited CBL 2018 Annual Report - signed w audit report

88

c

Transwaste Canterbury Ltd Annual Report 30 June 2018

119

d

Riccarton Bush Trust 2018 Annual Report signed

191

e

World Buskers Festival Trust WBF 2018 Annual Report Signed

227

f

Rod Donald Annual Report 2018 signed 25 Sep 2018

249

g

Christchurch Agency for Energy CAfE 2018 Annual Report - signed w audit opinion

282

h

Central Plains Water Trust 2018 Annual Report

300

 

 

Confirmation of Statutory Compliance

Compliance with Statutory Decision-making Requirements (ss 76 - 81 Local Government Act 2002).

(a) This report contains:

(i)  sufficient information about all reasonably practicable options identified and assessed in terms of their advantages and disadvantages; and

(ii) adequate consideration of the views and preferences of affected and interested persons bearing in mind any proposed or previous community engagement.

(b) The information reflects the level of significance of the matters covered by the report, as determined in accordance with the Council's significance and engagement policy.

 

Signatories

Author

Linda Gibb - Performance Monitoring Advisor

Approved By

Len Van Hout - Manager External Reporting & Governance

Diane Brandish - Head of Financial Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

9.        ChristchurchNZ Holdings Ltd -Written resolutions for 2018 Annual General Meeting

Reference:

18/945430

Presenter(s):

Linda Gibb

 

 

1.   Purpose and Origin of Report

Purpose of Report

1.1       The purpose of this report is for the Council to provide written shareholder resolutions for ChristchurchNZ Holdings Ltd (CNZHL) in lieu of a 2018 Annual General Meeting (AGM).

Origin of Report

1.1       This report is staff generated in response to receiving notice from CNZHL of its request for resolutions in lieu of an AGM.

2.   Significance

2.1       The decision(s) in this report are of low significance in relation to the Christchurch City Council’s Significance and Engagement Policy.  The level of significance was determined by the impact of the decision on the community.

 

3.   Staff Recommendations

That the Finance and Performance Committee recommends that the Council:

1.         Notes that ChristchurchNZ Holdings Limited will not hold an AGM but the business of the 2018 AGM will be conducted by way of written resolution;

2.         Agrees to vote in favour of the resolutions sought in writing by ChristchurchNZ Holdings Ltd; and

3.         Agrees that, on behalf of the Council as shareholder in ChristchurchNZ Holdings Ltd, the Chief Executive executes the written resolution in accordance with the voting decisions made by Council.

4.   Key Points

1.2       CNZHL has provided notice that it will not hold an AGM in 2018, but instead will seek written resolutions from shareholders, as section 122 of the Companies Act 1993 provides for.  The Notice for written resolutions of the shareholder in lieu of 2018 AGM is at Attachment A.

1.3       The resolutions sought are non-contentious, as follows:

·        Resolutions 1 and 2 are standard AGM resolutions (Annual Report and Auditor);

·        Resolution 3 is to resolve that the board remuneration be set at a maximum of $280,000. Note that this is unchanged from 2017; and

·        Resolutions 4-7 are for the ratification of decisions taken on 24 May 2018 by the Council for appointments of directors (CNCL/2018/00090 refers). 

1.4       The resolutions sought are recorded over the page.

 

Annual Report 2018

1.5       CNZHL’s Annual Report for 2018 is at Attachment B.

1.6       For the year ending 30 June 2018, CNZHL recorded an operating loss of $3.6 million due largely to an impairment to the value of its ownership stake in Powerhouse Ventures Ltd (PVL) of $3.3 million.  This compares with $2.9 million written down in the previous year.

1.7       On 8 October the Chair of the CNZHL board wrote to the Chief Executive of the Council advising that its subsidiary CRIS Ltd had sold 5,154,616 PVL shares in PVL.  This has reduced CRIS’s ownership stake to 3.89% (from 21%).  The board’s intention to divest the shares in Powerhouse was foreshadowed in CNZHL’s Statement of Intent.

1.8       The operating costs incurred by CNZHL are allocated as follows (as advised by CNZHL):


Finance and Performance Committee

31 October 2018

 

 

Operating cost

$’000

Project & Service Delivery

5,388

Personnel Costs

7,116

Administration & Occupancy

2,412

Depreciation

529

Loss on investments

3,135

Total operating costs

18,580

Funded by:

   Revenue from Council

   Other revenue

 

10,443

4,152

 

 

1.9      
Project and service delivery of $5,388,000 is further broken down to the following:

Project & Service Delivery

$000

International education

389

Destination and attraction

2,435

Marketing and promotion

1,266

Economic development

1,066

Strategic planning and policy

232

 

1.10    The operating loss of $3.6 million in 2017/18 compares with the prior year’s loss of $2.1 million.  This reflects a one-off gain in 2016/17 of $1.5 million from the amalgamation of the former Canterbury and Christchurch Tourism and Canterbury Development Corporation.

1.11    Revenue is $2.2 million higher than in 2016/17 (adjusting for the one-off gain in the previous year, revenue is better by $3.7 million) and costs are higher by $4 million.  These variances relate mostly to the additional major event attraction responsibilities passed over from the Council to ChristchurchNZ Ltd. 

 

 

 

 

Attachments

No.

Title

Page

a

ChristchurchNZ Holdings Ltd - Written Resolution of Shareholders in lieu of Annual General Meeting 2018

324

b

ChristchurchNZ Holdings Ltd - Annual Report 2017/18

326

 

 

Confirmation of Statutory Compliance

Compliance with Statutory Decision-making Requirements (ss 76 - 81 Local Government Act 2002).

(a) This report contains:

(i)  sufficient information about all reasonably practicable options identified and assessed in terms of their advantages and disadvantages; and

(ii) adequate consideration of the views and preferences of affected and interested persons bearing in mind any proposed or previous community engagement.

(b) The information reflects the level of significance of the matters covered by the report, as determined in accordance with the Council's significance and engagement policy.

 

Signatories

Author

Linda Gibb - Performance Monitoring Advisor

Approved By

Len Van Hout - Manager External Reporting & Governance

Diane Brandish - Head of Financial Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

10.    Corporate Finance Report for the period ending 30 September 2018

Reference:

18/1089696

Presenter(s):

Diane Brandish – Head of Financial Management

 

 

1.   Purpose and Origin of Report

Purpose of Report

1.1       The purpose of this report is for the Finance and Performance Committee to receive quarterly information relating to the Council’s treasury and debtors risks.

Origin of Report

1.2       This report is staff generated.

2.   Significance

2.1       The decisions in this report are of low significance in relation to the Christchurch City Council’s Significance and Engagement Policy.

2.1.1   The level of significance was determined by the impact of the decisions on the community.

 

3.   Staff Recommendations

That the Finance and Performance Committee:

1.         Receives the information in the report

2.         Notes the status of the Treasury Policy Compliance

 

4.   Key Points

Treasury Risk versus Policy Limits

Policy Snapshot

Risk Area

Liquidity

Funding

Interest Rate Re-pricing

Counterparty Credit

Policy Compliance

Within

Within

Breach

Within

 

4.1       As at 30 September 2018 all treasury risk positions were within policy limits (except for the on-going approved breach for interest rate hedging – refer section 5 below).

4.2       Council’s borrowing, lending, and cash balances (including year-to-date changes) were:

 

·    Council’s overall cash out-flow over the year was therefore $87.5 million, funded by $102.1 million of new borrowing offset by a $14.6 million cash increase.

 

5.   Treasury Report

 

5.1       Short-term liquidity risk (ensures adequate access to liquid funds):

Policy Limit (ratio must exceed 110%) - Within Limit

5.2       Long-term Funding risk (ensures adequate spread of debt maturities):

Policy Limit (existing maturities only) - Within Limit

In practice, funding risk includes the requirement to access new borrowing as well as to simply re-finance existing maturities – a more comprehensive risk profile is shown below:

 

 

 

 

 

 

 

Overall Funding Risk (existing maturities & projected new borrowing combined)

 

5.3       Interest Rate Re-Pricing (ensures acceptable volatility in interest costs – hedging)

Policy Limit – Breach

Orange line = projected borrowing (from LTP).
* Red bars = amount of debt already at contractually fixed rates as at 30 June each year.
* Dotted lines = Policy Limits (maximum & minimum amount of fixed rate hedging permitted).

5.3.1   Hedging levels continue to fractionally be above maximum Policy limits for the 2019 and 2020 years.

5.3.2   This breach has arisen from delays in Council’s debt growth – current hedging of around $1.2 billion was established in 2013 and 2014 to match around 60% of anticipated June 2018 net debt; however, the combination of the large insurance settlement and delayed capital programme has caused actual debt growth to be slower.

5.3.3   In discussion with the Council’s external treasury advisor (PricewaterhouseCoopers), management remains of the view that the cost of adjusting the hedging profile is not justified, and that the best course of action is still to retain the existing hedging profile and allow it to come back within Policy limits over time as actual debt levels increase.

5.3.4   On 28 June Council Resolution CNCL/2018/00124

·   Noted that the Council remains within limited on three major prudential ratios and remains outside the limits on one major prudential ratio. 

·   Noted that the Council will return to within the limit for Interest Rate Re-Pricing over time expected to be within 24 months. 

·   Ratifies the approach taken to return to within the limit for interest Rate            Re-pricing as discussed in Section 5.3 of the report.

5.4       Credit Risk (limits exposure to loss from counterparties’ failure to pay)

Policy Limit - Within Limit

* Derivatives exposures are nil because their net values are negative (ie. Council would pay the bank if terminated).
   (No derivative Agreements exist with ASB or Rabobank)
* I-Cap and Millennium are the only remaining external investments for the Capital Endowment Fund.

6.   Trade and Rates Debtors Risks

Overdue Trade Debtors

6.1       The overdue debtors report as at 30 September 2018 presented at this meeting highlight the risks associated with the regulatory and general operation debts managed by the Council. The most significant overdue debtor in this report remains the LINZ account for $2.4 million.

6.2       Overdue trade debtors (greater than 90 days) is 24% of total trade debtors, including the LINZ debt.

Trade Debtors Written Off

6.3       Trade debtors of $68,323 have been written-off in the year to 30 September 2018 compared to $48,025 in the year to 30 September 2017.

6.4       The detail is below:

6.5       The significant write-offs (over $2,000) relate to:

1)    Debtor for Resource Consent work successful in disputing part of the amount invoiced ($6,453).

2)    Street Pole Damage: There have been two significant write-offs for Street Pole damages totalling $17,510. The offenders were either not available to pursue or were deemed to lack the financial capacity now or in the future to make payments towards the debt.

3)    Customer in Liquidation: The write offs are in relation to Building Consents ($3,156) and Street Pole Damage ($5,966) where customers have gone in liquidation and unsecured debtors are unlikely to receive payment.

6.6       The Library debtors written off comprise a large number of relatively small amounts where the debt collection agency has been unable to locate the debtor or the debtor has refused to pay.  Only amounts over $30 are referred to debt collection agencies for collection. Libraries currently have a lending limit of up to 30 books at a time. This limit is primarily utilised by youth members to develop and support literacy. This limit does not affect the use and enjoyment of other customers.

6.7       A summary report of trade debtors written off in 2018/19 by month is provided as Attachment A.

 

 

Overdue Rates Debtors

 

30 September

Annual General Rates (millions)

Arrears

(millions)

%age

2018/19

$307.675

$18.521

6.0%

2017/18

$307.204

$16.667

5.4%

 

 

Number of Ratepayers in Arrears

Value of Arrears (millions)

Number of Ratepayers with a Payment Plan

September 2018

16,998

$18.521

779

June 2018

15,528

$16.667

779

 

The ageing of the $18.5 million in arrears is as follows;

Year

2010

2011

2012

2013

2014

2015

2016

2017

2018

Arrears ($000)

11

14

25

47

109

100

155

363

17,697

Number

12

17

20

26

28

36

56

390

16,997

 

6.1       Arrears are actively managed to the extent possible. Options include payment plans and direct debit arrangements. Rates postponement is offered where appropriate.

 

 

Attachments

No.

Title

Page

a

Debtors Written Off Summary 2018-19

381

 

 

Confirmation of Statutory Compliance

Compliance with Statutory Decision-making Requirements (ss 76 - 81 Local Government Act 2002).

(a) This report contains:

(i)  sufficient information about all reasonably practicable options identified and assessed in terms of their advantages and disadvantages; and

(ii) adequate consideration of the views and preferences of affected and interested persons bearing in mind any proposed or previous community engagement.

(b) The information reflects the level of significance of the matters covered by the report, as determined in accordance with the Council's significance and engagement policy.

 

Signatories

Author

Auke van der Weij - Financial Accountant - Control

Approved By

Len Van Hout - Manager External Reporting & Governance

Diane Brandish - Head of Financial Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

11.    Financial Performance report for the three months to 30 September 2018

Reference:

18/1051441

Presenter(s):

Diane Brandish Head of Financial Management

 

 

1.   Purpose of Report

1.1       The purpose of this report is for the Finance and Performance Committee to be updated on the financial results for the first quarter of the 2018/2019 financial year to 30 September 2018.

2.   Staff Recommendations

That the Finance and Performance Committee recommends that the Council:

1.         Receives the information in the report.

3.   Key Points

 

 

3.1       The Council’s operational financial results for the first quarter show an operating deficit of $19.7 million, which is $6.9 million lower than budget. By year end a surplus of $1.1 million is forecast. 

3.2       Capital expenditure for the first quarter is $100.9 million and is slightly ahead of budget. The current forecast is for 2018/19 spend to be $4.4 million lower than budget after signalled carry forwards, which will have a positive financial impact for this year.

Financial Performance Summary

Year to Date Results

Forecast Year End Results

After Carry Forwards

$m

Actual

Plan

Var

Forecast

Plan

Var

Carry Fwd

Result

Operational

 

 

 

 

Revenues

-170.3

-168.6

1.7

-743.9

-740.9

3.0

-

3.0

Expenditure

153.5

160.0

6.5

599.6

598.2

-1.4

-

-1.4

Funds not available for Opex

36.5

35.2

-1.3

143.2

142.7

-0.5

-

-0.5

Operating Deficit / (Surplus)

19.7

26.6

6.9

-1.1

-

1.1

-

1.1

 

 

 

 

 

 

 

Capital

 

 

 

 

Gross Programme Expenditure

100.9

117.6

16.7

581.4

615.1

33.7

29.3

4.4

Less planned Carry Forwards

-

-18.1

-18.1

-69.2

-98.5

-29.3

-29.3

-

Capital Programme Expenditure

100.9

99.5

-1.4

512.2

516.6

4.4

-

4.4

Revenues and Funding

-83.9

-96.1

-12.2

-511.9

-511.1

0.8

-

0.8

Borrowing required

17.0

3.4

-13.6

0.3

5.5

5.2

-

5.2

 

 

 

 

CAPEX Delivery

85.8%

84.6%

1.2%

83.3%

84.0%

-0.7%

 

 

Total CAPEX carry forwards

 

 

 

98.5

98.5

-

 

 

 

3.3       Key commentary on operational and capital results is given below.  A view of the Council’s financial results by activity is provided in Attachment A.

 

Operational

 

Year to Date Results

Forecast Year End Results

After Carry Forwards

$m

Actual

Plan

Var

Forecast

Plan

Var

C/F

Result

Operating revenue

-36.9

-37.0

-0.1

-161.6

-161.8

-0.2

-

-0.2

Interest and dividends

-11.2

-9.9

1.3

-93.6

-92.4

1.2

-

1.2

Rates income

-122.2

-121.7

0.5

-488.7

-486.7

2.0

-

2.0

Revenue

-170.3

-168.6

1.7

-743.9

-740.9

3.0

-

3.0

 

 

 

 

 

Personnel costs

47.5

49.9

2.4

206.5

207.2

0.7

-

0.7

Less recharged to capital

-9.0

-10.7

-1.7

-40.7

-41.0

-0.3

-

-0.3

Grants and levies

14.8

14.0

-0.8

46.4

46.2

-0.2

-

-0.2

Operating costs

50.5

53.8

3.3

167.0

167.4

0.4

-

0.4

Maintenance costs

25.7

29.1

3.4

122.9

123.5

0.6

-

0.6

Debt servicing

24.0

23.9

-0.1

97.5

94.9

-2.6

-

-2.6

Expenditure

153.5

160.0

6.5

599.6

598.2

-1.4

-

-1.4

 

 

 

 

 

Net Cost

-16.8

-8.6

8.2

-144.3

-142.7

1.6

-

1.6

Other Funding

 

 

 

 

Transfers from Special Funds

-4.5

-5.4

-0.9

-16.6

-17.1

-0.5

-

-0.5

Borrowing for cap grants /EQ resp

-

-0.3

-0.3

-4.3

-4.3

-

-

-

Less Rates for capex /debt repay/16/17 deficit

41.0

40.9

-0.1

164.1

164.1

-

-

-

Funds not available for Opex

36.5

35.2

-1.3

143.2

142.7

-0.5

-

-0.5

 

 

 

 

 

Operating Deficit / (Surplus)

19.7

26.6

6.9

-1.1

-

1.1

-

1.1

 

Operational Revenue

3.4       Revenue is $1.7 million higher than budget year to date largely due to higher interest ($0.9 million) and rates revenues ($0.5 million).

3.5       The significant revenue forecast variances include;

·    Interest revenues ($2.8 million), mainly due to investing a prefunded debt rollover that is due for repayment in March 2019 (partially offset by increased debt servicing costs),

·    Rates revenues ($2 million), driven by higher rating growth late in the 2017/18 year; partially offset by,

·    Notification that half the special Transwaste Dividend has been retimed to 2022 ($1.9 million).

 

Operational Expenditure

3.6       Operational expenditure is $6.5 million below budget year to date and is considered to be largely timing related.

3.7       The $1.4 million forecast expenditure variance is mainly due to:

·   Higher debt servicing costs ($2.6 million), due to pre-funding of debt due for repayment in March 2019. These additional funds are placed on deposit until needed and the costs are offset by increased interest revenues; partially offset by,

·   IT expenditure savings ($0.5 million).

3.8       Personnel costs result year to date is mainly driven by vacancies across Council. The forecast anticipates the majority of these vacancies to be filled soon and a conservative view has been taken at this stage.

3.9       Personnel costs recharged to capital were lower than planned due to the above vacancies.

3.10    Operating costs year to date variance is largely considered to be timing related; $1.8 million of this variance sits within Communities and Citizens, where Libraries and Recreation and Sport are having significant timing variances. 

3.11    Maintenance costs result year to date is mainly due to timing of EQ Rebuild/Lancaster Park demolition costs ($1.9 million); and Parks maintenance ($1 million) due to timing of cost recognition and favourable weather conditions.

3.12    Funds not available for opex are higher year to date largely due to a favourable Housing result ($0.6 million), and timing of payments of capital grants borrowed for ($0.3 million). The forecast reflects additional income related rent subsidies for Housing, resulting in less required drawdown of funds from Housing rental subsidies.

3.13    The net cost of individual activities is shown in Attachment A.

 


 

Capital Programme

 

Year to Date Results

Forecast Year End Results

After Carry Forwards

$m

Actual

Plan

Var

Forecast

Plan

Var

C/F

Result

Three Waters

22.3

20.5

-1.8

138.5

111.2

-27.3

-27.3

-

Roading and Transport

12.7

13.5

0.8

96.5

99.2

2.7

6.8

-4.1

Strategic Land

2.4

-

-2.4

-0.9

15.2

16.1

16.0

0.1

IM&CT

9.2

6.3

-2.9

26.8

27.0

0.2

-

0.2

Other

13.3

25.9

12.6

123.1

136.5

13.4

13.4

-

Works Programme

59.9

66.2

6.3

384.0

389.1

5.1

8.9

-3.8

 

 

 

 

 

Infrastructure - Non SCIRT

15.6

19.3

3.7

69.9

73.9

4.0

-0.4

4.4

Transitional / Recovery Projects

0.7

2.2

1.5

17.6

26.9

9.3

9.0

0.3

Facilities Rebuild

24.3

29.5

5.2

108.6

124.1

15.5

11.8

3.7

Rockfall and Improv Allowance

0.4

0.4

-

1.3

1.1

-0.2

-

-0.2

Rebuild Programme

41.0

51.4

10.4

197.4

226.0

28.6

20.4

8.2

 

 

 

 

Gross Capital Projects

100.9

117.6

16.7

581.4

615.1

33.7

29.3

4.4

Unidentified Carry forwards

-

-18.1

-18.1

-69.2

-98.5

-29.3

-29.3

-

Capital Programme Expenditure

100.9

99.5

-1.4

512.2

516.6

4.4

-

4.4

 

 

 

 

 

Development Contributions

-7.0

-5.6

1.4

-23.5

-22.2

1.3

-

1.3

Less DC Rebates

0.2

1.5

1.3

4.7

5.8

1.1

1.1

-

DPMC Recoveries

-

-

-

-

-

-

-

-

NZTA Capital Subsidy

-5.4

-13.8

-8.4

-55.6

-55.6

-

-

-

Vbase recovery - Town Hall

-8.3

-11.0

-2.7

-32.4

-32.4

-

-

-

Capital release / Special dividends

-

-

-

-140.0

-140.0

-

-

-

Misc Capital Revenues

-1.9

-3.2

-1.3

-9.5

-9.6

-0.1

-

-0.1

Asset Sales

-0.9

-0.9

-

-1.2

-1.3

-0.1

-

-0.1

Capital Revenues

-23.3

-33.0

-9.7

-257.5

-255.3

2.2

1.1

1.1

 

 

 

 

Rates for Renewals and Landfill

-31.1

-31.1

-

-124.3

-124.3

-

-

-

Special Funds

-29.5

-32.0

-2.5

-130.1

-131.5

-1.4

-1.1

-0.3

Other Available Funding

-60.6

-63.1

-2.5

-254.4

-255.8

-1.4

-1.1

-0.3

 

 

 

 

 

 

 

 

 

Borrowing Required

17.0

3.4

-13.6

0.3

5.5

5.2

-

5.2

 

Capital Expenditure

3.14    Capital expenditure of $100.9 million has been incurred for the first quarter. A further $411.3 million is currently forecast to be spent by year end.

3.15    The $4.4 million forecast under spend after carry forwards largely relates to Tūranga, Christchurch Central Library, where there is a $3.4 million under spend forecast.

3.16    Group of Activity level variance commentary for the capital programme is shown in
Attachment A.

3.17    Financial results of significant (>$250,000) capital programme projects are shown in
Attachment B.

Capital Revenues

3.18    Development contributions are higher than budget because new development has been higher than anticipated. Payments of development contribution rebates have been slower than planned. There are $8.5 million of rebates provisionally allocated pending compliance with the scheme criteria.

3.19    The large year to date variance for NZTA subsidies is considered to be timing related and is forecast to be on budget by year end.

3.20    Special funds net drawdowns are $2.5 million lower than budget year to date, mainly due to higher developer contribution revenue set aside to fund future qualifying growth projects.

3.21    Borrowing for the Capital Programme is expected to be $5.2 million less than budget at year end. The lower borrowing after carry forwards is largely the result of the current forecast underspend of $4.4 million within the capital expenditure programme.

 

Special Funds

3.22    The current and forecast movements and balance of the Housing Account, Capital Endowment Fund and Earthquake Mayoral Relief Fund are shown in Attachment C.

3.23    The balance of 2018/19 funds available for allocation in the Capital Endowment Fund is forecast to be $597,755.

 

Attachments

No.

Title

Page

a

Financial Performance

389

b

Significant Capital Projects

395

c

Special Funds

401

 

 

Confirmation of Statutory Compliance

Compliance with Statutory Decision-making Requirements (ss 76 - 81 Local Government Act 2002).

(a) This report contains:

(i)  sufficient information about all reasonably practicable options identified and assessed in terms of their advantages and disadvantages; and

(ii) adequate consideration of the views and preferences of affected and interested persons bearing in mind any proposed or previous community engagement.

(b) The information reflects the level of significance of the matters covered by the report, as determined in accordance with the Council's significance and engagement policy.

 

Signatories

Authors

Bruce Moher - Manager Planning & Reporting Team

Ryan McLachlan - Reporting Accountant

Annie Sail - Reporting Accountant

Approved By

Diane Brandish - Head of Financial Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 


 


 


 


 


 


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

12.    Performance Reporting for September 2018

Reference:

18/1002368

Presenter(s):

Peter Ryan, Head of Performance Management Unit

 

 

1.   Purpose of Report

1.1       The purpose of this report is for the Finance and Performance Committee to note an update on LTP level of service performance.

2.   Staff Recommendations

That the Finance and Performance Committee:

1.         Receive the information in the report.

 

3.   Key Points

3.1       Staff forecasts as at 30 September 2018 (Attachment A) indicate a LTP level of service achievement of 89.1% (against a target of 85%).

3.2       Individual LTP level of service exceptions are set out in Attachment B.

 

 

 

Attachments

No.

Title

Page

a

LTP Level of Service Forecast Delivery Graph September 2018

404

b

Level of Service Exceptions, Forecast Period Ending 30 September 2018

405

 

 

Signatories

Authors

Monika De Neef - Senior Business Analyst

Lerks Stedman - Performance Analyst - PL

Boyd Kedzlie - Senior Business Analyst

Approved By

Peter Ryan - Head of Performance Management

Carol Bellette - General Manager Finance and Commercial (CFO)

  


Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

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Finance and Performance Committee

31 October 2018

 

 

13.  Resolution to Exclude the Public

Section 48, Local Government Official Information and Meetings Act 1987.

 

I move that the public be excluded from the following parts of the proceedings of this meeting, namely items listed overleaf.

 

Reason for passing this resolution: good reason to withhold exists under section 7.

Specific grounds under section 48(1) for the passing of this resolution: Section 48(1)(a)

 

Note

 

Section 48(4) of the Local Government Official Information and Meetings Act 1987 provides as follows:

 

“(4)     Every resolution to exclude the public shall be put at a time when the meeting is open to the public, and the text of that resolution (or copies thereof):

 

             (a)       Shall be available to any member of the public who is present; and

             (b)       Shall form part of the minutes of the local authority.”

 

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 are as follows:


Finance and Performance Committee

31 October 2018

 

 

 

ITEM NO.

GENERAL SUBJECT OF EACH MATTER TO BE CONSIDERED

SECTION

SUBCLAUSE AND REASON UNDER THE ACT

PLAIN ENGLISH REASON

WHEN REPORTS CAN BE RELEASED

14

Public Excluded Finance and Performance Committee Minutes - 3 October 2018

 

 

Refer to the previous public excluded reason in the agendas for these meetings.

 

15

Accounting Treatment of $50 Million Capitalisation of Otautahi Community Housing Trust

s7(2)(i)

Conduct Negotiations

The proposed recommendations have yet to be formalised with the Trust.

When the Chief Executive determines there are no longer grounds under the Act for witholding the report.

16

Capital Programme and Major Cycleways Watchlist

s7(2)(b)(ii)

Prejudice Commercial Position

Release of the information may predjudice the ongoing commercial negotiations

Information on individual projects may be released from public excluded when the project is complete and the Chief Executive has determined there is no longer any reason to withhold the information under the Act.

17

Vbase Ltd - Annual Report, 2017/18 and reorganisation update

s7(2)(f)(ii), s7(2)(h)

Protection from Improper Pressure or Harassment, Commercial Activities

To protect Vbase's commercial position and to provide space for consideration of matters that will inform future decisions

After decisions are made on the future organisational arrangements of the Vbase business

18

Christchurch City Holdings Ltd:  Draft Letter of Expectations for 2019/20

s7(2)(h)

Commercial Activities

To enable consideration of issues that may have a commercial impact on the Group's position

31 July 2019

After publication of Christchurch City Holdings' Statement of Intent

19

ChristchurchNZ Holdings Ltd:  Draft Letter of Expectations for 2019/20

s7(2)(f)(ii)

Protection from Improper Pressure or Harassment

To ensure that ChristchurchNZ Holdings Ltd is able to consider the Council's expectations and determine how to address them in its Statement of Intent without pressure from interested parties.

1 August 2019

After the SOI for 2019/20 is published.

20

Local Government Funding Agency - Annual General Meeting, November 2018

s7(2)(a), s7(2)(f)(ii)

Protection of Privacy of Natural Persons, Protection from Improper Pressure or Harassment

To protect the privacy of nominated persons to the board, and to allow decisions to be made without undue pressure from third parties.

22 November 2018

After the AGM

21

Overdue Trade Debtors over $ 20,000 at 30 September 2018

s7(2)(a)

Protection of Privacy of Natural Persons

Publication of the name of the debtors will make collection more difficult.

When legal proceedings have commenced