Finance and Performance Committee

Open Minutes

 

 

Date:                                     Wednesday 31 October 2018

Time:                                    9.30am

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

Mayor Lianne Dalziel

Councillor Mike Davidson

Councillor Anne Galloway

Councillor Jamie Gough

Councillor Yani Johanson

Councillor Deon Swiggs

Mr Mike Rondel (Non-Voting Member)

 

 

30 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

 


Finance and Performance Committee

31 October 2018

 

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

There were no apologies.

 

2.   Declarations of Interest

Part B

Councillor Chen declared an interest in Item 8 relating to the Riccarton Bush Trust.

3.   Confirmation of Previous Minutes

Part C

Committee Resolved FPCM/2018/00063

Committee Decision

That the minutes of the Finance and Performance Committee meeting held on Wednesday, 3 October 2018 be confirmed.

Councillor Manji/Deputy Mayor                                                                                                                           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.


 

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

 

Committee Comment

Jason Rivett and Ivan Iafeta of Regenerate Christchurch Limited joined the table for this item.

 

Committee Decided FPCM/2018/00064

Part A

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 Council 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.

Councillor Manji/Councillor Chen                                                                                                                         Carried

 

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

 

Committee Comment

Councillor Chen declared an interest in the portion of this item relating to the Riccarton Bush Trust and took no part in the vote on the matter.

Deputy Mayor Turner declared an interest in the portion of this item relating to the Rod Donald Banks Peninsula Trust and took no part in the vote on the matter.

Councillor Gough declared an interest in the portion of this item relating to Civic Building Limited and took no part in the vote on the matter

Committee Decided FPCM/2018/00065

Part A

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.

Councillor Manji/Councillor Galloway                                                                                                                 Carried

 

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

 

Committee Comment

Joanna Norris, Robyn Andrews and Anna Elphick of ChristchurchNZ joined the table for this item.

Deputy Mayor Turner declared an interest in Item this item and took no part in the discussion and voting on the matter.

 

Committee Decided FPCM/2018/00066

Part A

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 set out in Attachment A; 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.

Councillor Manji/Councillor Chen                                                                                                                         Carried

 

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

 

Committee Decided FPCM/2018/00068

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Receives the information in the report

2.         Notes the status of the Treasury Policy Compliance

Councillor Manji/Deputy Mayor                                                                                                                           Carried

Councillor Swiggs left the meeting at 10:31 a.m.


 

 

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

 

Committee Decided FPCM/2018/00069

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Receives the information in the report.

Councillor Manji/Deputy Mayor                                                                                                                           Carried

 

12. Performance Reporting for September 2018

 

Committee Resolved FPCM/2018/00070

Part C

That the Finance and Performance Committee:

1.         Receive the information in the report.

Councillor Manji/Deputy Mayor                                                                                                                           Carried

 

 

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

 

Committee Comment

The report associated with this item was originally published in the Public Excluded agenda but the Committee did not decide to exclude the public for the consideration of this item. The report will be published publicly as a separate attachment to these Minutes.

Councillor Clearwater was in attendance and joined the table for this item.

 

Committee Decided FPCM/2018/00071

Part A

That the Finance and Performance Committee recommends that the Council:

1.         Note the accounting treatment implications of capitalising the Ōtautahi Community Housing Trust.

2.         Note that the $5 million gift was written off in the year ended June 2018.

3.         Note that the previous advice was that the $45 million loan, if granted, would need to be written down by $29 million, for statutory reporting purposes. This has been reviewed in light of advice from Audit New Zealand and would now be written down to zero.

4.         Note that this will impact on the net financial result for statutory reporting purposes in the statement of comprehensive revenue and expense but will not have a rates impact.

Councillor Galloway/Mayor                                                                                                                                    Carried


 

Attachments

a     Staff Report - Accounting Treatment of $50 Million Capitalisation of Otautahi Community Housing Trust  

 

13  Resolution to Exclude the Public

 

Committee Resolved FPCM/2018/00072

Part C

That at 11:35am the resolution to exclude the public set out on pages 417 to 419 of the agenda, not includingr item 15 which was considered in the public session, be adopted.

Deputy Mayor/Councillor Gough                                                                                                                            Carried

 

The public were re-admitted to the meeting at 12:45pm.

 

   

Meeting concluded at 12:45pm.

 

CONFIRMED THIS 5TH DAY OF DECEMBER 2018

 

Councillor Raf Manji

Chairperson