open agenda corporateeconomic october2012 · another unexpected incident. progress has also been...

OPEN SECTION PAGE CORP 10\1


Reports, recommendations and supporting documentation can be accessed via the City of Darwin Council Website at www.darwin.nt.gov.au, at Council Public Libraries or contact Linda Elmer on (08) 89300 670.

CITY OF DARWIN CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE

WEDNESDAY 24 OCTOBER 2012 MEMBERS: Member R Lesley (Chairman); The Right Worshipful, The Lord Mayor, Ms

K M Fong Lim; Member G A Lambert; Member J M Anictomatis; Member G J Haslett.

OFFICERS: Chief Executive Officer, Mr B P Dowd; General Manager Corporate

Services, Mr F Crawley; Executive Manager, Mr M Blackburn; Manager Business Services, Mr L Carroll; Manager Employee Relations, Ms J Wheeler; Manager Information Technology, Mr R Iap; Manager Finance, Ms K Stidworthy; Manager Corporate Information, Mr J Henning; Committee Administrator, Ms L Elmer.

Enquiries and/or Apologies: Linda Elmer

E-mail [email protected] - PH: 89300 670 OR Phone Committee Room 1, for Late Apologies - PH: 89300 519

Committee's Responsibilities * City Centre Management * Property Services * Financial Services * Records Management * Human Resources Management * Risk Management * Management Information Systems * Tourism THAT effective as of 16 April 2012 Council, pursuant to Section 32 (2)(b) of the Local Government Act 2008 hereby delegates to the Corporate and Economic Development Committee the power to make recommendations to Council and decisions relating to Corporate & Economic Development matters within the approved budget. * * * I N D E X * * * PAGE 1 MEETING DECLARED OPEN .....................................................................3 2 APOLOGIES AND LEAVE OF ABSENCE ..................................................3 3 DECLARATION OF INTEREST OF MEMBERS AND STAFF.....................3

1

1




4 CONFIDENTIAL ITEMS ...............................................................................4 5 WITHDRAWAL OF ITEMS FOR DISCUSSION ...........................................5 6 CONFIRMATION OF MINUTES PERTAINING TO THE PREVIOUS CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING ...............................................................................5

Wednesday, 19 September 2012 Monday, 8 October 2012

7 BUSINESS ARISING FROM THE MINUTES PERTAINING TO

THE PREVIOUS CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING 7.1 Business Arising ........................................................................................5 8 INFORMATION ITEMS ................................................................................5 9 OFFICERS REPORTS 9.1 Corporate Services Monthly Report – September 2012 ...............................7 9.2 Financial Report to Council – September 2012 ..........................................22 9.3 Listing of Cheques / EFT Payments – September 2012 .............................56 9.4 Monthly On-Street & Off-Street Parking Statistics – September 2012........71 9.5 First Quarter Budget Review 2012/13.........................................................78 9.6 Budget Timetable 2013/14..........................................................................86 9.7 Local Government Investment Guidelines & Review of Policy No. 24 – Investment Policy...............................................................92 10 GENERAL BUSINESS .............................................................................137

2

2

OPEN SECTION PAGE CORP 10\3 Corporate & Economic Development Committee Meeting – Wednesday, 24 October 2012


1 MEETING DECLARED OPEN 2 APOLOGIES AND LEAVE OF ABSENCE 2.1 Apologies 2.2 Leave of Absence Granted A. THAT it be noted that The Right Worshipful, The Lord Mayor, Ms K M Fong Lim is

an apology due to a Leave of Absence being previously granted on 16 October 2012 for the period 21 October 2012 to 24 October 2012.

B. THAT it be noted that Member G A Lambert is an apology due to a Leave of

Absence being previously granted on 31 July 2012 for the period 16 – 23 October 2012.

DECISION NO.21\() (24/10/12) 3 DECLARATION OF INTEREST OF MEMBERS AND STAFF

3

3



4 CONFIDENTIAL ITEMS 4.1 Closure to the Public for Confidential Items Common No. 1944604 COMMITTEE’S DECISION THAT pursuant to Section 65 (2) of the Local Government Act and Regulation 8 of the Local Government (Administration) Regulations the meeting be closed to the public to consider the following Items:

Item Regulation Reason C12 8(c)(ii) Information that would, if publicly disclosed, be

likely to prejudice the maintenance or administration of the law.

C15.1 8(c)(iv) Information that would, if publicly disclosed, be

likely to prejudice the interests of the council or some other person.

C15.2 8(c)(i) Information that would, if publicly disclosed, be

likely to cause commercial prejudice to, or confer an unfair commercial advantage on, any person.

C15.3 8(c)(i) Information that would, if publicly disclosed, be

likely to cause commercial prejudice to, or confer an unfair commercial advantage on, any person.

C15.4 8(c)(iv) Information that would, if publicly disclosed, be

likely to prejudice the interests of the council or some other person.

DECISION NO.21\() (24/10/12) 4.2 Moving Open Items Into Confidential 4.3 Moving Confidential Items Into Open

4

4



5 WITHDRAWAL OF ITEMS FOR DISCUSSION COMMITTEE’S DECISION THAT the Committee resolve under delegated authority that all Information Items and Officers Reports to the Corporate & Economic Development Committee Meeting held on Wednesday, 24 October 2012, be received and considered individually. DECISION NO.21\() (24/10/12) 6 CONFIRMATION OF MINUTES PERTAINING TO THE PREVIOUS

CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING COMMITTEE’S DECISION THAT the Committee resolve that the minutes of the previous Corporate & Economic Development Committee Meetings, tabled by the Chairman, be confirmed as a true and correct record of the proceedings of that meeting for the following meetings.

Wednesday, 19 September 2012; and Monday, 8 October 2012

DECISION NO.21\() (24/10/12) 7 BUSINESS ARISING FROM THE MINUTES PERTAINING TO THE

PREVIOUS CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING

7.1 Business Arising 8 INFORMATION ITEMS Nil

5

5



9 OFFICERS REPORTS 9.1 Corporate Services Monthly Report – September 2012 Report No. 12A0160 (12/10/12) Common No. 339108 9.2 Financial Report to Council – September 2012 Report No.12A0161 (12/1012) Common No. 339122 9.3 Listing of Cheques / EFT Payments – September 2012 Report No. 12A0162 (12/10/12) Common No. 339125 9.4 Monthly On-Street & Off-Street Parking Statistics – September 2012 Report No. 12A0163 (12/10/12) Common No. 376351 9.5 First Quarter Budget Review 2012/13 Report No. 12A0170 (12/10/12) Common No. 978289 9.6 Budget Timetable 2013/14 Report No. 12A0159 (12/10/12) Common No. 2337805 9.7 Local Government Investment Guidelines & Review of Policy No. 24 – Investment Policy Report No. 12A0157 (12/10/12) Common No. 2078949

6

6

CORPORATE & ECONOMIC DEVELOPMENT / OPEN AGENDA ITEM: 9.1

CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012

REPORT No.: 12A0160 COMMON No.: 339108 DATE: 12/10/2012

Presenter: General Manager Corporate Services, Frank Crawley Approved: General Manager Corporate Services, Frank Crawley PURPOSE This report provides Aldermen with an overview of Corporate Services Operations for September 2012. LINK TO STRATEGIC PLAN Issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate Effective, Open and Responsible Governance Outcome 7.1 Effective governance Key Strategies 7.1.1 Continuously review service delivery to meet community needs and expectations KEY ISSUES Nil RECOMMENDATIONS THAT it be a recommendation to Council: A. THAT Report Number 12A0160, Corporate Services Monthly Report –September

2012 be received and noted. BACKGROUND N/A

7

7

PAGE: 2 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 DISCUSSION Information Technology In September the Information Technology Section continued to focus on developing the Business Continuity Plan (BCP). A large workshop involving IT staff and a range of external experts and hardware/software vendors was conducted. The results of the workshop is a plan to move forward with installing the hardware and software infrastructure required to ensure continued IT services in the event of an emergency or another unexpected incident. Progress has also been made on the project to choose a supplier for the backup generator and Uninterruptable Power Supply (UPS) that is required as part of BCP. IT has continued to work with the asset team on migrating paper based processes to digital processes. The arboricultural section of Parks and Reserves has been identified as benefitting from such a process and as a result the ‘Tree Hazard Assessment’ process is now digital. Forms can now be completed on an iPad and the results including GPS location, images, automatic calculations and other form data is then emailed directly to relevant officers for storage and further action in ECM. Finance In September the City of Darwin 2012-13 Long Term Financial Plan was finalised and endorsed by Council. This has been submitted to the Department of Local Government and the website has been updated. The draft financial statements for the year ended 30 June 2012 were finalised and the external audit by KPMG commenced on 17/09/2012. This is expected to take 3-4 weeks to finalise. In addition, the first rate instalment was due on 30/09/2012 and the staff within the revenue section have been kept busy with enquiries and payments. The revenue section has also been experiencing the effects of the current active Darwin real estate market through an increased number of rate searches and new properties. There has also been a noticeable increase in debtor transactions resulting in an increased number of invoices to be raised and outstanding debt collection to be followed up. Employee Relations The month of September saw a significant increase around internal training to coincide with Councils’ annual pre-cyclone clean up, resulting in 80 staff undertaking Manual Handling and Coping with Heat Stress training for all participants. September saw a visit from Marsh Risk Consulting group who conducted - ‘Manage Work Health & Safety’ and ‘Due Diligence for Senior Management’ with 37 employees attending. This training will ensure Managers’ understand their ‘individual’ obligation under recent changes to OH&S Legislation. Manager Employee Relations attended a ‘directions conference’ in the Work Health Court regarding a disputed Workers Compensation Claim.

8

8

PAGE: 3 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Business Services 1. Markets Facilitated Mindil market and Parap market maintenance issues 2. Leases

Facilitated issue of new lease Mitchell St Childcare Centre carpark Facilitated new tenant for Shop 3 Westlane Arcade

3. Security Contract Prepared monthly report and tasked security incidents for action 4. Amphitheatre Acquittal for Darwin Festival

Booking events 5. Permits Finalised alfresco dining permit for Nirvana 6. Property Register Facilitated renewals and rent reviews on Council properties 7. Other Report on fees and charges for Civic Park events. Contracts Tenders Closed in September 2012 2012/012 Level 3 Investment Grade Energy Audit Tenders Advertised in September 2012 2012/102 Expression of Interest : Design And Construction Of A Cafe/Restaurant On

The Nightcliff Foreshore, Lot 8657, (259) Casuarina Drive, Nightcliff Contracts Awarded in September 2012 2012/012 Level 3 Investment Grade Energy Audit Awarded to : OPUS International Consultants - $57,530.00 in GST Contracts Extended in September 2012 2010/051 Carparking Cash Collection And Associated Services Extended from 01/10/2012 – 30/09/2013

9

9

PAGE: 4 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Risk / OHS Risk Management The 2012 revision of operational risk assessments is substantially complete. Further work has now been undertaken to address matters arising from control self assessment reports. Once completed, worksheets will be again circulated to Departmental Managers for approvals. Control Self Assessment (CSA) Control Self Assessment program went live 1st February 2012. Infrastructure Department have completed their first round of assessment and was reported to the Risk Management & Audit Committee in August. Most matters arising from reports related to making adjustments to the Operational Risk Assessments. Corporate Services (excluding Finance), Community & Cultural Services and the Office of the CEO have completed their assessments and will report in October 2012. Financial Services will report in March 2013. Business Continuity Management (BCM) Development of IT Disaster Recovery plans has commenced with funding of $300,000 allocated in the current year’s budget. BCM Consultant returned in September for workshops with internal and external stakeholders to discuss feasibility of recover sites. Occupational Health and Safety Terms of reference for an audit of the OHS Management System have been issued in September and the audit is expected to commence late October.

10

10

PAGE: 5 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 WORKFORCE STATISTICS – SEPTEMBER 2012 Gender Actual FTE % FTE Female 126 41% Male 178 59% Grand Total 304 100%

Employee Status Actual FTE % FTE

Contract 16 5.3% Ltd Tenure 4 1.3% Perm. Full/Time 270 88.9% Perm. Part/Time 12 4.0% Trainee 2 0.7% Grand Total 304 100.0%

0

20

40

60

80

100

120

140

160

180

No

. of

Sta

ff

Employee Establishment by Department

Approved FTE 15 61 87 172

Actual FTE 14 56 82 152

CEO Corporate ServicesCommunity & Cultural

ServicesInfrastructure

11

11

PAGE: 6 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012

0

20

40

60

80

100

120

140

No

. Of

Sta

ff

Employee Gender by Department

Female 11 31 54 30

Male 3 25 28 122

CEO Corporate ServicesCommunity &

Cultural ServicesInfrastructure

0

50

100

150

200

250

300

No

. o

f S

taff

Employee Population by Classification

Actual FTE 16 4 270 12 2

% FTE 5.3% 1.3% 88.9% 4.0% 0.7%

Contract Ltd Tenure Perm. Full/Time Perm. Part/Time Trainee

12

12

PAGE: 7 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 EMPLOYEE RELATIONS EMPLOYEE TURNOVER – Month by Month

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL

Actual for month 5 8 3 13Actual prev year 4 8 4 7 6 4 4 2 5 2 3 4 53

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

Actual 2012/13 5 13 16 Actual 2011/12 4 12 16 23 29 33 37 39 44 46 49 53

TOTAL EMPLOYEE TURNOVER - Cumulative(Permanent Full / Part Time)

0

10

20

30

40

50

60


No E

mplo

yees

Actual 2012/13 Actual 2011/12

TOTAL EMPLOYEE TURNOVER - % of Workforce


Actual 2012/13 1.5% 3.9% 4.8% Actual 2011/12 1.2% 3.6% 4.8% 6.9% 8.7% 9.9% 11.1% 11.7% 13.2% 13.8% 14.7% 15.9%

TOTAL EMPLOYEE TURNOVER(Percentage of Workforce)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


% W

ork

forc

e

Actual 2012/13 Actual 2011/12

13

13

PAGE: 8 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012

EMPLOYEE TURNOVER BY DEPARTMENT - Cumulative JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE TOTAL

CEO 0 0 0 Corporate 1 2 0

Community 1 1 0 Infrastructure 3 5 3

EMPLOYEE TURNOVER BY DEPARTMENT - Year to Date

0

32

11

0

5

10

15

20

25

30

CEO Corporate Community Infrastructure

No E

mplo

yees

EMPLOYEE TURNOVER BY DEPARTMENT – % of Workforce

Approved EFT

CEO 0% 15.8 Corporate 5% 60.6

Community 2% 88

Infrastructure 6% 171.80

336.2

EMPLOYEE TURNOVER BY DEPARTMENT - % of Workforce

0%

5%

2%

6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

CEO Corporate Community Infrastructure

% E

mplo

yees

14

14

PAGE: 9 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 TRAINING AND DEVELOPMENT Training Cost per Employee 2012/13 Net Direct Training Cost Per Employee

NET DIRECT TRAINING COST PER EMPLOYEE 2012 - 2013

0

10

20

30

40

50

60

70


NE

T C

OS

T $ ACTUAL NET DIRECT COST

PERFORMANCE TARGET

AVERAGE TRAINING HOURS PER EMPLOYEE 2012 - 2013

0

0.5

1

1.5

2

2.5

3


HO

UR

S

ACTUAL TRAINING HOURS

NATIONAL AVERAGE (ABS)

15

15

PAGE: 10 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Internal & External Training Comparison 2012/13

INTERNAL / EXTERNAL TRAINING COMPARISON 2012 - 2013

0

20

40

60

80

100

120

140

160

180


No

OF

PA

RT

ICIP

AN

TS EXTERNAL

INTERNAL

Training Activities by Category and Department 2012/13

TRAINING ACTIVITIES BY CATEGORY 2012/13

NUMBER OF EMPLOYEES

CATEGORY JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL

ONGOING HIGHER EDUCATION 6 7 7

ONGOING VET 19 17 20 LEADERSHIP DEVELOPMENT 5 2 2 OH&S 1 59 183 TECHNICAL 0 1 0 OPERATOR 0 1 0 INDUCTION 0 21 0 ADMINISTRATION 0 10 24

TRAINEES 5 7 7

TOTAL EMPLOYEES 36 125 243

TRAINING ACTIVITIES BY DEPARTMENT 2012/13

NUMBER OF EMPLOYEES

DEPARTMENT JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL

INFRASTRUCTURE 11 46 154 CORPORATE SERVICES 6 29 29 COMMUNITY & CULTURAL SERVICES 18 41 52

OFFICE OF CHIEF EXECUTIVE 1 9 8

TOTAL EMPLOYEES 36 125 243

16

16

PAGE: 11 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 RISK / OH&S Workers Compensation 5 new claims for the reporting period *(2 no lost time – medical claims only) 1 x hand (Fleet) 1 x hand laceration (Parks) * 1 x ankle strain (Parks) 1 x ankle strain (Fleet) 1 x hand (Roads Team) * ISR/Public Liability 3 x new PL claims for the reporting period: 1 x slip/trip on footpath 1 x vehicle damage from tree branch 1 x slip/trip on tree root Vehicle Accident Claims 1 x new claim for reporting period OHS Incidents 16 x incidents for reporting period (most of which were minor incidents with first aid being sufficient treatment) 5 as noted under workers compensation claims above 2 x hand scratch (Ranger) 1 x leg laceration (Roads) 1 x ankle sprain (Community) 1 x finger laceration (Irrigation) 1 x wrist sprain (Irrigation) 1 x leg scratch (Community) 1 x hand bruise (Roads) 2 x verbal abuse (Ranger) 1 x shoulder soft tissue (Parks)

Plant and Equipment Damages 9 plant and equipment damages for reporting period: 7 x minor vehicle and plant damage 2 x lost equipment Vandalism Total cost of vandalism for reporting period - $4,444.95 Bicentennial Park $668 Nightcliff Foreshore $1,697 East Point Reserve $488 11 other minor matters under $400

17

17

PAGE: 12 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Year to Date Public Liability Claims Received / Paid 2012/13

YTD PUBLIC LIABILITY CLAIMS RECEIVED / PAID 2012/13

0

5

10

15

20

25

30

35

40

45

50

2012/13 2011/12 2010/11 2009/10 2008/09 2007/08 2006/07

Nu

mb

er

Received

Paid

YTD Public Liability Claims Received / Paid

2012/13 2011/12 2010/11 2009/10 2008/09 2007/08 2006/07

Received 7

Paid 0

OH&S Incidents 2012/13

OHS INCIDENTS 2012/13

0123456789

1011121314151617181920

JUL

AUG

SEP

OCT

NOV

DEC JAN

FEB

MAR

APR

MAY

JUN

Num

ber

Reported

Average 2011/12

OHS Incidents JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

Reported 2 2 16

Average 2012/13 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08

18

18

PAGE: 13 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Plant and Equipment Damage 2012/13

PLANT / EQUIPMENT DAMAGE INCIDENTS 2012/13

0123456789

10

JUL

AUGSEP

OCT

NOV

DECJA

NFEB

MAR

APRM

AYJU

N

Nu

mb

er

Reported

Average 2011/12

Plant / Equipment Damage Incidents


Reported 7 3 9

Average 2012/13 4.41 4.41 4.41 4.41 4.41 4.41 4.41 4.41 4.41 4.41 4.41 4.41

Vandalism Incidents 2012/13

VANDALISM INCIDENTS 2012/13

0

5


Nu

mb

er

Reported

Average 2011/12

Vandalism Incidents

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE

Reported 2 4 4

Average 2011/12 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58

19

19

PAGE: 14 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Vandalism Costs 2012/13

VANDALISM COSTS 2012/13

0

1000

2000

3000

4000

5000

6000

7000

8000


Do

llar

s

Actual

Average 2011/12

Vandalism Costs

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE TOTAL

Actual 7024 7259 4444

Average 2011/12 1732 1732 1732 1732 1732 1732 1732 1732 1732 1732 1732 1732 20782

Workers Compensation Claims 2012/13

Workers Compensation Claims 2012/13

0

1

2

3

4

5

6

7

JUL

AUGSEP

OCTNO

VDEC

JAN

FEBM

ARAPR

MAY

JUN

Nu

mb

er

Actual

Workers Compensation Claims

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE TOTAL

Target 0 0 0 0 0 0 0 0 0 0 0 0 0

Actual 1 1 5 1

20

20

PAGE: 15 REPORT NUMBER: 12A0160 SUBJECT: CORPORATE SERVICES MONTHLY REPORT – SEPTEMBER 2012 Motor Vehicle and ISR Claims 2012/13

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL

Motor Vehicle Received 2 0 2 4

Motor Vehicle Paid 0 0 1 1

ISR Received 0 0 0 0

ISR Paid 0 0 0 0

CONSULTATION PROCESS Corporate Services Managers POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS N/A RISK/LEGAL/LEGISLATIVE IMPLICATIONS N/A ENVIRONMENTAL IMPLICATIONS N/A COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION I the Author and Approving Officer declare that I do not have a Conflict of Interest in relation to this matter. FRANK CRAWLEY GENERAL MANAGER CORPORATE SERVICES Any queries on this report may be directed to Frank Crawley on 8930 0539 or [email protected]

21

21


FINANCIAL REPORT TO COUNCIL – SEPTEMBER 2012


Presenter: Manager Finance, Kelly Stidworthy Approved: General Manager Corporate Services, Frank Crawley PURPOSE The purpose of this report is to provide a comparison of income and expenditure against budget for the month ended 30 September 2012. LINK TO STRATEGIC PLAN The issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate effective, open and responsible governance Outcome 7.1 Effective governance Key Strategy 7.1.3 Manage Council’s affairs based on a sustainable financial strategy KEY ISSUES N/A RECOMMENDATIONS THAT it be a recommendation to Council:- A. THAT Report Number 12A0161 entitled, Financial Report to Council – September

2012, be received and noted. BACKGROUND N/A DISCUSSION Accrual Financial Statements The report contains a set of accrual financial statements comparing year to date budget to actual performance. The following statements are included:

22

22

PAGE: 2 REPORT NUMBER: 12A0161 SUBJECT: FINANCIAL REPORT TO COUNCIL – SEPTEMBER 2012 Income Statement All sources of Council’s income (revenue) and all operating expenses. Capital Funding Statement Details of capital expenditure and funding sources.

Balance Sheet Outlines what Council owns (assets) and what it owes (liabilities). Statement of Changes in Equity Summarises the change in Council’s real worth throughout the financial year. Variance Report Due to the timing of Committee meetings the variance report each month will be for the preceding month. The monthly variance report requires responsible officers to comment on any variations greater than 10% or $10,000. This variation amount is based on each program’s year to date budget compared to actual performance. Investments Report Details all cash and investments held by institution and also provides information on interest rate returns and maturities. Accounts Receivable Report Details rate receipt collection, outstanding general debtors and performance on rates recovery as compared to the previous year. CONSULTATION PROCESS N/A POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS N/A RISK/LEGAL/LEGISLATIVE IMPLICATIONS Part 8 of the Local Government (Accounting) Regulations requires that a monthly financial report is presented to the Council. Regulation 18 states:- 1. The CEO must, in each month, lay before a meeting of the council a report, in a form

approved by the council, setting out:

23

23

PAGE: 3 REPORT NUMBER: 12A0161 SUBJECT: FINANCIAL REPORT TO COUNCIL – SEPTEMBER 2012

(a) the actual income and expenditure of the council for the period from the commencement of the financial year to the end of the previous month; and

(b) the forecast income and expenditure for the whole of the financial year.

The report must include:

(a) details of all cash and investments held by the council (including money held in trust); and

(b) a statement on the debts owed to the council including the aggregate amount owed

under each category with a general indication of the age of the debts; and (c) other information required by the Council.

ENVIRONMENTAL IMPLICATIONS N/A COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. KELLY STIDWORTHY FRANK CRAWLEYMANAGER FINANCE GENERAL MANAGER CORPORATE SERVICES Any queries on this report may be directed to Kelly Stidworthy on 8930 0523 or [email protected] Attachment A Financial Report to Council – September 2012

24

24

Operating SummaryFor the Month Ended

Rates & Annual

ChargesUser Charges

& Fees Interest OtherOperating

Grants TotalYTD Budget $55.44M $4.40M $0.58M $0.46M $2.48M $63.36MYTD Actual $55.51M $5.07M $0.68M $0.47M $2.24M $63.98MYTD Variance $0.07M $0.67M $0.11M $0.01M ($0.24M) $0.62MYTD % Variance 0.12% 15.25% 18.21% 2.51% -9.74% 0.97%

Employee Costs

Materials & Services Depreciation

Borrowing Costs Total

YTD Budget $6.94M $14.65M $3.81M $0.00M $25.40MYTD Actual $6.63M $10.76M $3.81M $0.00M $21.20MYTD Variance ($0.31M) ($3.90M) $0.00M $0.00M ($4.21M)YTD % Variance -4.51% -26.59% 0.00% 0.00% -16.57%

OPERATING REVENUE

OPERATING EXPENDITURE

30 September 2012

Operating Revenue overall is within target displaying a 1% variance. User Charges & Fees have exceeded budget by 15% with additional income derived from Car parking ($78k), Waste Management ($382k) and Animal registrations ($45k). Interest Income has also surpassed budget by 18% mainly due to higher than anticipated investment holdings($130K).

Operating expenditure is below target by 17% ($4.21M). This can be attributed to Materials and Services which are 27% ($3.90M) underspent in relation to programs such as Community & Cultural Services Projects ($347k), Darwin Entertainment Centre ($382k), Design and Planning for CBD Master Plan ($500k), Roads Maintenance ($515k), and Parks & Reserves ($458k). The spread of the budget over the financial year is currently being reviewed in some of those areas and will be reallocated where found to be inaccurate. Employee Costs are underspent by 4% ($313k) as a result of staff vacancies and timing of entitlements. This is partially offset by over expenditure in temp staff ($157K).

OPERATING REVENUE

86.76%

7.93%

1.07%

0.74%

3.50%

Rates & Annual Charges

User Charges & Fees

Interest

Other

Operating Grants

OPERATING EXPENDITURE

0.00%17.99%

50.75%

31.26%Employee Costs

Materials & Services

Depreciation

Borrowing Costs

25

25

lelmer

Typewritten Text

lelmer

Typewritten Text

ATTACHMENT A

Capital SummaryFor the Month Ended

CAPITAL INCOME

Section YTD Budget YTD Actual YTD VarianceYTD %

Variance Comment$0.00M $0.00M $0.00M 0%

($0.08M) $0.00M $0.08M -100%($0.08M) $0.00M $0.08M -100%

CAPITAL EXPENDITURE

Section YTD Budget YTD Actual YTD VarianceYTD %

Variance Comment$0.00M $0.04M $0.04M 0% CBD Parking Review

$0.17M $0.03M -$0.14M -81% Funds Committed




$1.21M $0.04M -$1.17M -97% 65% Completed


$0.09M $0.06M -$0.03M -37% Project Underway



$0.01M $0.00M -$0.01M -100% Project Underway$8.79M $1.80M -$6.99M -80%

STATEMENT OF FINANCIAL POSITION

Parks & ReservesRegulatory Services

Design, Planning & ProjectsInformation Technology

Design, Planning & Projects

Information Technology

30 September 2012

Total

Total

Business Services

Fleet Management

Infrastructure Maintenance

Community & Cultural SvcsCityworks

Development & Waste Mgt

Community Development

Year to date budget is shown above.

Year to date budget is shown above. The YTD % Variance is the variance as at September not the full year.

Currently Council's Cash at Bank and Investments total $59M. Community Equity for the period is $879M and consists of:·$305M Accumulated Surplus·$537M Asset Revaluation Reserve

·$37M Cash Backed Reserves

26

26

Key Performance IndicatorsFor the Month Ended 30 September 2012

YTD Budget YTD ACTUAL

$36.82M $36.82M

$55.44M $55.51M

$1.76M $1.76M End of year target:

64.37% 64.29% less than 5%

$0.00M $0.00M

$0.19M $0.17M


0.30% 0.27% less than 5%

$46.29M $99.17M

$15.58M $11.17M

$29.18M $37.22M Target:

1.03:1 2.05:1 greater than 1:1

$55.44M $55.51M


218% 262% between 60-70%

$63.37M $63.98M


$37.96M $42.78M breakeven

$63.37M $63.98M


$41.78M $46.60M greater than breakeven

$8.79M $1.80M


230.71% 47.24% greater than 50%

$8.79M $1.80M

-$0.08M $0.00M


232.81% 47.24% greater than 50%

N/A $21.20M

N/A $25.41M Target:

N/A 83.43% between 95-105%

Operating Surplus:

Operating income (excl capital income):

Comment

Rates outstanding 30 June current year:

Rates & annual charges income:

END OF YEAR TARGET

Borrowing costs:

Indicator

Rates Ratio

Calculation ($M)

Liquidity Ratio

Debt Servicing Ratio

% of Rate Debtors Outstanding Rates outstanding 30 June previous year:

Current loan principal outstanding:


% of Rate Debtors Outstanding:

Operating Surplus before Depreciation


Operating expenses (excl depreciation):

Operating Surplus before Depreciation:

Operating Surplus

Debt Servicing Ratio:

Total operating expenses:

Rates & annual charges income:

Current assets:

Current liabilities:

Cash backed reserves (restricted cash):

Liquidity Ratio:

Rates Ratio:

Operating expenses:

Asset Sustainability Ratio

Capital renewal expenditure:

Depreciation expense:

Asset Sustainability Ratio:

Capital renewal grants:

% Annual Expenditure within Budget

Operating expenses:

Revised Budget:

% Annual Expenditure within Budget:

Asset Sustainability Ratio before Capital Renewal Grants

Asset Sustainability Ratio before Capital Renewal Grants:

Capital renewal expenditure:

Depreciation expense:

The above key performance indicators and associated targets have been endorsed for use by Council's Risk Management & Audit Committee.

27

27

Municipal Plan SummaryFor the Month Ended

2011-12

Estimated Original Amended YTD YTDActual Budget Budget Budget Actual$'000 $'000 $'000 $'000 $'000

Income

51,884 Rates & Annual Charges 55,443 55,443 55,443 55,512 14,927 User Charges & Fees 19,162 19,162 4,403 5,074 2,796 Interest & Investment Revenue 2,306 2,306 576 681 1,485 Other Revenues 1,472 1,472 461 472 9,066 Grants & Contributions - Operating 6,360 6,423 2,482 2,240 1,409 Grants & Contributions - Capital 582 3,255 75 50

81,567 Total Income from Continuing Operations 85,325 88,061 63,440 64,029

Expenditure64,877 Provision of Core Services 71,537 73,761 21,592 17,383

(excludes depreciation)

16,690 Surplus Afer Operating Expenses 13,788 14,300 41,848 46,646

Capital (Balance Sheet) & Reserve Movements(8,883) Capital Expenditure (18,808) (27,260) (8,786) (1,801)

(173) Loan Repayments (173) (173) - - - Loan Borrowings - - - -

1,061 Proceeds from Sale of Assets 788 1,269 678 327 (7,748) Net Transfers (to)/from Reserves 4,405 11,865 11,865 3,824

(15,743) Total Expenses from Continuing Operations (13,788) (14,299) 3,757 2,350

947 Cash Budget Surplus/(Deficit) - 1 45,605 48,996

30 September 2012

The Municipal Plan Summary outlines:- All sources of Council's cash income (revenue).- All cash expenditure including both operating and capital expenditure.

The purpose of this Statement is to summarise Council's budgeted cash funding and outlays. At the end of the year Council aims to reach a balanced position. However, during the year there appears to be a surplus as Council recognises most of its revenue at the commencement of each financial year and then spends regularly throughout.

2012-13

28

28

Income StatementFor the Month Ended

2011-12

Estimated Original Amended YTD YTD YTDActual Budget Budget Budget Actual Variance$'000 $'000 $'000 $'000 $'000 %

Income from Continuing Operations

51,884 Rates & Annual Charges 55,443 55,443 55,443 55,512 0.12%14,927 User Charges & Fees 19,162 19,162 4,403 5,074 15.24%2,796 Interest & Investment Revenue 2,306 2,306 576 681 18.23%1,485 Other Revenues 1,472 1,472 461 472 2.39%9,066 Grants & Contributions - Operating 6,360 6,423 2,482 2,240 -9.75%6,461 Grants & Contributions - Capital 582 3,255 75 50 -33.33%

661 Profit/(Loss) on Sale of Assets - - - - 0.00%87,280 Total Income from Continuing Operations 85,325 88,061 63,440 64,029 0.93%

Expenses from Continuing Operations

24,118 Employee Costs 25,881 25,922 6,939 6,626 -4.51%291 Borrowing costs 282 282 - - 0.00%

40,468 Materials and Services 45,374 47,557 14,653 10,757 -26.59%15,839 Depreciation and Amortisation 15,251 15,251 3,813 3,813 0.00%80,716 Total Expenses from Continuing Operations 86,788 89,012 25,405 21,196 -16.57%

6,564 Net Operating Result for the Year (1,463) (951) 38,035 42,833 12.61%

103 Net Operating Result before Capital Income (2,045) (4,206) 37,960 42,783 12.71%

The Income Statement outlines:- All sources of Council's income (revenue).

The Net Operating Surplus/(Deficit) for the reporting period is a measure of council's financial performance. This figure is determined by deducting total operating expenses from total operating revenue.

- All operating expenses. These expenses relate to operations and do not include capital expenditure although depreciation of assets is included.

30 September 2012

2012-13

29

29

Capital Funding StatementFor the Month Ended

2011-12


Sources of capital funding 6,564 Net Operating Surplus/(Deficit) from (1,463) (951) 38,035 42,833

Income StatementOther capital revenue sources:

New borrowings15,839 Add back: non-cash depreciation 15,251 15,251 3,813 3,813 (7,748) Transfers from/(to) Reserves 4,405 11,865 11,865 3,824

(661) Deduct: Profit/(Loss) on Sale of Assets - - - - 1,061 Add back: Gross Proceeds from Sale of Assets 788 1,269 678 327

(5,052) Deduct: non cash developer contributions - - - - 10,003 Total Sources of Capital Funding 18,981 27,434 54,391 50,797

Application of capital funding8,883 Capital Expenditure: - 27,260 8,786 1,801

- Land & Buildings 1,113 - - - - Roads 1,820 - - - - Pathways 1,402 - - - - Stormwater Drainage 447 - - - - Other Infrastructure 613 - - - - Other Structures 1,294 - - - - Plant & Equipment 4,010 - - - - Other Assets 5,524 - - - - Major Projects 2,583 - - -

8,883 Total Application of Capital Funding 18,806 27,260 8,786 1,801 Loan Redemptions:

173 Principle Loan Repayments 173 173 - - 9,056 Total Application of Capital Funding 18,979 27,433 8,786 1,801

947 2 1 45,605 48,996

2012-1330 September 2012

The Capital Funding Statement provides details of capital expenditure and what sources of funds are to be used for the financing of the expenditure.

30

30

Statement of Financial PositionFor the Month Ended

2011-12


Current Assets53,499 Cash at Bank & Investments 42,435 41,634 41,634 59,012 4,555 Receivables 4,369 4,368 4,368 40,035

143 Inventories 101 101 101 127 175 Other 186 186 186 -

58,372 47,091 46,289 46,289 99,174 Non-Current Assets

797,495 Infrastructure, Property, Plant and Equipment 835,568 835,568 835,568 794,403 1,047 Capital works in progress - 8,453 8,453 1,801

798,542 835,568 844,021 844,021 796,204

856,914 TOTAL ASSETS 882,659 890,310 890,310 895,378

Current Liabilities9,392 Payables 9,911 9,912 9,912 4,124

173 Borrowings 187 187 187 173 5,998 Provisions 5,484 5,484 5,484 6,871

15,563 15,582 15,583 15,583 11,168 Non-Current Liabilities

4,110 Borrowings 3,923 3,923 3,923 4,110 547 Provisions 404 404 404 573

4,657 4,327 4,327 4,327 4,683

20,220 TOTAL LIABILITIES 19,909 19,910 19,910 15,851

836,694 NET ASSETS 862,750 870,400 870,400 879,527

Equity258,293 Retained Earnings 269,024 273,292 273,292 304,951 537,357 Asset Revaluation Reserve 567,930 567,930 567,930 537,357 41,044 Other Reserves 25,796 29,178 29,178 37,219

836,694 TOTAL EQUITY 862,750 870,400 870,400 879,527

Council's net worth is determined by deducting total liabilities from total assets - the larger the net equity, the stronger the financial position.

The Statement of Financial Position outlines what Council owns (assets) and what it owes (liabilities) at a point in time.

2012-1330 September 2012

31

31

Statement of Changes in EquityFor the Month Ended

2011-12


Retained Earnings265,938 Balance at beginning of period 266,664 265,633 223,467 258,344

103 Net Surplus/(Deficit) for Year (2,045) (4,206) 37,960 42,783 (9,818) Recurrent Reserve Transfers (to)/from Reserves (6,542) (3,696) (3,696) (1,422) 2,070 Capital Reserve Transfers (to)/from Reserves 10,947 15,561 15,561 5,246

258,293 Balance at end of period 269,024 273,292 273,292 304,951

Asset Revaluation Reserve537,357 Balance at beginning of period 537,357 537,357 537,357 537,357

- Transfers to Asset Revaluation Reserve 30,573 30,573 30,573 - - Transfers from Asset Revaluation Reserve - - - -

537,357 Balance at end of period 567,930 567,930 567,930 537,357

Other Reserves33,296 Balance at beginning of period 30,201 41,042 41,042 41,043 9,818 Recurrent Reserve Transfers to/(from) Reserves 6,542 3,696 3,696 1,422

(2,070) Capital Reserve Transfers to/(from) Reserves (10,947) (15,561) (15,561) (5,246) 41,044 Balance at end of period 25,796 29,178 29,178 37,219

836,694 TOTAL EQUITY 862,750 870,400 870,400 879,527

- a surplus or deficit as recorded in the Income Statement

- an increase or decrease in the net value of non-current assets resulting from a revaluation of those assets.

The Statement of Changes in Equity summarises the change in a Council's real worth throughout the financial year. Council's net worth can change as a result of:

30 September 2012

2012-13

32

32

Statement of Cash FlowsFor the Month Ended

2011-12


Cash Flows from Operating ActivitiesReceipts:

51,884 Rates & Annual Charges 55,443 55,443 19,776 20,030 14,927 User Charges & Fees 19,162 19,162 4,403 5,074 2,796 Interest & Investment Revenue Received 2,306 2,306 576 681

10,476 Grants & Contributions 6,942 9,677 2,557 2,290 1,485 Other 1,472 1,472 461 472

Payments: (24,118) Employee Benefits & Oncosts (25,881) (25,922) (5,383) (5,726) (40,546) Materials & Contracts (45,374) (47,557) (26,320) (15,835)

(291) Borrowing Costs (282) (282) - -

16,613 Net Cash provided (or used in) Operating Activities 13,788 14,299 (3,930) 6,986

Cash Flows from Investing ActivitiesReceipts:

1,061 Sale of Infrastructure, Property, Plant & Equipment 788 1,269 678 327 Payments:

(8,883) Purchase of Infrastructure, Property, Plant & Equipment (18,808) (27,260) (8,786) (1,801)

(7,822) Net Cash provided (or used in) Investing Activities (18,020) (25,991) (8,108) (1,474)

Cash Flows from Financing ActivitiesReceipts:

- Proceeds from Borrowings & Advances - - - - Payments:

(173) Repayment of Borrowings & Advances (173) (173) 172 -

(173) Net Cash provided (or used in) Financing Activities (173) (173) 172 -

8,618 Net Increase/(Decrease) in Cash Held (4,405) (11,865) (11,866) 5,512

44,880 plus: Cash & Investments - beginning of year 46,840 53,499 53,499 53,499

53,498 Cash & Investments - end of year 42,435 41,634 41,633 59,011

Representing15,050 - External Restrictions 11,721 11,855 11,855 14,110 25,993 - Internal Restrictions 14,075 17,324 17,324 23,109 12,455 - Unrestricted 16,639 12,455 12,454 21,792

2012-1330 September 2012

The Statement of Cash Flows summarises the actual flows of cash for a period and explains the change in the cash balance held from the start of the period through to the end of the reporting peiod. This shows where Council received its cash from and then what it spent it on.

33

33

Program SummaryOperational Expenditure and Revenue including Capital Income

1 July 2012 to 31 August 2012

Full Year Budget

YTD Budget YTD Actual Commit-

ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 1,302,621 306,773 289,094 8,995 N/A N/ATotal 1,302,621 306,773 289,094 8,995

Variance Comments:

Governance

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 702,222 132,060 122,742 -753 N/A N/ATotal 702,222 132,060 122,742 -753

Variance Comments:

Chief Executive Office

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 1,244,833 174,697 117,496 42,575 33% 57,201 Total 1,244,833 174,697 117,496 42,575

Variance Comments:

Communications & Marketing

Variance relates to commitments for Darwin Show.

34

34



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -41,142 0 -1,626 0 N/A N/AExpenditure 343,244 91,947 107,785 28,014 -17% -15,838 Total 302,102 91,947 106,159 28,014

Variance Comments:

Strategy & Outcomes

The variance in operational expenditure is due to a timing issue, monies had been allocated to September 2012 however the works were completed and invoice was received earlier than previous anticipated. The variance in operational project expenditure is due to an invoice being paid prior to the carry forward requests from the 2011/12 financial year being endorsed and processed.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -50,000 0 -15,291 0 100% 15,291 Expenditure 520,902 66,126 83,918 26,656 -27% -17,792 Total 470,902 66,126 68,627 26,656

Variance Comments:

Climate Change & Environment

Income variance due to cashflow. Money was received in this month instead of next month as predicted.Expenditure variance due to cashflow allocation in Donations and Grants. Grants of $25k allocated in September budget.

35

35



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -390,000 -20,000 -20,000 0 N/A N/AExpenditure 1,210,000 250,680 300,000 273 -20% -49,320 Total 820,000 230,680 280,000 273

Variance Comments:

Darwin Entertainment Centre

Finance Comment: Increase in DEC grant funding as per Council Decision, carryforward submitted to fund the increase.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 -340 0 N/A N/AExpenditure 1,091,109 310,795 284,300 29,465 N/A N/ATotal 1,091,109 310,795 283,960 29,465

Variance Comments:

Community Development

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 512,028 106,494 109,920 1,596 N/A N/ATotal 512,028 106,494 109,920 1,596

Variance Comments:

Community & Cultural Services GM

36

36



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -142,176 -28,419 -36,962 0 N/A N/AExpenditure 314,897 42,807 54,187 13,790 -27% -11,380 Total 172,721 14,388 17,226 13,790

Variance Comments:

Family & Children

Fun in the Parks variance is due to expenditure on a trailer upgrade that is to be funded from a carryforward.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 169,849 31,369 40,513 164 N/A N/ATotal 169,849 31,369 40,513 164

Variance Comments:

Sister Cities

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 362,139 52,166 39,405 519 24% 12,761 Total 362,139 52,166 39,405 519

Variance Comments:

Youth Projects

The position of Youth Engagement Officer that sits within the Youth Projects area is currently vacant and as such project funds and wages linked to this program are underspent.

37

37



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -846,101 -195,902 -125,295 0 36% -70,607 Expenditure 2,030,759 296,812 277,005 514,807 N/A N/ATotal 1,184,658 100,910 151,709 514,807

Variance Comments:

Recreation & Leisure

Finance Comment: Recreational revenue was received in July for the Quarter and hence will show a variance for August and September. There were no venue hire income as anticipated and budgeted for. The swimming pool's fees and charges income has dropped in Parap and Nightcliff, however, it has increased in Casuarina. Income has been lower than anticipated for the Amphitheatre as well.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -1,659,162 -186,114 -191,764 0 N/A N/AExpenditure 3,426,999 559,630 513,342 127,246 N/A N/ATotal 1,767,837 373,516 321,578 127,246

Variance Comments:

Libraries

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -500,609 -83,436 -116,190 0 -39% 32,754 Expenditure 1,301,966 298,058 256,933 73,162 14% 41,125 Total 801,357 214,622 140,743 73,162

Variance Comments:

Animals

Finance Comment: Income variance relates to fees and charges for Dog and Cat registrations. Expenditure variance is due to grant funding of $96k for the animal pound which was budgeted for in August but was paid in September instead. This is partially offset by salaries & wages ($19k) and internal plant hire ($11) over expenditure in operational costs.

38

38



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -1,355,524 -225,918 -233,820 0 N/A N/AExpenditure 2,019,567 350,036 312,268 28,845 11% 37,768 Total 664,043 124,118 78,449 28,845

Variance Comments:

Infringements

Finance Comment: Write-offs for infringements are lower than expected. Operational expenditure is also lower than anticipated but commitments have been placed and will decrease the variance as they are actualised.

39

39



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Infrastructure GM

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 483,183 70,683 41,615 16,417 41% 29,068 Total 483,183 70,683 41,615 16,417

Variance Comments:

Asset Management

Minimal spending to date as new financial year has just commenced and projects are being planned.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -312,500 -62,500 -125,000 0 -100% 62,500 Expenditure 553,982 119,298 80,369 66,618 33% 38,929 Total 241,482 56,798 -44,631 66,618

Variance Comments:

Design

Income variance is the invoice sent to NTG, which is the 25% contribution for the CBD Precinct Master Plan. Expenditure variance is due to lower actuals in salaries and wages due to one staff who is on recreation leave. In addition, timing of the actual billing for consultancy and posting of internal plant hire recharge, which will catch up as the year progresses.

40

40



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -75,117 0 0 0 N/A N/AExpenditure 565,612 98,990 93,300 64,976 N/A N/ATotal 490,495 98,990 93,300 64,976

Variance Comments:

Infrastructure Projects

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Planning

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -164,120 0 0 0 N/A N/AExpenditure 0 0 0 0 N/A N/ATotal -164,120 0 0 0

Variance Comments:

Road Construction & Traffic Management

41

41



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -41,160 0 0 0 N/A N/AExpenditure 0 0 0 0 N/A N/ATotal -41,160 0 0 0

Variance Comments:

Urban Enhancement

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -2,000 -334 -13,570 0 -3963% 13,236 Expenditure 3,855,785 527,992 538,026 304,656 N/A N/ATotal 3,853,785 527,658 524,456 304,656

Variance Comments:

Building Services

Income variance should only be $3,826 which is income for garbage charges. A manual journal of $9,076 is required to transfer parks income for the Fannie Bay maintenance of greenbelt area booked under Building Services income, Finance has corrected transaction in September.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Operations Administration

42

42



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 2,559,625 420,146 397,055 604,946 N/A N/ATotal 2,559,625 420,146 397,055 604,946

Variance Comments:

Cleaning Services

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -135,158 0 0 0 N/A N/AExpenditure 179,754 7,818 3,778 -1,745 N/A N/ATotal 44,596 7,818 3,778 -1,745

Variance Comments:

Mosquito Control

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Pathways

43

43



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -1,902,602 -951,302 -957,834 0 N/A N/AExpenditure 5,806,477 993,787 643,099 208,115 35% 350,688 Total 3,903,875 42,485 -314,735 208,115

Variance Comments:

Roads Maintenance

Mainly due to timing of road works, linemarking, shoulder and gutter maintenance as the financial year has just started and programs are still being scheduled. A larger proportion of road maintenance will be required due to wet season influence.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure 511,222 85,544 43,636 1,018 49% 41,908 Total 511,222 85,544 43,636 1,018

Variance Comments:

Stormwater Drainage

Variance is mainly due to timing of root cutting works, cleaning of drains and drain maintenance activities.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -200,974 -33,494 -29,829 0 N/A N/AExpenditure 13,109,329 2,099,372 1,950,921 375,539 7% 148,451 Total 12,908,355 2,065,878 1,921,092 375,539

Variance Comments:

Parks & Reserves

Expenditure variance is due to timing of horticultural and arboricultural works and painting of playgrounds as compared to the monthly budgeted cashflow.

44

44



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -267,342 -18,940 -47,771 0 -152% 28,831 Expenditure 364,023 49,827 150,714 31,787 -202% -100,887 Total 96,681 30,887 102,943 31,787

Variance Comments:

Development

Income variance is due to timing of driveways repairs being recoverable works. Expenditure variance is due to timing of footpath and driveways repairs.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -17,664,291 -7,770,111 -8,114,800 0 -4% 344,689 Expenditure 14,473,407 1,845,048 1,161,605 6,961,550 37% 683,443 Total -3,190,884 -5,925,063 -6,953,195 6,961,550

Variance Comments:

Waste Management

Income variance is due to higher actual tonnage of waste that went to the weighbridge and timing of income recognition for Asbestos income. It was forecasted in the budget to generate income in November, however for the months of July and August, we have already generated income of $141k. Expenditure variance is due to timing of actual billings for weighbridge charges and the billings for the works on the asbestos cell.

45

45



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -15,000 -2,500 -17,312 0 -592% 14,812 Expenditure 463,757 79,648 94,316 27,942 -18% -14,668 Total 448,757 77,148 77,004 27,942

Variance Comments:

Corporate Services GM

Finance Comment: Income variance relates to settlement monies received. Expenditure variance is result of legal expenses, travel and accomodation expenditure that is higher than forecasted YTD, but will even out during the year.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Business Services

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Contracts

46

46



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -47,000 -7,834 -18,011 0 -130% 10,177 Expenditure 548,542 88,968 94,859 34,478 N/A N/ATotal 501,542 81,134 76,848 34,478

Variance Comments:

Customer Services

Income variance in Customer Service Income of $8k is due to a large payment for Street Light Banners. This will be recashflowed by finance to September. In addition $2k variance in Banners income is due to unexpected commercial bookings.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -2,044,158 -809,033 -864,941 0 N/A N/AExpenditure 600,420 123,308 113,522 141,163 N/A N/ATotal -1,443,738 -685,725 -751,419 141,163

Variance Comments:

Off Street Parking

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -2,423,439 -403,906 -426,597 0 N/A N/AExpenditure 531,950 80,744 77,683 321,486 N/A N/ATotal -1,891,489 -323,162 -348,914 321,486

Variance Comments:

On Street Parking

47

47



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -1,289,090 -333,878 -356,252 0 N/A N/AExpenditure 114,653 20,024 75,926 1,840 -279% -55,902 Total -1,174,437 -313,854 -280,325 1,840

Variance Comments:

Property Management

Finance Comment: Variance is due to timing of the Utility Recovery account, this account will be reclassified in next month's report.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 -286 0 N/A N/AExpenditure 650,147 113,188 132,118 -718 -17% -18,930 Total 650,147 113,188 131,832 -718

Variance Comments:

Business Services

Variance is due to ECM upgrade, carryforward has been submitted to fund project progress.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -105,000 -17,500 -14,371 0 N/A N/AExpenditure 1,396,645 239,358 213,211 16,280 11% 26,147 Total 1,291,645 221,858 198,840 16,280

Variance Comments:

Employee Relations

For the month of August, Salaries were greater than expected due to resignation and pay out of entitlements for staff, this has been offset with a less than anticipated spend in Apprentices & Trainees budget due to two apprentice positions and Graduate Planner position yet to be filled. These three roles should be filled in September/early October. OHS operational budget is less than expected.

48

48



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -8,041,029 -1,415,222 -1,366,126 0 N/A N/AExpenditure 8,241,029 1,856,799 1,595,622 0 14% 261,177 Total 200,000 441,577 229,496 0

Variance Comments:

Employee Overheads

Finance Comment: The variance is due to timing of staff leave entitlements.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -3,744,345 -1,176,859 -1,270,726 0 N/A N/AExpenditure 1,653,880 233,241 239,333 -132 N/A N/ATotal -2,090,465 -943,618 -1,031,393 -132

Variance Comments:

Finance

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -49,640,536 -49,115,702 -49,219,825 0 0% 104,123 Expenditure 1,022,271 102,688 79,054 -42,700 23% 23,634 Total -48,618,265 -49,013,014 -49,140,771 -42,700

Variance Comments:

Revenue Services

Income variance is result of more revenue generated in general rates as new properties were created and levied. Expenditure variance relates to underspend in collection and Australia Post commissions, this will increase as rate revenue is collected.

49

49



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -824,874 -6,414 -290,072 0 -4422% 283,658 Expenditure 1,986,757 363,931 377,580 59,166 N/A N/ATotal 1,161,883 357,517 87,508 59,166

Variance Comments:

Fleet Management

Traded plant income is from carry forwards. Plant was not traded in last financial year as new plant was not delivered last year and is being delivered this year.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income 0 0 0 0 N/A N/AExpenditure -3,709,200 -612,638 -525,336 0 14% -87,302 Total -3,709,200 -612,638 -525,336 0

Variance Comments:

Fleet - Internal Recharge

Plant usage will even out over the year.

Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance

Income -301,667 0 0 0 N/A N/AExpenditure 2,774,702 419,486 319,718 105,120 24% 99,768 Total 2,473,035 419,486 319,718 105,120

Variance Comments:

Information Technology

Finance Comment: Software Licence charges have been allocated to September and the budget was allocated to August.

50

50



Full Year Budget


ments

% Var. > 10% & $10,000 or

$100,000$ Variance


Variance Comments:

Risk Management

51

51

As at 30th September, 2012 Council's short term cash position was as follows:

1. General Fund

Cash at Bank $3,642,720.10Short Term Investments 54,388,970.67$

Council has an arrangement with its financial institution the Commonwealth Bank of Australia to offset Council's overdraft facility against pooled funds held in Council's Trust Account and General Account.

As at 30th September, 2012

2. Trust Account $ Institution ValueInterest

RateMaturity

DateDays to Maturity

Cash at Bank $799,975.55 COMMONWEALTH $799,975.55 n/a n/a n/a

Total Trust Funds $799,975.55

CASH AND INVESTMENTS SUMMARY

FUNDS INVESTED PER TERMS As at 30 September 2012

$-$2,000,000.00$4,000,000.00$6,000,000.00$8,000,000.00

$10,000,000.00$12,000,000.00$14,000,000.00$16,000,000.00$18,000,000.00$20,000,000.00

30 D

ays

60 D

ays

90 D

ays

120

Days

150

Days

180

Days

7-12

Mos

.

52

52

30/09/2012CREDIT RATING

as at 25/11/200

4

COUNTERPARTY INV TYPE AMOUNT INTEREST

RATEMATURITY DATE

DAYS TO MATURITY

WEIGHTED AVERAGE RATE

INSTITUTION TOTALS

% P/FOLIO PER

COUNTER PARTY

LT - ST51.40%

$ 27,955,520.84 of portfolio

AA - A1+ ANZ TD 510,168.22$ 4.80% December 4, 2012 65 0.000450240AA - A1+ ANZ TD 1,000,000.00$ 4.76% December 24, 2012 85 0.000875177AA - A1+ ANZ TD 500,000.00$ 4.78% January 2, 2013 94 0.000439427AA - A1+ ANZ TD 1,000,000.00$ 4.69% March 19, 2013 170 0.000862307AA - A1+ ANZ TD 1,000,000.00$ 4.50% April 2, 2013 184 0.000827374 4,010,168.22$ 7.37%AA - A1+ National Bank TD 1,032,941.58$ 5.34% November 13, 2012 44 0.001014159AA - A1+ National Bank TD 500,000.00$ 5.34% November 13, 2012 44 0.000490908AA - A1+ National Bank TD 1,000,000.00$ 5.05% December 18, 2012 79 0.000928497AA - A1+ National Bank TD 1,179,736.46$ 5.02% January 8, 2013 100 0.001088875AA - A1+ National Bank TD 1,049,420.91$ 5.04% February 5, 2013 128 0.000972455AA - A1+ National Bank TD 1,028,970.42$ 5.03% February 12, 2013 135 0.000951612AA - A1+ National Bank TD 1,031,306.31$ 5.05% February 19, 2013 142 0.000957565AA - A1+ National Bank TD 500,000.00$ 5.00% March 5, 2013 156 0.000459652AA - A1+ National Bank TD 1,043,794.54$ 5.02% March 19, 2013 170 0.000963403AA - A1+ National Bank TD 1,000,000.00$ 5.08% April 2, 2013 184 0.000934013 9,366,170.22$ 17.22%AA - A1+ Comminvest-Secure TD 506,606.85$ 4.55% October 2, 2012 2 0.000423810AA - A1+ Comminvest-FIIG TD 1,093,228.33$ 4.55% October 9, 2012 9 0.000914558AA - A1+ Comminvest-Secure TD 1,101,054.62$ 4.55% October 16, 2012 16 0.000921106AA - A1+ Comminvest-Secure TD 1,035,430.24$ 5.00% November 20, 2012 51 0.000951875AA - A1+ Comminvest-Secure TD 500,000.00$ 4.75% December 11, 2012 72 0.000436669AA - A1+ Comminvest-Secure TD 1,000,000.00$ 4.50% January 22, 2013 114 0.000827374 5,236,320.04$ 9.63%AA - A1+ Westpac TD 1,000,000.00$ 5.65% October 9, 2012 9 0.001038814AA - A1+ Westpac TD 1,020,288.22$ 5.80% October 16, 2012 16 0.001088028AA - A1+ Westpac TD 1,086,617.32$ 5.50% November 13, 2012 44 0.001098825AA - A1+ Westpac TD 1,131,882.20$ 5.20% November 20, 2012 51 0.001082166AA - A1+ Westpac TD 1,000,000.00$ 5.05% December 4, 2012 65 0.000928497AA - A1+ Westpac TD 1,075,025.58$ 5.20% January 15, 2013 107 0.001027806AA - A1+ Westpac TD 1,000,000.00$ 5.10% January 15, 2013 107 0.000937690AA - A1+ Westpac TD 1,029,049.04$ 5.00% January 22, 2013 114 0.000946009AA - A1+ Westpac TD 1,000,000.00$ 4.95% February 12, 2013 135 0.000910111 9,342,862.36$ 17.18%

33.41% $ 18,171,684.31 of portfolio

AA - A1+ Bankwest TD 508,054.79$ 4.95% October 30, 2012 30 0.000462386AA - A1+ Bankwest TD 1,114,889.24$ 4.60% November 6, 2012 37 0.000942928AA - A1+ Bankwest TD 1,053,072.27$ 4.75% November 27, 2012 58 0.000919689AA - A1+ Bankwest TD 1,000,000.00$ 4.65% December 11, 2012 72 0.000854953AA - A1+ Bankwest TD 1,000,000.00$ 4.90% January 8, 2013 100 0.000900918 4,676,016.30$ 8.60%A - A2 Bendigo Adelaide Bank TD 1,081,479.73$ 4.70% October 30, 2012 30 0.000934556A - A2 Bendigo Adelaide Bank TD 1,096,366.71$ 5.00% October 30, 2012 30 0.001007894A - A2 Bendigo Adelaide Bank TD 1,008,054.79$ 4.90% November 27, 2012 58 0.000908175A - A2 Bendigo Adelaide Bank TD 1,000,000.00$ 4.90% January 29, 2013 121 0.000900918A - A2 Bendigo Adelaide Bank TD 1,097,138.44$ 4.85% June 18, 2013 261 0.000978346A - A3 Bendigo Adelaide Bank TD 1,000,000.00$ 4.80% July 2, 2013 275 0.000882532 6,283,039.67$ 11.55%A+ - A1 Suncorp-Metway Limited TD 1,107,871.15$ 5.05% October 23, 2012 23 0.001028655A+ - A1 Suncorp-Metway Limited TD 1,054,516.62$ 4.96% December 18, 2012 79 0.000961666A+ - A1 Suncorp-Metway Limited TD 1,000,000.00$ 5.15% January 2, 2013 94 0.000946883A+ - A1 Suncorp-Metway Limited TD 1,000,000.00$ 4.70% January 2, 2013 94 0.000864146A+ - A1 Suncorp-Metway Limited TD 522,222.76$ 5.10% February 5, 2013 128 0.000489683A+ - A1 Suncorp-Metway Limited TD 500,000.00$ 4.95% March 26, 2013 177 0.000455055A+ - A2 Suncorp-Metway Limited TD 1,000,000.00$ 4.86% May 21, 2013 233 0.000893564 6,184,610.53$ 11.37%A - A1 Macquarie Bank TD 1,028,017.81$ 5.25% February 19, 2013 142 0.000992314 1,028,017.81$ 1.89%

6.86%3,731,297.01$ of portfolio

Not Rated*

Defence Credit TD 1,112,469.40$ 4.50% October 2, 2012 2 0.000920428Not Rated*

Defence Credit TD 1,075,145.96$ 4.80% November 27, 2012 58 0.000948851Not Rated*

Defence Credit TD 1,043,681.65$ 5.00% December 11, 2012 72 0.000959461 3,231,297.01$ 5.94%BBB+ - A2

People's Choice/Australian Central TD 500,000.00$ 4.85% March 5, 2013 156 0.000445862 500,000.00$ 0.92%

8.33%4,530,468.51$ of portfolio

AA - A1** TIO TD 1,025,532.43$ 5.00% October 2, 2012 2 0.000942776AA - A1** TIO TD 1,000,000.00$ 4.69% October 23, 2012 23 0.000862307AA - A1** TIO TD 1,000,000.00$ 4.57% October 23, 2012 23 0.000840244AA - A1** TIO TD 504,936.08$ 4.54% November 6, 2012 37 0.000421484AA - A1** TIO TD 1,000,000.00$ 4.45% November 6, 2012 37 0.000818181 4,530,468.51$ 8.33%

*APRA regulated**Moody's Rated

100.00% Average Days to

Maturity 89.00

Weighted Average

4.92% 100.00%

GENERAL BANK FUNDS

TOTAL ALL FUNDS

Amount % PortfolioTerm Deposit 54,388,970.67$ 94%Bank Bills -$ Negotiable Certificate of Deposit -$ CBA At Call 3,642,720.10$ 6%

58,031,690.77$ 100%

Total Budget Investment Earnings 2,085,936.00$

Year to Date Investment Earnings 681,484.00$

Type of Investment

$3,642,720.10

58,031,690.77$

NT Government Total @ Invested

TOTAL FUNDS INVESTED 54,388,970.67$

INVESTMENTS REPORT TO COUNCIL AS AT 30 SEPTEMBER 2012

Regional Banks Total @ Invested

Credit Societies Total @ Invested

Major Banks Total @ Invested

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

7.00%

30 60 90 120 150 180 365

BBSW Rate @ 28th September, 2012DCC Weighted Ave. Rate @ 30th September, 2012DCC Wted Ave. Rate (Per InvestmentTerms)

FUNDS DISTRIBUTION PER INSTITUTION

Defcredit6%

TIO8%

BankWest9%

Citibank0%

ANZ7% NAB

17%

Commonwealth

10%

Westpac17%

Bendigo & Adelaide Bank Ltd

12%

People's Choice/Australian Central Credit Union

1% Suncorp11%

MacquarieBank2%

53

53

54

54

FINANCE DEPARTMENTSERVICE LEVEL REPORT TO COUNCILFOR THE MONTH OF SEPTEMBER 2012

ACCOUNTS RECEIVABLE OUTSTANDING DEBTORS

0

200000

400000

600000

800000

1000000

1200000

1400000

July August September

Current

30 Days

60 Days

90 Days+

RATE RECEIPTS BY PAYMENT TYPE LAST 12 MONTHS

B-Pay31.5%

Credit Card by Phone6.3%

Direct Debits8.6%

Web Site8.7%

Major Agents16.0%

Centrepay0.3%

Aust Post11.6%

Cheques6.9%

EFT1.3%

Credit Card6.1%

Cash2.6%

$ Outstanding

MONTHLY RATES RECOVERY TOTALS 2013

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

RatesLevied

August-11 October-11

December-11

February-12

April-12 June-12

0%

20%

40%

60%

80%

100%

$ Outstanding 2012/2013

$ Outstanding 2011/2012

% Recovery 2012/2013

% Recovery 2011/2012

$33,483,864

93.46%

% Outstanding

$ Outstanding

55

55


LISTING OF CHEQUES / EFT PAYMENTS – SEPTEMBER 2012


Presenter: Manager Finance, Kelly Stidworthy Approved: General Manager Corporate Services, Frank Crawley PURPOSE The purpose of this report is to provide Council with a listing of all payments made during September 2012. LINK TO STRATEGIC PLAN Issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate Effective, Open and Responsible Governance Outcome 7.1 Effective governance Key Strategies 7.1.3 Manage Council’s affairs based on a sustainable financial strategy KEY ISSUES The following amounts were paid during the month of September 2012:- 1. General Fund Payments

Cheque numbers 000 to 000 for the month of September 2012 totalling $0.00 EFT / Payment Transactions Batch number 6xxx to 6xxx for the month of September 2012 totalling $0.00

2. Trust Fund Cheque Payments Cheque numbers 000 to 000 for the month of September 2012 totalling $0.00.

A detailed listing of payees and amounts supporting the total for cheques / EFT payments paid is tabled as Attachment A. RECOMMENDATIONS THAT it be a recommendation to Council: A. THAT Report Number 12A0162, Listing of Cheques / EFT Payments – September

2012 be received and noted.

56

56

PAGE: 2 REPORT NUMBER: 12A0162 SUBJECT: LISTING OF CHEQUES/EFT PAYMENTS – SEPTEMBER 2012 BACKGROUND N/A DISCUSSION N/A CONSULTATION PROCESS N/A POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS N/A RISK/LEGAL/LEGISLATIVE IMPLICATIONS N/A ENVIRONMENTAL IMPLICATIONS N/A COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. KELLY STIDWORTHY FRANK CRAWLEYMANAGER FINANCE GENERAL MANAGER CORPORATE SERVICES Any queries on this report may be directed to Kelly Stidworthy on 8930 0523 or [email protected] Attachment A Listing of Cheques / EFT Payments – September 2012

57

57

PAYMENTS SUMMARY REPORT FOR MONTH ENDING

Payment Reference or Cheque No. Date Payee Warrant Description EFT/Cheque Value Contract No.

General Cheques & EFT's Fund 5

Item Payments > $100,0001 6321/2013 18/09/2012 SUNCORP METWAY LIMITED INVESTMENT SURPLUS FUNDS $1,500,000.002 6308/4664 04/09/2012 BENDIGO AND ADELAIDE BANK LIMITED INVESTMENT OF SURPLUS FUNDS $1,000,000.003 6308/867 04/09/2012 WESTPAC BANKING CORPORATION INVESTMENT OF SURPLUS FUNDS $1,000,000.004 6315/11 11/09/2012 ANZ BANKING GROUP INVESTMENT OF SURPLUS FUNDS $1,000,000.005 6315/926 11/09/2012 TIO FINANCE INVESTMENT OF SURPLUS FUNDS $1,000,000.006 6321/11 18/09/2012 ANZ BANKING GROUP INVESTMENT SURPLUS FUNDS $1,000,000.007 6324/926 20/09/2012 TIO FINANCE INVESTMENT SURPLUS FUNDS $1,000,000.008 6335/11 28/09/2012 ANZ BANKING GROUP INVESTMENT SURPLUS FUNDS $1,000,000.009 6335/1326 28/09/2012 BANK WEST INVESTMENT SURPLUS FUNDS $1,000,000.00

10 6335/2013 28/09/2012 SUNCORP METWAY LIMITED INVESTMENT SURPLUS FUNDS $1,000,000.0011 6335/2741 28/09/2012 COMMINVEST INVESTMENT SURPLUS FUNDS $1,000,000.0012 6335/4664 28/09/2012 BENDIGO AND ADELAIDE BANK INVESTMENT SURPLUS FUNDS $1,000,000.0013 6335/926 28/09/2012 TIO FINANCE INVESTMENT SURPLUS FUNDS $1,000,000.0014 6334/3462 27/09/2012 MACMAHON CONTRACTORS PTY LTD MANAGEMENT SHOAL BAY WASTE DISPOSAL SITE AUGUST $486,555.96 2010/02715 6308/11 04/09/2012 ANZ BANKING GROUP INVESTMENT OF SURPLUS FUNDS $500,000.0016 6308/916 04/09/2012 NATIONAL AUSTRALIA BANK INVESTMENT OF SURPLUS FUNDS $500,000.0017 6315/6 11/09/2012 AUSTRALIAN CENTRAL CREDIT UNION INVESTMENT OF SURPLUS FUNDS $500,000.0018 6314/3462 06/09/2012 MACMAHON CONTRACTORS PTY LTD MANAGEMENT SHOAL BAY WASTE DISPOSAL SITE JULY $466,155.35 2010/02719 PY01-07 26/09/2012 PAYROLL MOA EMPLOYEES PAYROLL $422,098.3920 PY01-06 12/09/2012 PAYROLL MOA EMPLOYEES PAYROLL $416,603.1321 6334/3664 27/09/2012 ASPHALT COMPANY AUSTRALIA PTY LTD SUPPLY OF READYMIX ASPHALT $404,081.66 2011/04322 6332/418 27/09/2012 POWER AND WATER CORPORATION ELECTRICITY, WATER & SEWERAGE CHARGES $369,328.72

23 6333/2528 27/09/2012 CLEANAWAY LIMITED BIN CLEARANCES TENEMENTS AUGUST 2012 $364,555.66 2007/06024 PY02-06 19/09/2012 PAYROLL MEA EMPLOYEES PAYROLL $203,798.8425 PY02-05 05/09/2012 PAYROLL MEA EMPLOYEES PAYROLL $191,083.9526 6334/3462 27/09/2012 MACMAHON CONTRACTORS PTY LTD STAGE 3 CONTAINMENT $112,813.36 2010/02727 6334/3698 27/09/2012 READY WORKFORCE PTY LTD TEMP LABOUR WEEK ENDING 02/09/2012 $137,819.5328 6322/4 20/09/2012 AUSTRALIAN TAXATION OFFICE PAYROLL DEDUCTION $133,099.2029 6310/4 06/09/2012 AUSTRALIAN TAXATION OFFICE PAYROLL DEDUCTION $127,600.5530 6334/4920 27/09/2012 DEMPSEY CONSOLIDATED PTY LTD SWIMMING POOLS MANAGEMENT AUGUST 2012 $104,394.43 2011/04931 6325/764 20/09/2012 RSPCA (NT) INCORPORATED GRANT FOR SHELTER OPERATIONS 2012-2013 $101,871.00

58

58

lelmer

Typewritten Text

ATTACHMENT A



Payments $99,999 - $50,00032 6320/885 13/09/2012 CIVICA BIS ENTERPRISE SUBSCRIPTION LICENCE RENEWAL $75,362.0033 6334/4108 27/09/2012 TECHNOLOGYONE ANNUAL SUPPORT AND MAINTENANCE FEE $71,561.3534 6314/2241 06/09/2012 HIDDEN VALLEY FORD & STUART MOTOR GROUP SUPPLY 2 NEW PX RANGER 4X2 XL CREW CAB VEHICLES $70,083.8435 6334/5126 27/09/2012 PROGRAMMED PROPERTY SERVICES MOWING SERVICE AUGUST 2012 $62,262.13 2011/06136 6334/1465 27/09/2012 PARADISE LANDSCAPING GROUNDS MAINTENANCE LYONS ESTATE - JULY & AUGUST $54,835.51 2012/06337 6334/469 27/09/2012 GENERAL EXCAVATORS PTY LTD MINOR CIVIL WORKS $54,271.04 2011/04038 6334/2320 27/09/2012 P & K PLUMBING PROVISION OF PLUMBING SERVICE $51,909.4039 6328/4 27/09/2012 AUSTRALIAN TAXATION OFFICE PAYROLL DEDUCTION $51,801.7040 6334/5064 27/09/2012 ARAFURA TREE SERVICES PTY LTD PROVISION OF ARBORICULTURE SERVICES $51,248.39 2011/05441 6334/394 27/09/2012 CSG BUSINESS CENTRE PHOTOCOPIER SERVICES $50,282.99

Payments $49,999 - $10,00042 6326/3038 20/09/2012 SUPERSEALING PTY LTD MUNICIPALITY CRACK SEALING WORKS $47,190.0043 6316/4 13/09/2012 AUSTRALIAN TAXATION OFFICE PAYROLL DEDUCTION $45,591.8544 6334/4835 27/09/2012 NT SPORTS & PLAYGROUND SURFACING PROVISION OF SHADE STRUCTURES $41,012.8045 6326/3916 20/09/2012 APARC PTY LTD PARKING MACHINE MAINTENANCE $40,665.70 2010/10146 6334/1901 27/09/2012 STICKERS & STUFF SUPPLY ADVERTISING & PROMOTIONAL MATERIAL $36,473.0047 6334/4354 27/09/2012 RURAL RUBBISH REMOVAL SERVICE OF LITTER BINS IN DARWIN MUNICIPALITY $33,853.07 2010/05548 6314/182 06/09/2012 BRIDGE TOYOTA NEW TOYOTA HYBRID CAMRY SEDAN $33,448.5049 6326/5197 20/09/2012 LOGICOIL SUPPLY BULK FUEL $32,382.3750 6334/1333 27/09/2012 M & G PAINTERS AND PARTNERS PTY LTD PROVISION PAINTING SERVICE $32,343.30 050/201151 6333/3911 27/09/2012 JOMAJO CLEANING SERVICES PTY LTD PROVISION SWEEPING SERVICE DARWIN MUNICIPALITY $30,654.29 047/201052 6334/5082 27/09/2012 EZKO PROPERTY SERVICES PROVISION OF CLEANING SERVICES $26,950.20 057/201153 6334/5453 27/09/2012 MARINER TRAVEL PTY LTD PROVISION OF TRAVEL SERVICES $25,715.38 2010/02454 6326/4783 20/09/2012 SUREFLOW IRRIGATION INSTALLED AUTO MAINS WATER IRRIGATION SYSTEM WANGURI OVAL $25,135.0055 6314/5408 06/09/2012 PAWS DARWIN CITY OF DARWIN POUND MANAGEMENT FEES AUGUST $24,489.03 2009/02256 6326/5289 20/09/2012 BMT WBM PTY LTD COASTAL EROSION STUDY DARWIN PERIOD ENDING AUGUST $24,200.0057 6334/2239 27/09/2012 G & T ELECTRICAL ENTERPRISES ELECTRICAL SERVICES $23,304.56

58 6333/2560 27/09/2012 AMCOM TELECOMMUNICATIONS TELECOMMUNICATIONS CHARGES OCTOBER $22,276.7159 6314/1294 06/09/2012 SINCLAIR KNIGHT MERZ PROFESSIONAL SERVICES - DARWIN CBD TRAFFIC STUDY $21,902.1060 6334/4675 27/09/2012 WILDMAN LAND MANAGEMENT MUNICIPAL WEED CONTROL PROGRAM $21,600.0061 6334/5558 27/09/2012 GHD PTY LTD PROFESSIONAL FEES - SHOAL BAY LANDFILL $21,343.3062 6334/277 27/09/2012 AREA9 IT SOLUTIONS IT SOFTWARE UPGRADES LICENCE FEES $20,845.0463 6320/2935 13/09/2012 NATIONWIDE NEWS NT DIVISION NEWSPAPER ADVERTISING JULY 2012 $20,747.4864 6334/4961 27/09/2012 REMOTE AREA TREE SERVICES PTY LTD TREE PLANTING AND MAINTENANCE SERVICE $20,379.88 2011/05365 6334/5424 27/09/2012 LEAN APPLICATION PTY LTD CONSULTANCY FEES FOR VALUE IMPROVEMENT PROGRAM $19,636.0066 6334/501 27/09/2012 H B CONCRETE SUPPLY AND DELIVERY OF READYMIX CONCRETE $19,432.04 042/201167 6320/418 13/09/2012 POWER AND WATER CORPORATION TRAFFIC LIGHT MAINTENANCE $18,629.3168 6334/1294 27/09/2012 SINCLAIR KNIGHT MERZ PROFESSIONAL SERVICES - DARWIN CBD TRAFFIC STUDY $17,902.5069 6334/2233 27/09/2012 MOBILE ELECTRICS PROVISION OF AIR-CONDITIONING MAINTENANCE SERVICE $17,203.67 2009/01570 6326/783 20/09/2012 TOP END SOUNDS INFRASTRUCTURE & EQUIPMENT HIRE ROYAL DARWIN SHOW $17,108.3071 6320/3713 13/09/2012 MARSH PTY LIMITED MANAGEMENT LIABILITY INSURANCE $17,011.2672 6334/2935 27/09/2012 NATIONWIDE NEWS NT DIVISION NEWSPAPER ADVERTISING AUGUST 2012 $16,588.3673 6334/4279 27/09/2012 LEAL TECHNOLOGY PTY LTD CHINATOWN CARPARK CCTV UPGRADE AND MAINTENANCE $16,538.2974 6333/4288 27/09/2012 SOUTHERN CROSS PROTECTION PTY LTD PROVISION OF SECURITY SERVICE AND PATROLS $16,255.35 2012/04175 6334/1573 27/09/2012 MABINDI PTY LTD HIRE AND OPERATION OF ELEVATED WORK PLATFORM $16,157.80 2010/04576 6320/1465 13/09/2012 PARADISE LANDSCAPING GROUNDS MAINTENANCE LYONS ESTATE - JULY $16,128.09 2012/06377 6326/4852 20/09/2012 REGENCY BATHROOMS DEPOSIT- TOILET FACILITIES UPGRADE- MALAK CHILD CARE CENTRE $15,705.0078 6334/5005 27/09/2012 EAST ARM CIVIL PTY LTD CAVENAGH ST RECONSTRUCTION $15,597.45

59

59



79 6314/3148 06/09/2012 MANDALAY TECHNOLOGIES PTY LTD IT HARDWARE $15,466.0080 6334/1821 27/09/2012 LANE PRINT GROUP RATES INSTALMENT NOTICE $15,327.6281 6334/5589 27/09/2012 THINC PROJECTS AUSTRALIA PTY LTD PROFESSIONAL FEES - CHINATOWN DEVELOPMENT $15,312.0082 6334/695 27/09/2012 PROTECTOR ALSAFE PTY LTD PROVISION OF SAFETY WORK AND FOOTWEAR $15,067.2183 6334/1485 27/09/2012 ALLIED IRRIGATION SUPPLY OF IRRIGATION AND ANCILLARY EQUIPMENT $14,731.12 2009/05884 6320/5478 13/09/2012 FREEHILLS LEGAL ADVICE - INDUSTRIAL RELATIONS $14,579.8085 6334/4473 27/09/2012 CANDO ANTENNA & SATELLITE SYSTEMS ADDITIONAL CABLING TO FRONT MONITORS DAR $14,217.5086 6334/5559 27/09/2012 DESIGN URBAN PTY LTD PROFESSIONAL FEES DARWIN CBD MASTER PLAN $13,594.6587 6334/986 27/09/2012 MOUSELLIS & SONS PTY LTD EARTHMOVING AND EQUIPMENT HIRE $13,137.57 2009/06588 6334/5324 27/09/2012 GLD WELDING SERVICES GALVANISED GUARD RAILS FANNIE BAY CYCLE PATH $12,236.4089 6314/5240 06/09/2012 NATIONWIDE NEWS NEWSPAPER ADVERTISING $12,000.3690 6312/5354 06/09/2012 LORD MAYOR K FONG LIM LORD MAYOR ALLOWANCE AUGUST 2012 $11,970.9791 6313/3610 06/09/2012 OPTUS BILLING SERVICES PTY LTD CITY OF DARWIN MOBILE PHONE ACCOUNT $11,821.8992 6334/647 27/09/2012 NORSIGN PTY LTD SUPPLY OF ROAD SIGNS $11,638.3693 6314/647 06/09/2012 NORSIGN PTY LTD DESIGN AND MANUFACTURE CITY OF DARWIN DRAGONFLY SIGNAGE $11,484.0094 6334/5478 27/09/2012 FREEHILLS LEGAL ADVICE - INDUSTRIAL RELATIONS $11,225.0995 6334/4790 27/09/2012 ISS SECURITY PTY LTD CASH SECURITY SERVICES OFF-STREET METERS AUGUST $11,063.60 2010/05196 6334/5008 27/09/2012 TERRAIN GROUP PTY LTD SUPPLY 6 X PARKWAY SEATS ARM RESTS AND 1 X PLATFORM SEAT $10,749.2097 6320/4790 13/09/2012 ISS SECURITY PTY LTD CASH SECURITY SERVICES OFF-STREET METERS JULY $10,526.38 2010/05198 6334/2464 27/09/2012 TERRITORY DEBT COLLECTORS PROVISION OF DEBT COLLECTION SERVICE $10,505.50 2010/02399 6326/2566 20/09/2012 CARDNO (NT) PTY LTD PROFESSIONAL SERVICES CAVENAGH STREET RECONSTRUCTION $10,287.20100 6314/4603 06/09/2012 TONKIN CONSULTING DARWIN CBD PARKING STRATEGY $10,081.50101 6320/5381 13/09/2012 TUTT BRYANT EQUIPMENT PTY LTD SUPPLY PEDESTRIAN ROLLER $10,000.00

Payments < $10,000102 6320/1659 13/09/2012 TOP END GROUP TRAINING PTY LTD TRAINING COSTS $9,985.69103 6314/802 06/09/2012 SHAMROCK CHEMICALS SUPPLY CLEANING PRODUCTS $9,976.70104 6326/5059 20/09/2012 DEFENCE HOUSING AUSTRALIA RATES REFUND $9,966.93105 6326/3700 20/09/2012 NT BUILD PORTABLE LONG SERVICE LEAVE CAVENAGH STREET MEDIAN STRIP UPGRADE $9,949.00106 6314/277 06/09/2012 AREA9 IT SOLUTIONS IT HARDWARE $9,497.69107 6326/4108 20/09/2012 TECHNOLOGYONE ECM TECHNICAL TRAINING AND SUPPORT $9,432.50108 6334/3787 27/09/2012 BEAUREPAIRES FOR TYRES PLANT TYRES - REPLACEMENT AND REPAIRS $9,057.84109 6325/2528 20/09/2012 CLEANAWAY LIMITED DARWIN MUNICIPALITY BIN CLEARANCES $8,410.77 060/2007110 6334/3340 27/09/2012 SAFEROADS PTY LTD SUPPLY PEDESTRIAN BLOCK OUT BARRIERS $8,099.30111 6334/4856 27/09/2012 NT RECYCLING SOLUTIONS COLLECTION OF HAZARDOUS WASTE $8,066.10 2010/026112 6334/2487 27/09/2012 SCHWARZE INDUSTRIES PLANT MAINTENANCE AND REPAIRS $7,638.96113 6326/4609 20/09/2012 GREENHILL ENGINEERS STORMWATER MARY & MEIGS STREET $7,409.60114 6334/5194 27/09/2012 MAJESTIX MEDIA PROJECTOR TEST AND REPAIRS $7,295.75115 6334/4733 27/09/2012 SOUTHERN STARR FIRE PROTECTION FIRE EQUIPMENT MAINTENANCE $6,814.22116 6334/178 27/09/2012 BP AUSTRALIA PTY LTD SUPPLY BULK FUEL $6,708.44117 00914370 13/09/2012 RTM CONSTRUCTION DIVISION TRAFFIC SIGNALS MAINTENANCE $6,692.61118 6334/4536 27/09/2012 I3 CONSULTANTS ROAD SAFETY AUDIT LARRAKEYAH PRIMARY SCHOOL PROJECT $6,600.00119 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - MOTOR VEHICLE REGISTRATIONS $6,158.30120 6314/4168 06/09/2012 MR L M LEYSLEY ARBOREAL INSPECTIONS $6,037.50121 6334/295 27/09/2012 CRIDLANDSMB PROVISION OF LEGAL SERVICES $5,956.63 2009/001122 6314/958 06/09/2012 TOP END LINE MARKERS LINE MARKING SERVICES $5,888.30123 6334/1158 27/09/2012 GEMINEX NORTHERN TERRITORY SUPPLY WORK AND SAFETY WEAR $5,860.55124 6334/254 27/09/2012 COLEMANS PRINTING PTY LTD PRINTING PARKING PERMITS AND INFRINGEMENT NOTICE BOOKS $5,830.00125 6320/4464 13/09/2012 DARWIN COMMUNITY ARTS INCORPORATED SPONSORSHIP DARWIN FRINGE FESTIVAL 2012 $5,500.00126 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - CORPORATE SERVICES $5,463.00127 6334/2345 27/09/2012 PALMERSTON PRECAST CONCRETE SUPPLY CERTIFIED SAND $5,400.00

60

60



128 6334/940 27/09/2012 RTM NT POLICE, FIRE AND EMERGENCY ********** C A N C E L L E D ****** $5,040.00129 6334/4516 27/09/2012 NT SUPPLY SOLUTIONS ABSORBENT REUSABLE SNOW $5,005.00

130 6326/400 20/09/2012 EARL JAMES & ASSOCIATES SURVEY TOWN OF NIGHTCLIFF $5,000.00131 6334/3517 27/09/2012 MICHELS WARREN MUNDAY BICYCLE STRATEGY $4,609.00132 6326/4341 20/09/2012 CHAINMESH SUPPLIES PTY LTD FENCING REPAIRS AND MAINTENANCE $4,580.00133 6334/3398 27/09/2012 WASTE SOLUTIONS NT PTY LTD SWEEPER BIN CLEARANCES $4,505.60134 6320/3783 13/09/2012 WALLBRIDGE & GILBERT DRAINAGE ASSESSMENT MARINA BOULEVARD $4,334.00135 6334/197 27/09/2012 BUNNINGS BUILDING SUPPLIES PTY LTD HARDWARE, TOOLS AND EQUIPMENT $4,255.32136 6314/2837 06/09/2012 MS C A VERNON CONSULTING SERVICES $4,224.00137 6330/235 27/09/2012 CHILD SUPPORT AGENCY PAYROLL DEDUCTION $4,183.79138 6334/5141 27/09/2012 FLEMINGS NURSERIES PTY LTD SUPPLY TREEGATOR WATERING BAGS $4,175.05139 6334/4805 27/09/2012 ACE CABLING & TELECOMMUNICATIONS CABLING WORKS CIVIC CENTRE $4,169.00140 6334/4163 27/09/2012 SIGN CITY RECYCLING TRUCK DECAL DESIGN AND INSTALLATION $4,109.60141 6334/48 27/09/2012 THE BOOKSHOP CHILDREN'S RESOURCES $4,043.76142 6334/612 27/09/2012 CORPORATE EXPRESS AUSTRALIA LIMITED SUPPLY OFFICE SUPPLIES $4,037.04143 6326/1659 20/09/2012 TOP END GROUP TRAINING PTY LTD TRAINEE WAGES $4,024.69144 6314/3924 06/09/2012 ERGOMOTION PTY LTD SUPPLY MOBILE DESK UNITS $3,993.00145 6314/4805 06/09/2012 ACE CABLING & TELECOMMUNICATIONS CABLING CIVIC CENTRE $3,927.00146 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - MOTOR VEHICLE REGISTRATIONS $3,806.40147 6312/409 06/09/2012 ALDERMAN R K ELIX ALDERMAN ALLOWANCE AUGUST 2012 $3,796.48148 6326/1772 20/09/2012 TERRITORY UNIFORMS SUPPLY CORPORATE UNIFORMS $3,760.58149 6334/341 27/09/2012 CANOPY MAN PROVIDE CAR SEAT COVERS $3,685.00150 6334/365 27/09/2012 DICK SMITH ELECTRONICS PTY LTD SUPPLY MOBILE PHONES $3,459.92151 6317/418 13/09/2012 POWER AND WATER CORPORATION PAYROLL DEDUCTION $3,449.00152 6329/418 27/09/2012 POWER AND WATER CORPORATION PAYROLL DEDUCTION $3,435.00153 6312/5332 06/09/2012 ALDERMAN R WANT DE ROWE ALDERMAN ALLOWANCE AUGUST 2012 $3,411.67154 6320/3780 13/09/2012 EPAC SALARY SOLUTIONS PTY LTD SALARY SACRIFICE PAYMENTS $3,394.73155 6334/3780 27/09/2012 EPAC SALARY SOLUTIONS PTY LTD SALARY SACRIFICE PAYMENTS $3,394.72156 6334/498 27/09/2012 J BLACKWOOD & SON LTD SUPPLY TOOLS AND EQUIPMENT $3,388.64157 00914388 20/09/2012 CHEMWATCH MAINTENANCE FEE MULTI USER CHEMFIX LICENCE $3,300.00158 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - FINANCE $3,384.32159 6326/5513 20/09/2012 AUSTRALIAN PERFORMING ARTS CENTRES SPONSORSHIP 2012 APACA CONFERENCE $3,300.00160 6334/1360 27/09/2012 IRWINCONSULT ENGINEERING SERVICES REVIEW AMPHITHEATRE TRUSS LOADS $3,300.00161 6312/3243 06/09/2012 ALDERMAN H I GALTON ALDERMAN ALLOWANCE AUGUST 2012 $3,243.90162 6312/3244 06/09/2012 ALDERMAN A R MITCHELL ALDERMAN ALLOWANCE AUGUST 2012 $3,243.90163 6312/4684 06/09/2012 ALDERMAN R M KNOX ALDERMAN ALLOWANCE AUGUST 2012 $3,243.90164 6312/5344 06/09/2012 ALDERMAN K J WORDEN ALDERMAN ALLOWANCE AUGUST 2012 $3,243.90165 6334/3563 27/09/2012 QBD THE BOOKSHOP CHILDREN'S RESOURCES $3,165.61166 6334/5541 27/09/2012 QUALITY EXTERIORS SUPPLY CLAY PAVERS AS SPECIFIED $3,156.00167 6333/1913 27/09/2012 STRONSAY MOWING PTY LTD PROVISION LONG GRASS MOWING SERVICE $3,136.30 2009/058168 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - LORD MAYOR $3,114.12169 6326/5469 20/09/2012 CRITERION CONFERENCES MANAGING LANDFILL EMISSIONS CONFERENCE $3,078.90170 6334/2562 27/09/2012 THINK WATER SUPPLY IRRIGATION EQUIPMENT AND ANCILLARY ITEMS $3,076.51171 6312/1571 06/09/2012 ALDERMAN R LESLEY ALDERMAN ALLOWANCE AUGUST 2012 $3,076.13172 6312/2365 06/09/2012 ALDERMAN G A LAMBERT ALDERMAN ALLOWANCE AUGUST 2012 $3,076.13173 6312/4064 06/09/2012 ALDERMAN G J HASLETT ALDERMAN ALLOWANCE AUGUST 2012 $3,076.13174 6312/5331 06/09/2012 ALDERMAN G LAMBRINIDIS ALDERMAN ALLOWANCE AUGUST 2012 $3,076.13175 6312/5349 06/09/2012 ALDERMAN S J NIBLOCK ALDERMAN ALLOWANCE AUGUST 2012 $3,076.13176 6334/1535 27/09/2012 IRON MOUNTAIN AUSTRALIA PTY LTD RECORDS MANAGEMENT AUGUST 2012 $2,995.05177 6334/450 27/09/2012 IRONSTONE LAGOON NURSERY SUPPLY PLANTS AS SPECIFIED $2,978.76178 6334/3943 27/09/2012 KONE ELEVATORS PTY LTD WESTLANE CARPARK SERVICE FEE $2,917.81 2009/025

61

61



179 6334/3962 27/09/2012 JOBFIT HEALTH GROUP EMPLOYEE MEDICAL TESTING $2,904.00180 6334/413 27/09/2012 HARVEY DISTRIBUTORS JANITORIAL SUPPLIES $2,836.54181 6334/3580 27/09/2012 TOLL PRIORITY PROVISION OF COURIER SERVICE $2,813.93182 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - MOTOR VEHICLE REGISTRATIONS $2,812.90183 6314/5257 06/09/2012 BODYFIT NT HEAL PROGRAM $2,810.50184 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - CORPORATE SERVICES $2,780.31185 6334/5591 27/09/2012 MS S M JACKSON RATES REFUND $2,760.00186 6312/5347 06/09/2012 ALDERMAN J M ANICTOMATIS ALDERMAN ALLOWANCE AUGUST 2012 $2,740.59187 6334/2812 27/09/2012 MOBILE LOCKSMITHS LOCK AND KEY SERVICE $2,596.00188 6334/1177 27/09/2012 COVENTRY FASTENERS SUPPLY TOOLS AND HARDWARE CONSUMABLES $2,501.66189 6314/1901 06/09/2012 STICKERS & STUFF SUPPLY PULL-UP BANNERS $2,474.00190 6334/5594 27/09/2012 MS K L SELLWOOD RATES REFUND $2,437.00191 6320/5061 13/09/2012 ARAFURA CONNECT WIRELESS HOTSPOT MAINTENANCE $2,380.00192 6314/3969 06/09/2012 MR D R NEALL TRAVEL ALLOWANCE CPTED TRAINING $2,379.40193 6334/3848 27/09/2012 DARWIN AUTO ELECTRICS PTY LTD PLANT REPAIRS & SERVICE $2,278.10194 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - FINANCE $2,273.55195 6326/491 20/09/2012 JAPE KONG SU NOMINEES PTY LTD SUPPLY OFFICE FURNITURE $2,251.00196 6333/46 27/09/2012 CALTEX AUSTRALIA PETROLEUM SUPPLY BULK FUEL AUGUST 2012 $2,224.79197 6334/286 27/09/2012 COONAWARRA PANEL WORKS VEHICLE REPAIRS $2,201.23198 6334/705 27/09/2012 TERRITORY TELEVISION PTY LTD ADVERTISING AUGUST 2012 $2,200.00199 6334/4731 27/09/2012 SOUTHERN CROSS MEDIA AUSTRALIA ADVERTISING AUGUST 2012 $2,198.90200 6334/713 27/09/2012 THE BIG MOWER PLANTS PARTS AND MAINTENANCE $2,116.78201 6326/5567 20/09/2012 MRS R WILSON RATES REFUND $2,100.00202 6334/521 27/09/2012 HUMES LTD SUPPLY PIT COVERS $2,084.72203 6334/1951 27/09/2012 TRAVELWORLD TRAVEL AIRFARES AND ACCOMMODATION CHARGES $2,078.50204 6334/3750 27/09/2012 DARWIN STEEL & PIPE SUPPLIES PTY LTD GALVANISED PRODUCTS $2,015.20205 00914406 27/09/2012 BIG W DEPARTMENT STORE LIBRARY RESOURCES $2,005.04206 00914349 06/09/2012 MS D M MOLDENHAUER RATES REFUND $2,000.00207 6334/1170 27/09/2012 H D PUMPS OVERHAUL MAIN PUMP CASUARINA POOL $1,999.30208 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - LIBRARIES $1,967.31209 6320/5552 13/09/2012 GREEN BEING NT GARDEN/COOKING WORKSHOPS FOR HEALTHY DARWIN $1,917.50210 6314/5544 06/09/2012 D BAINBRIDGE RATES REFUND $1,892.50211 6326/242 20/09/2012 CIVIC GUIDES ADVERTISING $1,870.00212 6334/406 27/09/2012 INTEGRATED SWITCHGEAR & SYSTEMS SUPPLY CABLE TIES AND POLE RELAYS $1,845.45213 6334/2392 27/09/2012 BUNZL LTD GARBAGE CONSUMABLES $1,837.97214 6320/802 13/09/2012 SHAMROCK CHEMICALS CATERING EQUIPMENT SUPPLIES $1,816.81 2009/058215 6334/436 27/09/2012 CHUBB FIRE & SECURITY PTY LTD DIALLER MONITORING AND MAINTENANCE $1,813.13216 6326/4285 20/09/2012 HAYS SPECIALIST RECRUITMENT PTY LTD TEMPORARY EMPLOYMENT $1,808.80217 6326/3674 20/09/2012 MR B J SELLERS REIMBURSEMENT CERT IV IN GOVERNMENT INVESTIGATIONS $1,800.00218 6320/5560 13/09/2012 QUALITY STENCIL PAVING PTY LTD PRESSURE CLEANING $1,787.50219 6314/1490 06/09/2012 DARWIN HUMAN RESOURCE & COMPUTER CENTRE INTRODUCTION TO PHOTOSHOP TRAINING $1,760.00220 6334/1730 27/09/2012 SETON AUSTRALIA PTY LTD SUPPLY OFFICE DISPLAYS AND SIGNS $1,724.20221 6334/336 27/09/2012 WATERDYNAMICS SUPPLY IRRIGATION EQUIPMENT AND ANCILLARY ITEMS $1,693.36222 6334/2229 27/09/2012 TERRITORY ASSET MANAGEMENT SUPPLY TRAFFIC COUNTERS $1,650.00223 6334/89 27/09/2012 ARRB GROUP LTD TREATMENT OF CRASH LOCATIONS WORKSHOP $1,650.00224 6320/4476 13/09/2012 MR F TAM BOBCAT WORK NIGHTCLIFF FORESHORE $1,584.00225 6334/2199 27/09/2012 VANDERFIELD MACHINERY SUPPLY ENGINE OILS AND LUBRICANTS $1,583.35226 6314/3266 06/09/2012 ID CONSULTING PTY LTD PROFILE.ID QUARTERLY SUBSCRIPTION $1,567.50227 6326/5188 20/09/2012 S ZHOU CONCEPT DESIGN EXTENSION FEE $1,500.00228 6320/4918 13/09/2012 MODE DESIGN CASUARINA LIBRARY EXTERIOR PAINTING $1,452.00229 6334/3739 27/09/2012 CREATIVE TERRITORY PUBLIC RELATIONS ADVICE - REGULATORY SERVICES $1,452.00230 6320/5352 13/09/2012 DATA SIGNS SUPPLY LED BOARDS CHINATOWN CARPARK $1,448.70

62

62



231 00914350 06/09/2012 Z S & K SUMENDRA RATES REFUND $1,447.00232 6334/3182 27/09/2012 PALMER STEEL TRADING SUPPLY PIPE AND FITTINGS AS SPECIFIED $1,444.21233 6334/241 27/09/2012 CITY WRECKERS TOWING SERVICE $1,427.80234 6334/3248 27/09/2012 WATERFRONT BISTRO CATERING SERVICE $1,400.00235 6314/3691 06/09/2012 DARWIN CONSULTANT PSYCHOLOGISTS COUNSELLING SERVICE $1,369.50236 6334/3772 27/09/2012 DOWNER EDI WORKS PTY LTD CRS BULK PRODUCT $1,368.84237 6334/31 27/09/2012 WESTERN DIESEL NT PTY LTD SUPPLY BRACKETS AND FITTINGS $1,363.14238 6334/3032 27/09/2012 W & D M FONG NOMINEES PTY LTD LEASE AND OUTGOINGS PAVONIA WAY NIGHTCLIFF $1,355.40239 6334/3344 27/09/2012 UES PTY LTD PLANT PARTS AND REPAIRS $1,354.86240 6314/5053 06/09/2012 JRC INTERNATIONAL PTY LTD BARCODE SCANNER LIBRARIES $1,324.40241 6323/553 20/09/2012 LHMU - NT BRANCH PAYROLL DEDUCTION $1,323.00242 6311/553 06/09/2012 LHMU - NT BRANCH PAYROLL DEDUCTION $1,304.10243 6334/279 27/09/2012 ASSOCIATED MASONRY SUPPLIES MASONRY SUPPLIES $1,281.50244 6320/1771 13/09/2012 ACTION PRINT PTY LTD SUPPLY BUSINESS CARDS $1,260.00245 6334/5490 27/09/2012 RED GALAXY DOCUMENT DEVELOPMENT SERVICES $1,237.50246 6334/507 27/09/2012 HASTINGS DEERING PLANT FILTERS $1,220.92247 6326/199 20/09/2012 IMAGE OFFSET PTY LTD PRINTING SERVICE $1,205.60248 6320/3248 13/09/2012 WATERFRONT BISTRO CATERING SERVICE $1,200.00249 00914408 27/09/2012 DEPT OF CORPORATE AND INFORMATION WATER TESTING GOLF CLUB & LAKE ALEXANDER $1,197.04250 6326/5583 20/09/2012 MR L MESCHIARI RATES REFUND $1,184.00251 6334/5506 27/09/2012 MURRAY PEST CONTROL NT PEST TREATMENT DARWIN CITY POUND $1,175.00252 6320/4133 13/09/2012 DECKCHAIR CINEMA 130 SENIORS TICKETS FOR SENIORS' MONTH $1,170.00253 6334/42 27/09/2012 AMALGAMATED PEST CONTROL PEST TREATMENT SERVICE $1,166.00254 6334/5433 27/09/2012 MISS J YUEN HATHA YOGA BEGINNERS CLASSES FOR COD $1,152.00255 6334/908 27/09/2012 WOOLWORTHS LIMITED LIBRARY RESOURCES $1,140.74256 6314/2445 06/09/2012 UGL SERVICES PTY LTD RENT LEANYER BOMBING RANGE SEPTEMBER $1,114.07257 6314/4336 06/09/2012 McGEES PROPERTY RENT FOR SHED 144 & 122 63-65 REICHARDT $1,100.00258 6314/4464 06/09/2012 DARWIN COMMUNITY ARTS INCORPORATED CATERING - HOOPS FOR HEALTH $1,100.00259 6334/418 27/09/2012 POWER AND WATER CORPORATION LEGAL FEES LOT 4243 DARWIN $1,100.00260 00914409 27/09/2012 ABORIGINAL AREAS PROTECTION AUTHORITY AUTHORISATION CERTIFICATE MINDIL BEACH $1,087.00261 00914371 13/09/2012 DEPT OF CORPORATE AND INFORMATION D-WATER MICROBIOLOGY LAB FEES $1,086.46262 6334/2389 27/09/2012 WURTH AUSTRALIA SUPPLY WORKSHOP CONSUMABLES $1,075.30263 6331/967 27/09/2012 CITY OF DARWIN PAYROLL DEDUCTION $1,069.46264 6334/5039 27/09/2012 MR J HENNING TRAVEL ALLOWANCE CPTED TRAINING $1,057.43265 6334/2852 27/09/2012 MR I M SUMMERS PREPARATION AND ATTENDANCE CHAIRMAN RISK ASSESSMENT $1,054.90266 00914410 27/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT CUSTOMER SERVICES $1,037.80267 6326/5010 20/09/2012 EXELOO PTY LTD EXELOO PARTS AND REPAIRS $1,037.44268 6318/967 13/09/2012 CITY OF DARWIN PAYROLL DEDUCTION $1,035.83269 6320/4297 13/09/2012 ESPRESSO ESSENTIAL NT CATERING EQUIPMENT $1,032.00270 6320/4710 13/09/2012 MS E GOODRICH CREATE AND FACILITATE TEMPORARY PUBLIC ART GALLERY $1,030.00271 00914367 13/09/2012 TELSTRA PAYROLL DEDUCTION $1,025.00272 6320/2623 13/09/2012 INTERNATIONAL SECURITY MANAGEMENT CPTED LEVEL 1 WORKSHOP REGISTRATION $990.00273 6334/4226 27/09/2012 EARLY CHILDHOOD AUSTRALIA EARLY CHILDHOOD FUNCTION REGISTRATION $990.00274 6334/1361 27/09/2012 NT GENERAL STORE TOOL BAG $980.00275 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - CEO $977.40276 6334/140 27/09/2012 BARNYARD TRADING SUPPLY GARDENING TOOLS AND SUPPLIES $973.28277 00914384 13/09/2012 THE UNITING CHURCH IN AUSTRALIA RATES REFUND $970.00278 6314/2758 06/09/2012 THE CRICKET AND FOOTBALL SHOP SPORTING GOODS $958.54279 6334/2316 27/09/2012 SCHNEIDER ELECTRIC SERVICE CALL CHARGES $957.00280 6334/3612 27/09/2012 JB HI-FI GROUP PTY LTD LIBRARY RESOURCES $941.06281 6314/4161 06/09/2012 CASPER SERVICES GRAPHIC DESIGN - DECKCHAIR CINEMA EVENT $910.00282 6320/3225 13/09/2012 CASUARINA NEXTRA NEWS CHILDREN'S RESOURCES $907.00

63

63



283 6334/2250 27/09/2012 WINNELLIE HYRDAULICS INSPECTION AND REPAIRS HYDRAULIC MOTORS $892.65284 6334/756 27/09/2012 ROY GRIPSKE & SONS PTY LTD PLANT CONSUMABLES $886.03285 6334/3999 27/09/2012 EXIDE TECHNOLOGIES SUPPLY BATTERIES $879.17286 6326/490 20/09/2012 GREENING AUSTRALIA SUPPLY PLANTS $860.75287 6334/5396 27/09/2012 HYDROCHEM PTY LTD WATER TREATMENT SERVICE CIVIC CENTRE $859.48288 00914405 27/09/2012 TELSTRA PAYROLL DEDUCTION $845.00289 6334/2851 27/09/2012 WILSON HIRE EQUIPMENT HIRE $843.34290 6320/2693 13/09/2012 TRUMANS UPHOLSTERY SHOP & NT FOAM UPHOLSTER OTTOMANS CASUARINA LIBRARY $840.00291 6332/3610 27/09/2012 OPTUS BILLING SERVICES PTY LTD SUPPLY I-PHONES $833.91292 6326/1729 20/09/2012 MRS A J FALCONER CLEANING SERVICES $830.00293 6334/1811 27/09/2012 DYMOCKS CASUARINA READING HOUR PRIZES $825.88294 6320/4978 13/09/2012 REALTY CORP PROPERTY SOLUTIONS PROPERTY CONSULTING SERVICES WEST LANE $825.00295 6334/4107 27/09/2012 WOOD GROUP PRODUCTION FACILITIES INSTALLATION AND PROGRAMMING OF TWO-WAY RADIOS $824.35296 6317/125 13/09/2012 AUSTRALIAN SERVICES UNION PAYROLL DEDUCTION $813.90297 6329/125 27/09/2012 AUSTRALIAN SERVICES UNION PAYROLL DEDUCTION $813.90298 6314/4526 06/09/2012 PROBUS CLUB OF DARWIN REFUND DEPOSIT GIG GEAR $810.00299 6334/1924 27/09/2012 BATTERY WORLD DARWIN ********** C A N C E L L E D ****** $808.40 2012/044300 6334/2424 27/09/2012 ATOM SUPPLY DARWIN SUPPLY BLADES AND SHARPENING SERVICE $801.17301 6320/3232 13/09/2012 RURAL & RESIDENTIAL HOME MAINTENANCE SUPPLY BITCH BOXES $800.00302 6320/5477 13/09/2012 DEB'S HEADS SUPPLY DRAGONFLY LOGOS CENTREPIECES FOR COD EVENTS $800.00303 6326/5568 20/09/2012 MR D J ROE RATES REFUND $800.00304 6326/3270 20/09/2012 ISS FACILITY SERVICES AUSTRALIA CLEANING SERVICES $797.51305 6334/4137 27/09/2012 MS N J MCCANN REIMBURSEMENT BACHELOR OF ARTS SOCIOLOGY $795.00306 6334/958 27/09/2012 TOP END LINE MARKERS LINE MARKING SERVICES $792.00307 6334/4569 27/09/2012 MIM INVESTMENTS BUILDING REPAIRS AND MAINTENANCE $790.00308 6320/5554 13/09/2012 PERFORMANCE IMPROVEMENT CONFERENCES CONFERENCE ATTENDANCE $770.00309 6334/425 27/09/2012 FALCON ENGINEERING PTY LTD PLANT REPAIRS AND MAINTENANCE $770.00310 6334/4338 27/09/2012 TRU BLU HIRE AUSTRALIA PTY LTD MINI EXCAVATOR AND TRAILER HIRE $764.50311 6334/5215 27/09/2012 POOL & SPA SUPERSTORE MALL MAINTENANCE JULY 2012 $741.75312 00914352 06/09/2012 BRONWYN CLEE RATES REFUND $738.86313 6326/2011 20/09/2012 VEDA ADVANTAGE INFORMATION SERVICES ABN RESEARCH CHARGES $725.13314 6320/4785 13/09/2012 CLEAN AS CLEANING SERVICES $710.00315 00914348 06/09/2012 EXPRESS PUBLICATIONS PTY LTD REFUND SECURITY DEPOSIT MINDIL BEACH $700.00316 6314/3248 06/09/2012 WATERFRONT BISTRO CATERING SERVICE $700.00317 00914374 13/09/2012 INDIAN CULTURAL SOCIETY DARWIN REFUND SECURITY DEPOSIT MINDIL BEACH $700.00318 6326/3720 20/09/2012 WESLEY MISSION BRISBANE INTERPRETING SERVICES $687.50319 6334/4078 27/09/2012 CHILDRENS BOOK COUNCIL OF AUSTRALIA CASUARINA LIBRARY AUTHOR VISIT $671.00320 6314/1771 06/09/2012 ACTION PRINT PTY LTD BUSINESS CARDS $670.00321 6334/2543 27/09/2012 DY-MARK SUPPLY SURVEY MARKERS AND PAINTS $666.21322 00914390 20/09/2012 DARWIN FESTIVAL REFUND SECURITY DEPOSIT $648.00323 6334/2944 27/09/2012 NORTHERN TERRITORY ENVIRONMENTAL WATER SAMPLING LAKE ALEXANDER $641.92324 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - COMMUNITY $630.45325 6311/418 06/09/2012 POWER AND WATER CORPORATION PAYROLL DEDUCTION $625.00326 6323/418 20/09/2012 POWER AND WATER CORPORATION PAYROLL DEDUCTION $625.00327 6334/668 27/09/2012 SBA DISTRIBUTORS PTY LTD SUPPLY OFFICE STATIONERY $619.05328 6334/2666 27/09/2012 ALL TOOLS NT SUPPLY TOOLS AND EQUIPMENT $617.64329 6314/4096 06/09/2012 EXPRESS SIGNS SUPPLY 'COMMUNITY LIFE' BANNERS $616.00330 6334/3179 27/09/2012 CAFE 21 TRUST CATERING SERVICES $613.50331 6334/3871 27/09/2012 LAUNDRY PLUS DRY CLEANING SERVICES $613.15332 6320/5251 13/09/2012 NUTRITION NT HEALTHY LIFESTYLE PROGRAM $605.00333 6334/34 27/09/2012 AIRPOWER PTY LTD PLANT REPAIRS AND MAINTENANCE $603.32334 6320/5553 13/09/2012 MS J HARVEY BABYSITTING SERVICES $600.00

64

64



335 6320/3398 13/09/2012 WASTE SOLUTIONS NT PTY LTD CLEAR GENERAL WASTE BINS WESTLANE CARPARK $564.10336 6334/1780 27/09/2012 SCHUBERTS CATERING CATERING SERVICE $564.00337 6334/699 27/09/2012 TERRITORY PARTY HIRE COOLROOM HIRE $562.00338 6334/1217 27/09/2012 GATES ENGINEERING & SERVICES AUSTRALIA SUPPLY PLANT HOSES AND FITTINGS $554.45339 6314/3576 06/09/2012 GPT RE LIMITED CASUAL LICENCE CASUARINA SHOPPING SQUARE $544.50340 6326/5445 20/09/2012 TERRITORY BANDAG PTY LTD PLANT REPAIRS AND MAINTENANCE $540.31341 6320/5154 13/09/2012 DATABANK TECHNOLOGIES IT OFF-SITE STORAGE CHARGES AUGUST 2012 $537.35342 6326/3691 20/09/2012 DARWIN CONSULTANT PSYCHOLOGISTS COUNSELLING SERVICE $536.25343 6334/872 27/09/2012 TROPIGRO GARDEN PRODUCTS PTY LTD BULK SEEDS $531.20344 6314/4622 06/09/2012 THE COUNTRY WOMENS ASSOCIATION OF THE NT MAKING OF 16 TRESTLE SIZE WHITE TABLECLOTHS $528.00345 6334/211 27/09/2012 BOC GASES AUSTRALIA LIMITED CONTAINER SERVICE AUGUST 2012 $525.65346 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - OFFICE OF CEO $522.53347 00914356 06/09/2012 CITY OF DARWIN CITY LIBRARY TEMPORARY MEMBERSHIPS $500.00348 6314/5545 06/09/2012 MS D L ANDERSON RATES REFUND $500.00349 00914364 12/09/2012 ELIZABETH CLARKE RATES REFUND $500.00350 00914377 13/09/2012 D TAMIANO REFUND SECURITY DEPOSIT GIG GEAR $500.00351 6320/5538 13/09/2012 PULSE COMMUNICATIONS SECURITY DEPOSIT REFUND $500.00352 00914392 20/09/2012 DARWIN FESTIVAL REFUND DEPOSIT $500.00353 00914395 20/09/2012 G B & S L M SHIRLEY RATES REFUND $500.00354 00914397 20/09/2012 CITY OF DARWIN TIWI ISLANDS - HEALTHY COMMUNITIES $500.00355 00914403 20/09/2012 SHAYLA MOSES YOUNG TERRITORY AUTHOR AWARD $500.00356 6319/3269 13/09/2012 DARWIN CONSTRUCTION & MARPLEX REIMBURSEMENT OVERPAYMENT DRIVEWAYS ROSS $496.00357 6334/3173 27/09/2012 DARWIN METAL INDUSTRIES REPAIR GRANDSTAND GARDENS OVAL $495.00358 00914353 06/09/2012 JACKIE DIBBS RATES REFUND $482.45359 6334/2241 27/09/2012 HIDDEN VALLEY FORD & STUART MOTOR GROUP PLANT SERVICE AND MAINTENANCE $479.64360 00914347 06/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT CASUARINA LIBRARY $472.10361 00914369 13/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT CUSTOMER SERVICES $470.05362 6314/3179 06/09/2012 CAFE 21 TRUST CATERING SERVICE $470.00363 6334/649 27/09/2012 NORTHERN CEMENT LIMITED SUPPLY 20KG BAGS OF CEMENT $469.50364 6334/2907 27/09/2012 COMPLETE OFFICE SUPPLIES OFFICE SUPPLIES $466.47365 6320/5407 13/09/2012 AGENTUR PTY LTD HIRE OF EVENT MATERIALS JOHN STUART 150TH ANNIVERSARY $464.01366 6320/2423 13/09/2012 TERRITORY TROPHIES PRECISION ENGRAVING ALDERMAN DOOR SIGN $463.55367 6334/4265 27/09/2012 ASK DARRYL IN DARWIN TAXI SERVICES $460.00368 6326/4803 20/09/2012 MRS A K GARDEN AHRI WORLD CONGRESS TRAVEL ALLOWANCE $452.50369 00914412 27/09/2012 JAY AND PANIA WITHNALL RATES REFUND $452.11370 6326/5551 20/09/2012 NORTHERN TERRITORY ARBORICULTURE REFUND SECURITY DEPOSIT $450.00371 6334/2717 27/09/2012 REWARD DISTRIBUTION TOTE BOX LID WHITE $447.37372 6314/5307 06/09/2012 MISS C M ROBSON TRAVEL ALLOWANCE - CONFERENCE $447.15373 6317/3103 13/09/2012 DARWIN COUNCIL SOCIAL CLUB PAYROLL DEDUCTION $442.50374 6314/5312 06/09/2012 MRS C M DAHLIN HEALTHY MOVES AUGUST 2012 $440.00375 6334/5190 27/09/2012 VEG NORTH LITTER REMOVAL - GILRUTH NECK $440.00376 6334/5532 27/09/2012 RGM MAINTENANCE DARWIN HIAB INDUCTION & TRAINING FOR UFM TEAM $440.00377 6320/1013 13/09/2012 CABCHARGE AUSTRALIA PTY LTD TAXI SERVICES $439.95378 6326/1910 20/09/2012 ACE ARBOR SERVICES LAWN MOWING SERVICES MALAK COMMUNITY CENTRE $435.60379 6329/3103 27/09/2012 DARWIN COUNCIL SOCIAL CLUB PAYROLL DEDUCTION $430.00380 6334/4155 27/09/2012 LINCOLN SENTRY SUPPLY INDICATOR BOLTS $428.01381 6334/3444 27/09/2012 LEANYER NEWSAGENCY MAGAZINES CASUARINA LIBRARY $425.70382 6320/1773 13/09/2012 AVANTI LANDSCAPING SUPPLIES SUPPLY TOPSOIL FOR NATURE STRIP $425.00383 6320/2362 13/09/2012 CRAMAR INSTALLATIONS PTY REPLACE BROKEN WINDOW PANE LYONS COMMUNITY CENTRE $423.50384 6320/3546 13/09/2012 MS K T HEARN FINDING YOUR MOJO CONFERENCE $418.20385 6314/5251 06/09/2012 NUTRITION NT PAYROLL DEDUCTIONS $400.00386 6320/5121 13/09/2012 KEVINS MOBILE DISCO DISCO/DJ HIRE DISABILITY AWARENESS WEEK $400.00

65

65



387 00914413 27/09/2012 AUSTRALIAN COUNCIL FOR HEALTH REFUND SECURITY DEPOSIT $400.00388 6334/4622 27/09/2012 THE COUNTRY WOMENS ASSOCIATION OF THE NT CATERING CITIZENSHIP CEREMONY $396.00389 6320/351 13/09/2012 TOURISM TOP END MALL PERMIT MANAGEMENT AUGUST 2012 $383.00390 6333/166 27/09/2012 OTIS ELEVATOR COMPANY PTY LTD ELEVATOR MAINTENANCE CHARGE $380.28391 00914361 06/09/2012 DEPT OF CORPORATE AND INFORMATION WATER TESTING GOLF CLUB AND LAKE ALEXANDER $379.72392 6334/350 27/09/2012 DARWIN PLANT WHOLESALERS PLANTS FOR ANULA SHOPS AND WATER GARDENS $379.43393 00914363 06/09/2012 CITY OF DARWIN R ELIX RATES $370.00394 6320/5173 13/09/2012 GOOD READING MAGAZINE PTY LTD ADVERTISING GOOD READING MAGAZINE $368.50395 6326/4073 20/09/2012 HOLCO FINE MEATS CATERING SERVICE $360.29396 6334/2211 27/09/2012 NT FASTENERS SUPPLY NUTS AND WASHERS $348.89397 00914386 20/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT CUSTOMER SERVICES $347.80398 6334/1946 27/09/2012 RAECO SUPPLY CD/DVD CASES $346.50399 00914351 06/09/2012 HEATHER WINDEBANK CARPARKING BAY REFUND $346.00400 6326/2417 20/09/2012 MRS K A CONWAY ATTEND PUBLIC LIBRARIES CONFERENCE $341.70401 6334/3075 27/09/2012 CYCLONE MOTORCYCLES PLANT PARTS AND MAINTENANCE $337.76402 00914368 13/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT INFRASTRUCTURE $331.45403 00914387 20/09/2012 TELSTRA SATELLITE PHONES $330.00404 6334/5408 27/09/2012 PAWS DARWIN DOG ASSESSMENT CHARGES $330.00405 6314/343 06/09/2012 DARWIN NEWSAGENCY NEWSPAPER FOR CITY LIBRARY $325.20406 6320/5441 13/09/2012 ROSE MAD PTY LTD SUPPLY MEMORIAL WREATHS $320.00407 6320/5561 13/09/2012 MR T DINNING PHOTOGRAPHY WORKSHOP FOR SENIORS $320.00408 6314/3102 06/09/2012 MR J P BANKS REIMBURSE PURCHASE OF RUPIAH FOR LORD MAYOR $314.27409 6334/715 27/09/2012 QUICKPRINT NEW LOGO PERMANENT STICKERS X 1500 $313.50410 6326/3698 20/09/2012 READY WORKFORCE PTY LTD TEMPORARY WORKFORCE INVOICE ADJUSTMENT $311.08411 6326/5573 20/09/2012 MS E KEP REFUND SECURITY DEPOSIT $310.00412 6326/5585 20/09/2012 MS J GLYNATSIS LYONS COMMUNITY SECURITY DEP REFUND $310.00413 6314/4281 06/09/2012 LALOR REMOVALS PTY LTD STORAGE CHARGES $308.00414 6326/4622 20/09/2012 THE COUNTRY WOMENS ASSOCIATION OF THE NT CATERING SERVICE $308.00415 6334/3994 27/09/2012 TERRITORY TRANSPORT SALES ********** C A N C E L L E D ****** $307.49416 6320/3869 13/09/2012 BENS BAKEHOUSE & CAFE CATERING SERVICE $306.00417 00914407 27/09/2012 K MART AUSTRALIA LTD CHILDREN'S RESOURCES $302.00418 6326/3503 20/09/2012 ROMA BAR CAFE CATERING SERVICE $301.40419 6334/282 27/09/2012 CONSOLIDATED BEARING COMPANY PLANT PARTS AND MAINTENANCE $300.51420 00914366 12/09/2012 CITY OF DARWIN CASH FLOAT SISTER CITIES FUNDRAISER $300.00421 6326/5576 20/09/2012 MS K KATIBA REFUND SECURITY DEPOSIT $300.00422 6326/3070 20/09/2012 ARTBACK NT ARTS TOURING ADVERTISEMENT 'OFF THE LEASH' SEPTEMBER $297.00423 6326/531 20/09/2012 KARAMA NEWSAGENCY MAGAZINES KARAMA LIBRARY $292.24424 6334/3914 27/09/2012 NT AUTOMOTIVE GROUP PLANT PARTS AND MAINTENANCE $291.55425 6334/4975 27/09/2012 OFFICEWORKS AUSTRALIA PTY LTD SUPPLY A4 COPY PAPER $290.45426 6326/3329 20/09/2012 CAPTOVATE WEB MAINTENANCE CHARGES $286.00427 6334/1555 27/09/2012 PALM SPRINGS DISTRIBUTORS SUPPLY BOTTLED WATER $281.00428 6314/5550 06/09/2012 FILIPINO CLUB DARWIN 10 TICKETS TO CHARITY GALA DINNER $280.00429 6334/875 27/09/2012 U-CART MINI MIX CONCRETE SUPPLY 1 CUBIC METRE CONCRETE TOTEM ROAD $280.00430 6326/4600 20/09/2012 MS N S DOUGLAS ATTEND ARRB CONFERENCE $276.95431 6320/5003 13/09/2012 RISE GRAPHICS PRINTING -300 X YELLOW TEMPORARY PARKING $275.00432 6314/5482 06/09/2012 KARAMA SCHOOL COUNCIL VENUE HIRE HEALTHY COOKING IN THE TROPICS $270.00433 6334/1723 27/09/2012 FINLAY'S STONEMASONRY PTY LTD RED LATERITE $270.00434 6320/4293 13/09/2012 A & J REGO INSPECTION SERVICE VEHICLE REGISTRATION INSPECTIONS $269.50435 6320/5288 13/09/2012 MR K K MILLER REIMBURSEMENT LIBRARY BOOKS $267.91436 6320/3874 13/09/2012 ENCHANTED MOMENTS EQUIPMENT HIRE AMBON YACHT RACE FUNCTION $265.00437 6334/1486 27/09/2012 A NOBLE & SON LTD PLANT PARTS AND FITTINGS $262.66438 6320/5257 13/09/2012 BODYFIT NT HOOPS FOR LIFE $262.00

66

66



439 6334/182 27/09/2012 BRIDGE TOYOTA PLANT SERVICE AND REPAIRS $258.61440 6326/4889 20/09/2012 MRS J S WELSHMAN REIMBURSEMENT TEAM LUNCHEON $254.80441 6320/3412 13/09/2012 SECURE PAY PTY LTD WEB PAYMENTS MONTHLY TRANSACTION FEE $253.00442 6320/934 13/09/2012 DATA CENTRE SERVICES IT SUBSCRIPTION CHARGE FOR JULY $250.40443 00914354 06/09/2012 MS J DAVIDSON REFUND BIKE DEPOSIT $250.00444 6314/2979 06/09/2012 LOCAL GOVERNMENT MANAGERS AUSTRALIA LGMA INTERNATIONAL MENTOR PROGRAM - H R $250.00445 6314/5513 06/09/2012 AUSTRALIAN PERFORMING ARTS CENTRES SECURITY DEPOSIT REFUND BICENTENNIAL PARK $250.00446 6320/2885 13/09/2012 CURBYS TROPHIES YOUNG TERRITORY AUTHOR TROPHIES $246.40447 00914365 12/09/2012 GRAEME WILLIAMS REFUND CARPARKING BAY $242.00448 6326/5358 20/09/2012 MUMMY MOVES HEALTHY MOVES FOR WOMEN $240.00449 6314/5491 06/09/2012 RANDSTAD PTY LTD TEMPORARY LABOUR HIRE $237.12450 6314/1158 06/09/2012 GEMINEX NORTHERN TERRITORY SUPPLY SAFETY WORKWEAR $229.95451 6334/3568 27/09/2012 JEBFAB CATERING SERVICE $224.50452 00914345 06/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT CUSTOMER SERVICES $222.30453 6326/2944 20/09/2012 NORTHERN TERRITORY ENVIRONMENTAL WATER SAMPLING SWIMMING POOLS $221.38454 6334/2423 27/09/2012 TERRITORY TROPHIES PRECISION ENGRAVING SUPPLY NAME BADGES $221.00455 6320/5115 13/09/2012 NNADL PTY LTD READING HOUR POST CARDS $217.80456 6320/343 13/09/2012 DARWIN NEWSAGENCY NEWSPAPERS 27/08 - 02/09/2012 $217.70457 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - INFRASTRUCTURE $217.43458 6320/612 13/09/2012 CORPORATE EXPRESS AUSTRALIA LIMITED STATIONERY SUPPLIES $212.38459 6320/4309 13/09/2012 MR K J SMITH REIMBURSEMENT -CLEANING SERVICES $211.00460 6320/3756 13/09/2012 KAREN SHELDON CATERING CATERING SENIORS' MONTH EVENT $210.00461 6334/2542 27/09/2012 JR COMMUNICATIONS & CABLING PTY LTD SUPPLY ANALOGUE HANDSETS $209.00462 00914346 06/09/2012 PETTY CASH PETTY CASH REIMBURSEMENT NIGHTCLIFF LIBRARY $204.70463 6334/343 27/09/2012 DARWIN NEWSAGENCY MAGAZINES CITY LIBRARY $203.75464 6320/5039 13/09/2012 MR J HENNING RECORDS MANAGEMENT CONFERENCE $202.15465 6334/1480 27/09/2012 CARCOM INSTALLATIONS PTY LTD CAMERA TESTING AND MAINTENANCE $201.30466 6334/67 27/09/2012 ARCHITECTURAL HARDWARE SUPPLY HARDWARE ITEMS $200.71467 00914357 06/09/2012 CITY OF DARWIN NIGHTCLIFF LIBRARY TEMPORARY MEMBERSHIP $200.00468 6314/4965 06/09/2012 ELIX SENIOR SUPERANNUATION FUND R ELIX PERSONAL CONTRIBUTION $200.00469 00914396 20/09/2012 CITY OF DARWIN CITY LIBRARY TEMPORARY MEMBERSHIP $200.00470 6326/4410 20/09/2012 MS T L BUNN MUSICAL PERFORMANCE CIVIC CENTRE $200.00471 6326/4499 20/09/2012 MS J YOUNG CASUARINA & CITY LIBRARY MUSIC PERFORMANCES $200.00472 6326/5569 20/09/2012 MS N PELLEGRINO PERFORMANCE - DISABILITY AWARENESS WEEK $200.00473 6334/5214 27/09/2012 MS A BOUSTEAD MUSICAL PERFORMANCE CASUARINA LIBRARY $200.00474 6320/3691 13/09/2012 DARWIN CONSULTANT PSYCHOLOGISTS COUNSELLING SERVICE $198.00475 6334/3691 27/09/2012 DARWIN CONSULTANT PSYCHOLOGISTS COUNSELLING SERVICE $198.00476 00914394 20/09/2012 LIZBETH A RIVERS RATES REFUND $195.03477 00914381 13/09/2012 MR M ROBBIE REFUND ANIMAL REGISTRATION & LICENCE $194.00478 6326/3110 20/09/2012 MR R A IAP REIMBURSE BEVERAGE COSTS FOR IT WORKSHOP $193.50479 6320/5555 13/09/2012 RED CARPET GROUND TRANSPORT SERVICE HIRE OF 1959 CADILLAC 75 SERIES FOR LORD MAYOR $180.00480 6334/4420 27/09/2012 PAUL ARNOLD BUSH PHOTOS GIFTS - PRINTS $180.00481 6320/4349 13/09/2012 MRS A L HAMMOND REIMBURSE NORTHLAKES SHOPPING CENTRE PERMIT $176.00482 6334/2104 27/09/2012 TERRITORY MATERIALS HANDLING SMALL FLAT DECK TROLLEY $176.00483 6334/3037 27/09/2012 ARBORICULTURE AUSTRALIA LTD ARBORICULTURE WORKSHOP $176.00484 00914401 20/09/2012 MATTHEW ERNESTI REFUND ANIMAL REGISTRATION $172.00485 6309/967 05/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - LIBRARIES $170.50486 6334/483 27/09/2012 JACKSONS DRAWING SUPPLIES ART SUPPLIES FOR SENIORS MONTH EVENT $170.47487 6334/939 27/09/2012 RTM LAND TITLES OFFICE LAND TITLES SEARCH $170.00488 6314/666 06/09/2012 OASIS PALM HIRE PLANT HIRE AND MAINTENANCE AUGUST 2012 - $165.00489 6320/2729 13/09/2012 SUBWAY DARWIN CATERING SERVICE $165.00490 6320/4028 13/09/2012 TERRITORY LASER CUTTING CITY OF DARWIN STENCIL $165.00

67

67



491 6326/3179 20/09/2012 CAFE 21 TRUST CATERING SERVICE $163.00492 6320/644 13/09/2012 NIGHTCLIFF NEWSAGENCY NEWSPAPERS FOR NIGHTCLIFF LIBRARY $158.35493 6334/688 27/09/2012 PROGRESS MOTORS TRAILER PARTS PLANT REPAIRS AND MAINTENANCE $155.00494 6334/4073 27/09/2012 HOLCO FINE MEATS CATERING SERVICE $150.95495 6314/4359 06/09/2012 MR S J BULMER MUSICAL PERFORMANCE CITY LIBRARY $150.00496 00914378 13/09/2012 CITY OF DARWIN CITY LIBRARY TEMPORARY MEMBERSHIP $150.00497 6326/343 20/09/2012 DARWIN NEWSAGENCY NEWSPAPERS CITY LIBRARY $149.65498 6334/157 27/09/2012 HITACHI CONSTRUCTION MACHINERY PLANT FILTERS AND FITTINGS $149.58499 6334/383 27/09/2012 INDEPENDENT GROCERS DARWIN CATERING SUPPLIES $141.41500 6334/1771 27/09/2012 ACTION PRINT PTY LTD SUPPLY BUSINESS CARDS $140.00501 6326/3568 20/09/2012 JEBFAB CATERING SERVICE $136.85502 6320/4306 13/09/2012 WULLE & CRISI'S CATERING CATERING SERVICE $131.00503 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - OFFICE OF CEO $130.00504 6314/211 06/09/2012 BOC GASES AUSTRALIA LIMITED SUPPLY WELDING HELMET $128.69505 6334/5243 27/09/2012 TOTALLY WORKWEAR PALMERSTON SUPPLY WORKWEAR $126.00506 6320/5542 13/09/2012 MS S MANNING PHOTOGRAPHY AND EDITING WORK FOR SISTER CITIES $125.00507 6334/1329 27/09/2012 AUSTRALIAN LOCAL GOVERNMENT ASSOCIATION NATIONAL GENERAL ASSEMBLY ATTENDANCE $125.00508 6320/3179 13/09/2012 CAFE 21 TRUST CATERING SERVICE $123.80509 6314/4265 06/09/2012 ASK DARRYL IN DARWIN TAXI SERVICE $120.00510 6314/5536 06/09/2012 MS K STINSON REFUND SECURITY DEPOSIT $120.00511 6314/5537 06/09/2012 MR D J CANET REFUND SECURITY DEPOSIT $120.00512 6334/2992 27/09/2012 AMART ALL SPORTS SPORTS EQUIPMENT $119.90513 6314/1861 06/09/2012 SMART YARD OUTDOOR POWER EQUIPMENT PLANT PARTS AND REPAIRS $117.45514 6317/553 13/09/2012 LHMU - NT BRANCH PAYROLL DEDUCTION $113.40515 6329/553 27/09/2012 LHMU - NT BRANCH PAYROLL DEDUCTION $113.40516 6317/3160 13/09/2012 LITCHFIELD COUNCIL PAYROLL DEDUCTION $113.00517 6329/3160 27/09/2012 LITCHFIELD COUNCIL PAYROLL DEDUCTION $113.00518 6334/3143 27/09/2012 DARWIN FRESHAIR SENTINEL REFILLS WESTLANE CARPARK AUGUST $112.60519 00914404 20/09/2012 ADAMANT PROPERTY SERVICES REFUND OVERCHARGE WASTE FEES $111.96520 6320/5562 13/09/2012 MR A R WOOD RATES REFUND $110.00521 6323/3103 20/09/2012 DARWIN COUNCIL SOCIAL CLUB PAYROLL DEDUCTION $110.00522 6334/993 27/09/2012 WINDSCREEN TERRITORY PLANT REPAIRS AND MAINTENANCE $110.00523 6314/5301 06/09/2012 FOUR BIRDS CATERING SERVICE $109.40524 6326/2423 20/09/2012 TERRITORY TROPHIES PRECISION ENGRAVING NAME BADGES $105.00525 6334/1549 27/09/2012 ASHDOWN INGRAM PLANT CONSUMABLES $104.35526 6311/3103 06/09/2012 DARWIN COUNCIL SOCIAL CLUB PAYROLL DEDUCTION $102.50527 00914362 06/09/2012 MRS R MAHONEY REVERSAL EFT : 6307/5540 $100.00528 6314/5060 06/09/2012 MRS A T SETTER ********** C A N C E L L E D ****** $100.00529 00914372 13/09/2012 MRS A T SETTER LIVE MUSIC - AMBON NIGHT $100.00530 6320/4410 13/09/2012 MS T L BUNN MUSICAL PERFORMANCE NIGHTCLIFF LIBRARY $100.00531 00914391 20/09/2012 DARWIN FESTIVAL REFUND SECURITY DEPOSIT $100.00532 00914416 27/09/2012 CITY OF DARWIN KARAMA LIBRARY TEMPORARY MEMBERSHIP $100.00533 6334/679 27/09/2012 CITY OF PALMERSTON REFUND SECURITY DEPOSIT $100.00534 6334/3697 27/09/2012 ENVIRO WASTE SOLUTIONS PLANT SERVING AND MAINTENANCE $99.00535 6326/644 20/09/2012 NIGHTCLIFF NEWSAGENCY MAGAZINES FOR NIGHTCLIFF LIBRARY $97.34536 6334/1031 27/09/2012 GARRARDS PTY LTD SUPPLY POSSUM TRAP $91.52537 6334/540 27/09/2012 KAP MOTORS PTY LTD PLANT REPAIRS AND MAINTENANCE $90.11538 6326/4439 20/09/2012 ASIAN UNITED FOOD SERVICE CATERING SERVICE $89.70539 6334/3817 27/09/2012 PRESTON PRECISION ENGINEERING REPAIR PLAYGROUND EQUIPMENT MAHOGANY PARK $88.00540 6334/3961 27/09/2012 INTELLITRAC FLEET MANAGEMENT AUGUST 2012 $88.00541 00914402 20/09/2012 GAIL JUNE BROWN REFUND ANIMAL REGISTRATION $86.00542 6314/282 06/09/2012 CONSOLIDATED BEARING CO SUPPLY LANOLIN SPRAY $82.24

68

68



543 6334/744 27/09/2012 REPCO AUTO PARTS PLANT HOSES AND CONSUMABLES $79.70544 6314/632 06/09/2012 NAUTICAL SUPPLIES PTY LTD SUPPLY DOUBLE BRAID ROPE $79.20545 6334/702 27/09/2012 TERRITORY SAWS & HARDWARE TOOLS AND HARDWARE CONSUMABLES $74.58546 00914380 13/09/2012 MS J J WHITE REFUND ANIMAL REGISTRATION $70.00547 6324/916 20/09/2012 NATIONAL AUSTRALIA BANK NAB AUDIT FEE $70.00548 6334/5101 27/09/2012 THE CHEESECAKE SHOP CATERING SERVICE $70.00549 6334/3102 27/09/2012 MR J P BANKS REIMBURSE INTERNET CHARGES $69.95550 6314/5136 06/09/2012 NT MOTORCYCLE CENTRE PLANT PARTS AND MAINTENANCE $68.75551 6314/3503 06/09/2012 ROMA BAR CAFE CATERING SERVICE $66.00552 00914373 13/09/2012 MS N KRUGER SECURITY DEPOSIT REFUND $65.00553 00914375 13/09/2012 MRS A C GOAT SECURITY DEPOSIT REFUND $65.00554 00914393 20/09/2012 DR S JOLLY REFUND SECURITY DEPOSIT $65.00555 6326/5574 20/09/2012 K KIRUNTHIKARAN REFUND SECURITY DEPOSIT $65.00556 6334/2710 27/09/2012 FIGLEAF POOL PRODUCTS SERVICE DCC ESPLANADE WATER FEATURE $65.00557 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - COMMUNITY $64.00558 00914359 06/09/2012 MS N L BOYD REFUND ANIMAL REGISTRATION $63.00559 6314/1555 06/09/2012 PALM SPRINGS DISTRIBUTORS SUPPLY BOTTLED SPRING WATER $63.00560 00914379 13/09/2012 MR T R RYAN REFUND ANIMAL REGISTRATION $63.00561 00914398 20/09/2012 MS R G VINCENT REFUND ANIMAL REGISTRATION $63.00562 00914383 13/09/2012 JULIE BAMFORD REFUND OVERPAYMENT POUND FEES $62.00563 00914399 20/09/2012 MR C HAYES REFUND ANIMAL REGISTRATION $62.00564 00914400 20/09/2012 MS D ALLARD REFUND ANIMAL REGISTRATION $62.00565 00914360 06/09/2012 JADE CARMEL NIELSEN 22 REFUND INFRINGEMENT NOTICE $61.00566 6326/2105 20/09/2012 JAC TRADERS PTY LTD EMBROIDERY SERVICES $60.50567 00914355 06/09/2012 MR B J POWELL REFUND SECURITY DEPOSIT $60.00568 6311/679 06/09/2012 CITY OF PALMERSTON PAYROLL DEDUCTION $60.00569 6314/5449 06/09/2012 MS L M ELMER PUBLIC TRANSPORT REIMBURSEMENT $60.00570 6314/5557 06/09/2012 MR M WALLIYIATHIL JOHN PUBLIC TRANSPORT REIMBURSEMENT $60.00571 00914376 13/09/2012 MR J M JOYCE REFUND SECURITY DEPOSIT $60.00572 00914389 20/09/2012 R KAPSER REFUND SECURITY DEPOSIT $60.00573 6323/679 20/09/2012 CITY OF PALMERSTON PAYROLL DEDUCTION $60.00574 00914411 27/09/2012 MRS L A SCOTT-TOMS REFUND SECURITY DEPOSIT $60.00575 00914414 27/09/2012 MS R K HARKER REFUND SECURITY DEPOSIT $60.00576 6334/3021 27/09/2012 CITY TYRE SERVICE TYRE REPAIRS AND MAINTENANCE $60.00577 6334/5579 27/09/2012 MS L C OLIVER REFUND SECURITY DEPOSIT $60.00578 6320/5148 13/09/2012 EAGLE BOYS KARAMA CATERING SERVICE $55.65579 6326/4192 20/09/2012 DARWIN LOCKSMITHS & HARDWARE SUPPLY PADLOCKS AND KEYS $52.00580 6314/2427 06/09/2012 RHINO INDUSTRIAL PTY LTD SUPPLY IRRIGATION PARTS $51.04581 00914344 06/09/2012 TELSTRA PAYROLL DEDUCTION $50.00582 00914382 13/09/2012 RHYS CHIN REFUND INFRINGEMENT $50.00583 00914385 20/09/2012 TELSTRA PAYROLL DEDUCTION $50.00584 6326/5556 20/09/2012 PALMERSTON BAKERY CATERING SUPPLIES $50.00585 6327/967 26/09/2012 CITY OF DARWIN CORPORATE CREDIT CARD - CEO $45.00586 6334/5449 27/09/2012 MS L M ELMER REIMBURSE PUBLIC TRANSPORT $45.00587 6320/2780 13/09/2012 PROPERTY COUNCIL OF AUSTRALIA NT ATTEND NT FUTURE DIRECTIONS LUNCH $44.00

588 6334/391 27/09/2012 DULUX AUSTRALIA GRAFFITI REMOVER $43.71

589 6314/2885 06/09/2012 CURBYS TROPHIES SUPPLY YACHT MONOGRAM $43.45

590 6311/600 06/09/2012 AUSTRALIAN MANUFACTURING WORKERS UNION PAYROLL DEDUCTION $43.00


592 6317/679 13/09/2012 CITY OF PALMERSTON PAYROLL DEDUCTION $40.00

593 6329/679 27/09/2012 CITY OF PALMERSTON PAYROLL DEDUCTION $40.00

69

69



594 6334/310 27/09/2012 DARWIN BOLT SUPPLIES HARDWARE CONSUMABLES $39.27

595 6326/5047 20/09/2012 BRUMBY'S NIGHTCLIFF CATERING SERVICES $38.00

596 6334/3773 27/09/2012 TFH HIRE SERVICES PTY LTD FENCING CONSUMABLES $33.00

597 6334/4983 27/09/2012 BURSON AUTOMOTIVE PTY LTD RYCO PREMIUM OIL FILTER $33.00

598 6314/490 06/09/2012 GREENING AUSTRALIA (NT) INC PLANTS $30.25

599 6314/507 06/09/2012 HASTINGS DEERING (AUST) LTD PLANT PARTS & MAINTENANCE $28.63

600 00914358 06/09/2012 WILLIAM EDWARD JOSEPHS REFUND ANIMAL REGISTRATION CONCESSION $25.00

601 6317/597 13/09/2012 MERCANTILE MUTUAL LIFE PAYROLL DEDUCTION $25.00

602 6320/1281 13/09/2012 DEPT OF LANDS AND PLANNING SUPPLY DARWIN MUNICIPALITY DIGITAL MAPS $25.00

603 6329/597 27/09/2012 MERCANTILE MUTUAL LIFE PAYROLL DEDUCTION $25.00

604 6326/2895 20/09/2012 ENTITY 1 PTY LTD HOST TOPROC SITE SEPTEMBER 2012 $22.00



607 6320/1555 13/09/2012 PALM SPRINGS DISTRIBUTORS - NT SUPPLY SPRING WATER CONTAINERS CIVIC CENTRE $21.00

608 00914415 27/09/2012 TINA ANN GILL REFUND ANIMAL REGISTRATION $15.00

609 6314/729 06/09/2012 THE NORTHERN TERRITORY NEWS NEWSPAPER DELIVERY $7.30

Total $21,483,816.68

Less: Value of CANCELLED Cheques included in Total $6,255.89

Total for Fund 5 $21,477,560.79

Trust Cheques Fund 6

610 00603552 20/09/2012 COLIN THOMPSON PO BOX 1432 REFUND SECURITY DEPOSIT SHOP 3 WESTLANE ARCADE $1,200.00

Total $1,200.00

Less: Value of CANCELLED Cheques included in Total -$

Total for Fund 6 $1,200.00

70

70


MONTHLY ON-STREET & OFF-STREET PARKING STATISTICS – SEPTEMBER 2012


Presenter: Manager Business Services, Liam Carroll Approved: General Manager Corporate Services, Frank Crawley PURPOSE This report provides statistical information for car parking in the Darwin’s Central Business District (CBD) for the month of September 2012. LINK TO STRATEGIC PLAN The issues addressed in this Report are in accordance with the following Goals/Strategies of the Action Plan of the Darwin City Council 2004 - 2008: 4 INFRASTRUCTURE MANAGEMENT 4.4 Car Parking Goal To provide adequate and appropriate parking facilities in a timely manner. KEY ISSUES NIL RECOMMENDATIONS THAT it be a recommendation to Council:- A. THAT Report Number 12A0163 entitled Monthly On-Street and Off-Street Parking

Statistics – September 2012, be received and noted. BACKGROUND N/A DISCUSSION Council provides a total of 3,909 on and off-street public car parking bays in Darwin’s central business district. The total number of bays has reduced by one as a result of the installation of the “secure bike pod” in China Town Car Park. For the month of September 2012 a total of $304,598.00 ex gst in revenue was generated from car parking.

71

71

PAGE: 2 REPORT NUMBER: 12A0163 SUBJECT: MONTHLY ON-STREET AND OFF-STREET PARKING STATISTICS –

SEPTEMBER 2012 On Street Car Parking Tabled below is the revenue collected from on-street car parking for the month of September 2012. Car parking fees on Saturdays ceased from July 2012 which has attributed to the reduced income in Zone A and Zone B. For the 3 month period to September 2011 Zone A generated $24,208 and Zone B generated $2,705 from Saturday car parking fees.

Number of Bays

Net Income September 2012/2013

Net Income YTD

2012/2013


Net Income YTD

2011/2012

Zone A Actual Income 664 $ 103,453 $ 344,251 $ 107,038 $ 363,406

% of Potential Income 48% 50% 44% 52%

Zone B Actual Income 600 $ 42,181 $ 136,909 $ 41,599 $ 130,140


Zone C Actual Income 516 $ 43,978 $ 135,049 $ 52,887 $ 138,685


Total Actual Income 1780 $ 189,611 $ 616,208 $ 201,524 $ 632,231


Infringements A total of 1842 infringements were issued on street in the CBD for the month of September 2012. A total of 142 infringements were issues in the off street carparks for the month of September 2012.

72

72


SEPTEMBER 2012 Off Street Car Parking Tabled below is the revenue collected from off-street car parking for the month of September 2012. The attached graphs display the On-Street Monthly Income and percentage of total potential income and the Off-Street Monthly Income for 2011/12 vs 2012/13 (Attachment A).

Number of Bays


YTD Net Income

2012/2013


YTD Net Income

2011/2012

Actual Income 1,380$ 294,232$ -$ 272,155$

Actual Income 27,513$ 86,562$ 29,746$ 85,543$


Actual Income 254$ 47,435$ 206-$ 43,139$

Actual Income 25,111$ 80,404$ 26,397$ 78,614$


Actual Income 261$ 17,499$ 67$ 14,595$

Actual Income 4,782$ 14,941$ 4,303$ 13,141$


Actual Income 11,873$ 35,654$ 12,902$ 38,385$


Actual Income 138$ 7,740$ -$ 5,340$

Actual Income 3,948$ 12,598$ 4,299$ 12,691$


Actual Income -$ 17,349$ -$ 15,212$

Actual Income 8,212$ 25,889$ 8,828$ 25,840$


Actual Income 14,656$ 254,582$ 427-$ 232,102$

Actual Income 7,022$ 21,677$ 7,134$ 21,966$


Actual Income -$ 8,332$ -$ 8,212$

Actual Income 4,458$ 14,629$ 4,751$ 14,607$


Actual Income 209-$ 22,019$ -$ 16,586$

Actual Income 1,068$ 3,300$ 957$ 2,622$


Actual Income 2,555$ 7,459$ 3,106$ 7,314$

Actual Income 1,965$ 6,111$ 2,388$ 6,250$


Actual Income 19,035$ 676,646$ 2,539$ 614,656$

Actual Income 95,952$ 301,766$ 101,705$ 299,658$


Actual Income 114,987$ 978,413$ 104,245$ 914,314$ GRAND TOTAL

Civic Ctr Reserved Bays 62

38

Total

Reserved Bays 800

Casual Bays 1329

Reserved Bays 238

Casual Bays 203

Reserved Bays 88

Casual Bays 293

Reserved Bays 31

Casual Bays 57

Casual Bays 215

Reserved Bays 24

Casual Bays 77

Reserved Bays 33

Casual Bays 116

Reserved Bays 263

Casual Bays 226

Stott Ln

Darwin Oval

Casual Bays 55

Reserved Bays 20

Casual Bays 49

Reserved Bays 41

Mitchell St Casual Bays

Woods St

Westlane

Cavenagh St

McLachlan St

McMinn St

Mitchell/Daly

Nichols Pl

Chinatown

73

73


SEPTEMBER 2012 CONSULTATION PROCESS N/A POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS For the month of September 2012 a total of $304,598.00 ex gst in revenue was generated from car parking. RISK/LEGAL/LEGISLATIVE IMPLICATIONS N/A ENVIRONMENTAL IMPLICATIONS N/A COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. LIAM CARROLL FRANK CRAWLEYMANAGER BUSINESS SERVICES

GENERAL MANAGER CORPORATE SERVICES

Any queries on this report may be directed to Liam Carroll on 8930 0559 or [email protected] Attachment A On-Street & Off-Street Parking Statistics – September 2012

74

74

75

75

lelmer

Typewritten Text

ATTACHMENT A

76

76

77

77


FIRST QUARTER BUDGET REVIEW 2012/13


Presenter: Manager Finance, Kelly Stidworthy Approved: General Manager Corporate Services, Frank Crawley PURPOSE The purpose of this report is to provide information on program budgets requiring variation due to amendments to Council activities and actual income and expenditure differing from budgeted amounts. Budget variations require Council to vary the estimates in accordance with Section 128 of the Local Government Act and Section 13 of the Local Government (Accounting) Regulations. LINK TO STRATEGIC PLAN The issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate Effective, Open and Responsible Governance Outcome 7.1 Effective governance Key Strategies 7.1.3 Manage Council’s affairs based on a sustainable financial strategy KEY ISSUES A listing of all budget variation submissions can be found in the Attachment comprising:

A: Recurrent Budget Variations – with identified funding B: Capital Budget Variations – with identified funding

RECOMMENDATIONS THAT the Chief Officer’s Group resolve under delegated authority: A. THAT Report Number 12A0170 entitled, First Quarter Budget Review 2012/13, be

received and noted. B. THAT Attachment A & B of Report Number 12A0170 entitled, First Quarter Budget

Review 2012/13 be presented to Council for adoption.

78

78

PAGE: 2 REPORT NUMBER: 12A0170 SUBJECT: FIRST QUARTER BUDGET REVIEW 2012/13 BACKGROUND Sound financial management in local government involves monitoring budgets regularly and when actual expenditure to budget varies, a budget variation is required. Council sets the original budget at the commencement of each financial year. Budget variations occur on a quarterly basis. When the original budget is amended due to the inclusion of budget variations it is called the ‘Revised Budget’. DISCUSSION The budget variation submissions are categorised according to their effect on the budget. Expenditure Funding Transfers (no net effect on overall budget) Transfers between expenditure budgets are shown as “Expenditure Funding Transfers”. The amount shown is the amount transferred between program budgets but the transfer value nets out to zero, which is why there is no net effect on the overall budget. These budget variations usually arise due to the following: A review of expenditure shows that the budget is not aligned to actual expenditure and

needs to be varied; A project finishes and the remaining funds are transferred to another project (common

within capital works); A project is identified after the original budget has been set and must be funded from

within program budgets.

Amount Description $59,600 Reallocation of salaries & wages within Infrastructure budgets $40,000 Allocate Stormwater Upgrade budget to Jarvis St Tiwi stormwater

works $39,000 Transfer Cyclepaths facilities upgrade budget from Community &

Cultural to Infrastructure section $20,000 Transfer Minor Capital Works budget to stormwater upgrade works at

Manbulloo St $13,500 Allocate funding from Finance consultants budget and Infrastructure

Minor Capital Works budget for Interplan capital works reporting upgrade

Increase in Income offset by program expenditure (no net effect on overall budget) Increases in income are normally offset by an increase in program expenditure. The amount shown is the amount of income to be received, or expecting to be received, which is offset by expenditure of an equivalent amount, so there is no net effect on the overall budget. These budget variations usually arise due to the following: Council is notified that it is going to receive external funding, such as a grant; A review of income shows that additional program income over the budget has been

generated but is offset by an associated program expense.

79

79

PAGE: 3 REPORT NUMBER: 12A0170 SUBJECT: FIRST QUARTER BUDGET REVIEW 2012/13

Amount Description $47,043 Additional operational grant funding to be received from NTG for

Libraries $42,904 Grant funding to be received from Department of Education & Training

for Long Day Care Malak Family Centre bathroom renovation $14,077 Recognise income received for Air Conditioning settlement offset by

legal expenditure budget in Corporate Services Decrease in Income offset by program expenditure (no net effect on overall budget) Decreases in income are normally offset by a decrease in program expenditure. The amount shown is the amount of income which was expected but will now not be received, which is offset by expenditure of an equivalent amount, so there is no net effect on the overall budget. These budget variations usually arise due to the following: Council is notified that it is not going to receive expected external funding, such as a

grant; A review of income shows that a reduction in program income in the budget has occurred

and is offset by an associated program expense.

Amount Description $49,241 Reduction of LATM grant funding; offset by LATM projects expenditure

Increase in Expenditure not offset Increases in expenditure not offset by an increase in program income are often due to a specific reason. These budget variations usually arise due to the following: A new or unexpected project arises that must be funded from something other than

program budgets; The additional expenditure relates to reserve funded programs and the funds are provided

by the appropriate reserve.

Amount Description $75,000 Water Efficiency Study, funded from the Watering Reserve $70,000 Civic Centre UPS Replacement, funded from the Disaster Contingency

Reserve $20,000 Landfill management consultancy; funded from the Waste

Management Reserve $15,000 Additional collection for off street parking, funded from the Off Street

Parking Reserve CONSULTATION PROCESS Relevant officers responsible for budgets.

80

80

PAGE: 4 REPORT NUMBER: 12A0170 SUBJECT: FIRST QUARTER BUDGET REVIEW 2012/13 POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS In adopting the 2012/13 Municipal Plan, Council established the service levels and projects to be delivered in the 2012/13 Financial Year. Council’s original 2012/13 budget is based on a nil surplus carried forward from 2011/12. Proposed variations in this budget review result in a nil movement to surplus. Proposed variations will result in net funding of $180,000 to be transferred from cash backed reserves. The variations propose the following transfers to and from Reserves: Transfers to Reserves Nil Transfers from Reserves

Amount Description $78,000 Waste Administration Officer temporary staff position, funded from the

Waste Management Reserve $75,000 Water Efficiency Study, funded from the Watering Reserve $70,000 Civic Centre UPS Replacement, funded from the Disaster Contingency

Reserve $20,000 Landfill Management consultancy, funded from the Waste

Management Reserve $15,000 Additional collection for off street parking, funded from the Off Street

Parking Reserve RISK/LEGAL/LEGISLATIVE IMPLICATIONS Adoption of the recommendations in this report will result in Council varying the budget in accordance with Section 128 of the Local Government Act. ENVIRONMENTAL IMPLICATIONS N/A

81

81

PAGE: 5 REPORT NUMBER: 12A0170 SUBJECT: FIRST QUARTER BUDGET REVIEW 2012/13 COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. KELLY STIDWORTHY FRANK CRAWLEYFINANCE MANAGER GENERAL MANAGER CORPORATE SERVICES Any queries on this report may be directed to Kelly Stidworthy on 8930 0523 or email [email protected] Attachment A Recurrent Budget Variations – with identified funding Attachment B Capital Budget Variations – with identified funding

82

82

Budget VariationsVariation $

Recurrent Funded - Attachment A 6,750$

Capital Funded- Attachment B (6,750)$

Total -$

BUDGET VARIATION FUNDING

Budgeted Surplus/Deficit 01/07/2012 -$

1st Quarter Budget Variations -$

Total 2012/13 (Surplus)/Deficit after funding Variations -$

RESERVE FUNDING Transfer Out Transfer InDisaster Contingency Reserve 70,000$ Waste Management Reserve 20,000$ On & Off-street Car parking Reserve 15,000$ Watering Reserve 75,000$ Total Reserve Transfers 180,000$ -$

CONTRIBUTIONS, GRANT & SUBSIDY FUNDING Increase DecreaseDepartment Education & Training - Malak Family Centre $42,904NRETAS - Library Operational Grant $47,043LATM 49,241$ Total Grant Funds $89,947 49,241$

Summary First Quarter Budget Variations 2012/13

83

83

lelmer

Typewritten Text

ATTACHMENT A


ATTACHMENT A - RECURRENT BUDGET VARIATIONS 2012/13 WITH IDENTIFIED FUNDING

DepartmentRequest Number Project Name Budget Number Revenue Reserve Subsidies

Summary First Quarter Budget Variations 2012/13CEOStrategy & Outcomes

20 Upgrade of Interplan to incorporate capital works funded from Minor Capital Works and Corporate Services 05/140040/300/313 13,500

CEO TOTAL 13,500 0 0

Corporate ServicesGM Corporate Services 9 Income received for air conditioner settlement to offset legal expenditure 05/410006/300/325 14,077

05/410032/700/719 -14,077Accounting

20 Upgrade of Interplan to incorporate capital works funded from Minor Capital Works and Corporate Services 05/421000/300/305 -6,750

Off Street Parking 05/421410/451/499 -15,00005/453000/300/105 15,000

Corporate Services Total -6,750 0 0

Community and Cultural ServicesLibraries 8 Additional NTG operational grant funds for Libraries offset with associated expenditure 05/235000/300/100 47,043

05/235030/750/732 -47,043

Community and Cultural Services Total 0 0 0

InfrastructureInfrastructure Projects 05/313000/300/001 59,600

05/321001/300/001 -31,57105/322000/300/001 -21,013

18c Reallocation of salaries & wages budget within Infrastructure section 05/321001/300/001 6,717Operations Administration 3 Water Efficiency Study to be funded from Watering Reserve 05/421417/451/499 -75,000

05/331042/300/104 75,000Development 2a 05/321011/180/105 4,000

05/321006/180/104 -4,000Waste Management 4 05/421408/451/499 -20,000

05/333000/300/305 20,00018a Reallocation of salaries & wages budget within Infrastructure section 05/333004/300/001 -7,01618c Reallocation of salaries & wages budget within Infrastructure section 05/333004/300/001 -6,717

Infrastructure Total 0 0 0

Grand Total 6,750 0 0

Additional funds required for Recoverable Works Capital transferred from Recoverable Works Operational budgetAdditional funds required for Landfill Management consultancy to be funded from Waste Management Reserve

Additional collection for Offstreet Parking to be funded from Offstreet Parking Reserve

18a Reallocation of salaries & wages budget within Infrastructure section

1

84

84

lelmer

Typewritten Text

ATTACHMENT B


ATTACHMENT B - CAPITAL BUDGET VARIATIONS 2012/13 - WITH IDENTIFIED FUNDING

DepartmentRequest Number Project Name Budget Number Revenue Reserve Subsidies

Summary First Quarter Budget Variations 2012/13Corporate ServicesIT Support 10a 05/431060/180/100 70,000

05/421414/451/499 -70,000

Corporate Services Total 0 0 0

Community & Cultural ServicesRecreation & Leisure 10b 05/223062/180/104 -39,000

Community and Cultural Services Total -39,000 0 0

Infrastructure

Infrastructure Projects 6 05/322031/750/781 49,241

05/322067/180/105 -49,2415a 05/334060/180/105 20,000

05/322062/180/104 -20,0005b 05/334060/180/105 40,000

05/334060/180/105 -40,000

10bCyclepaths facilities upgrade budget transfer from Community & Cultural section to Infrastructure 05/322068/180/104 39,000

20Upgrade of Interplan to incorporate capital works funded from Minor Capital Works and Corporate Services 05/322062/180/104 -6,750

Building Services 7 05/332030/750/739 -42,90405/332085/180/104 42,904

Infrastructure Total 32,250 0 0

Grand Total -6,750 0 0

Allocate Stromwater Upgrade budget to Tiwi Stormwater Works Jarvis St

Grant funding from Department of Education & Training for Long Day Care Malak Family Centre bathroom renovation

Civic Centre UPS Replacement funded from the Disaster Contingency Reserve

Cyclepaths facilities upgrade budget transfer from Community & Cultural section to Infrastructure

Reduced approved funding from Department of Land and Planning for Local Area Traffic Management 12/13 - decrease income and associated expenditure budgets

Tiwi Stormwater works Manbulloo St funded from Minor Capital Works budget

85

85

lelmer

Typewritten Text


BUDGET TIMETABLE 2013/14


Presenter: Manager Finance, Kelly Stidworthy Approved: General Manager Corporate Services, Frank Crawley PURPOSE The purpose of this report is to obtain Council endorsement for the 2013/14 Budget Timetable. LINK TO STRATEGIC PLAN The issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate Effective, Open and Responsible Governance Outcome 7.1 Effective governance Key Strategies 7.1.3 Manage Council’s affairs based on a sustainable financial strategy KEY ISSUES The 2013-14 Budget Timetable must be set according to the Council Meeting Dates and Deadlines Schedule for January – June 2013 as contained at Attachment B. RECOMMENDATIONS THAT it be a recommendation to Council:- A. THAT Report Number 12A0159 entitled, Budget Timetable 2013/14, be received and

noted. B. THAT the 2013-14 Budget Timetable as contained at Attachment A, to Report

Number 12A0159 entitled Budget Timetable 2013/14, be endorsed.

86

86

PAGE: 2 REPORT NUMBER: 12A0159 SUBJECT: BUDGET TIMETABLE 2013-14 BACKGROUND The budget timetable is an important document that provides the framework to allow adequate time for the budget to be delivered in accordance with legislative timeframes. DISCUSSION The proposed 2013/14 Budget Timetable is contained at Attachment A. The timetable has been prepared in accordance with the Council Meeting Dates and Deadlines Schedule January – June 2013 as contained at Attachment B. Special Council Meetings History has shown that the period between March and May are traditionally busy times for the Council. It is recommended that, in addition to the Ordinary Council Meeting dates on the schedule, two Special Council Meetings are incorporated in order to allow adequate time to deliver key budget components. This is also necessary to ensure the budget is finalised in conjunction with the draft Municipal Plan as ultimately both must be incorporated. Efficiency Dividend In order to incorporate efficiency measures to meet the target level in the Long Term Financial Plan for 2013-14 the Chief Officer’s Group will identify efficiency measures, their associated estimated savings and potential impacts on service levels by 15 February 2013. These will then be presented to Council for a final decision. Long Term Financial Plan Assumptions The 2013-14 draft budget will be based on the following assumptions from the Long Term Financial Plan:

Item Assumption CPI Long term average for Darwin updated as at September Efficiency Dividend In 2013-14 efficiency measures must be identified to

deliver a $507,000 ongoing budget saving General Rate Increase 4.50% Rates Growth 1.00% general rate income Parking Special Rates CPI as per Darwin Parking Local Rates regulation Waste Management Fees & Charges including annual charges

4.50% (equivalent to general rate increase)

Parking Fees & Charges 5.00% + CPI with on street parking fees to be rounded to nearest 10c

User Charges & Fees CPI but consideration could be given as to whether the increase should be tied to the general rate increase

Grants – Operating CPI Grants – Capital As per updated Long Term Capital Works Plan Interest Revenue 5.00% but this should be reviewed in line with average

investment returns Other Revenues CPI

87

87

PAGE: 3 REPORT NUMBER: 12A0159 SUBJECT: BUDGET TIMETABLE 2013-14 Employee Costs As per updated employee costs budget Materials & Contracts CPI where indicated in budget workbook Interest on Borrowings As per loan schedule Depreciation Based on 2012-13 actual depreciation Capital Expenditure As per updated Long Term Capital Works Plan Loan Repayment As per loan schedule Major Projects As per updated Long Term Capital Works Plan New Initiatives Total funding of $1,235,400 consisting of:

One off new initiatives $881,900 Ongoing increase in service provision associated

with rates growth $253,500 Increased services to youth $100,000 The above allocations can be adjusted to suit final project priorities

New Initiatives – Staff & Elected Members New initiatives will be called for from staff and elected members in early December with a due date of 15 February 2013. It is important to allow adequate time for the submissions to be reviewed and budget estimates determined. A prioritisation process will then need to occur for all submissions so that this can be used to determine how the budget for new initiatives will be allocated. CONSULTATION PROCESS In preparing this Report the following parties were consulted: Chief Officer’s Group Manager Strategy & Outcomes POLICY IMPLICATIONS N/A BUDGET AND RESOURCE IMPLICATIONS N/A RISK/LEGAL/LEGISLATIVE IMPLICATIONS Implementation of a budget timetable reduces the risk of the budget not being delivered within required timeframes and in accordance with best practice standards. ENVIRONMENTAL IMPLICATIONS N/A

88

88

PAGE: 4 REPORT NUMBER: 12A0159 SUBJECT: BUDGET TIMETABLE 2013-14 COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. KELLY STIDWORTHY FRANK CRAWLEYFINANCE MANAGER GENERAL MANAGER

CORPORATE SERVICES For enquiries, please contact Kelly Stidworthy on 89300523 or email [email protected] Attachment A: 2013-14 Budget Timetable Attachment B: Council Meeting Dates and Deadlines Schedule for January – June 2013

89

89

ATTACHMENT A

Est Date ActionCompletion

Time Responsible Officer

24-Oct-12 Corporate & Economic Development Committee; endorse budget timetable C&ED Mgr Finance

16-Nov-12 All Depts; review Long Term Capital Works Program 2 Weeks Assets Accountant/Asset Manager

03-Dec-12 Presentation & email; new initiative submssions must be submitted via IPM 1 Day Mgr Finance/Mgr Strategy & Outcomes

03-Dec-12 Distribute Elected Member New Initiative forms 10 Weeks Finance Manager03-Dec-12 COG; review Long Term Capital Works Program COG Mgr Finance

03-Dec-12 COG; review updated Long Term Financial Plan & draft budget parameters COG Mgr Finance

03-Dec-12 COG; identification of efficiencies to meet efficiency target in LTFP 10 Weeks COG

01-Feb-13 Tour of council assets by elected members 1 Day COG

01-Feb-13 Budget Presentation & Budget Workbook Distribution 2 Weeks Management Accountant

01-Feb-13 Distribute fees & charges schedules to Managers 8 Weeks Revenue Supervisor

15-Feb-13 Budget workbooks to be returned to Finance 2 Weeks Managers

15-Feb-13 Staff & Elected Members new initiatives submissions due 10 Weeks Managers/Elected Members

15-Feb-13 COG; identified efficiencies to be submitted to target level 10 Weeks COG

22-Feb-13 Prepare Rates Forecast based on LTFP assumption 1 Week Revenue Supervisor

04-Mar-13 COG; review efficiency target measures COG Mgr Finance

11-Mar-13 COG; review first draft operating budget COG Mgr Finance

18-Mar-13 COG; consider draft budget estimates with Managers to attend as required COG Managers

25-Mar-13 COG; consider draft budget estimates with Managers to attend as required COG Managers

26-Mar-13 2nd Ordinary; presentation of draft Long Term Financial Plan including recommended budget parameters

2nd Ordinary Finance Manager

29-Mar-13 Fees & charges schedules returned to Finance 8 Weeks Managers

08-Apr-13 COG; prioritise capital projects & new initiatives COG Managers

08-Apr-13 COG; review fees & charges COG Revenue Supervisor

16-Apr-13 1st Ordinary; presentation of draft operating budget including efficiency target measures

1st Ordinary Mgr Finance

22-Apr-13 COG; review draft Municipal Plan (excluding budget info) COG Mgr Strategy & Outcomes

23-Apr-13 Special Council;- presentation of draft capital budget & new initiatives- presentation of draft fees & charges

Special Mgr Finance

07-May-13 Special Council; presentation of draft budget Special Mgr Finance

14-May-13 1st Ordinary; present draft Municipal Plan (excluding budget info) 1st Ordinary Mgr Strategy & Outcomes

28-May-13 2nd Ordinary;- adopt draft Municipal Plan & Budget- adopt fees & charges including parking & waste fees

2nd Ordinary Mgr Finance

29-May-13 Publish draft Municipal Plan & Budget for public comment (21 days min) 1 Day Public Relations Dept

29-May-13 Publish adopted fees & charges & make available on Council's website 1 Day Revenue Supervisor

11-Jun-13 1st Ordinary; present draft Long Term Financial Plan 1st Ordinary Mgr Finance

25-Jun-13 2nd Ordinary; adopt Municipal Plan & Budget 2nd Ordinary Mgr Finance

25-Jun-13 2nd Ordinary; adopt Rates Declaration 2nd Ordinary Revenue Supervisor

25-Jun-13 2nd Ordinary; adopt Long Term Financial Plan 2nd Ordinary Mgr Finance

26-Jun-13 Publish final Municipal Plan & Budget on website 1 Day Mgr Finance

01-Jul-13 Publish Declaration of Rates 1 Day Revenue Supervisor

01-Jul-13 Send Muncipal Plan & Rates Declaration to Dept Local Government 1 Day Mgr Finance

01-Jul-13 Send Long Term Financial Plan to Dept Local Government 1 Day Mgr Finance

2013/14 BUDGET TIMETABLE

October

November

December

February

July

March

April

May

June

90

90

28/09/2012

MMeeeettiinngg DDaatteess aanndd DDeeaaddlliinnee SScchheedduullee

JJaannuuaarryy ttoo JJuunnee 22001133

MMeeeettiinngg

JJaannuuaarryy

FFeebbrruuaarryy

MMaarrcchh

AApprriill

MMaayy

JJuunnee

TTiimmee

TToowwnn

PPllaannnniinngg

05/02/13

05/03/13

02/04/13

07/05/13

04/06/13

Tuesday

Deadline 29/01/13 25/02/13 25/03/13 27/04/13 27/05/13 5.00 p.m.

CCoommmmuunniittyy &&

CCuullttuurraall SSeerrvviicceess

18/02/13

18/03/13

22/04/13

20/05/13

17/06/13

Monday

Deadline 11/02/13 11/03/13 15/04/13 13/05/13 11/06/13 5.00 p.m..

EEnnvviirroonnmmeenntt

&& IInnffrraassttrruuccttuurree

19/02/13

19/03/13

23/04/13

21/05/13

18/06/13

Tuesday

Deadline 11/02/13 11/03/13 15/04/13 13/05/13 11/06/13 5.00 p.m.

CCoorrppoorraattee && EEccoonnoommiicc

DDeevveellooppmmeenntt

20/02/13

20/03/13

24/04/13

22/05/13

19/06/13 Wednesday

Deadline 11/02/13 11/03/13 15/04/13 13/05/13 11/06/13

5.00 Noon

11sstt OOrrddiinnaarryy CCoouunncciill

12/02/13

12/03/13

16/04/13

14/05/13

11/06/13

Tuesday

Deadline 04/02/13 04/03/13 08/04/13 07/05/13 03/06/13

5.00 p.m. 22nndd OOrrddiinnaarryy

CCoouunncciill 29/01/13

26/02/13

26/03/13

30/04/13

28/05/13

25/06/13

Tuesday

Deadline 21/01/13 18/02/13 18/03/13 22/04/13 20/05/13 17/06/13

5.00 p.m.

PLEASE NOTE:

Deadlines for the Closure of each Agenda are at 4.00 p.m. Mondays. Any items submitted as Confidential, will require CEO approval. Any items not submitted by the deadline, will require CEO approval to be included in the papers.

91

91

lelmer

Typewritten Text

ATTACHMENT B


LOCAL GOVERNMENT INVESTMENT GUIDELINES & REVIEW OF POLICY NO. 24 – INVESTMENT POLICY


Presenter: Manager Finance, Kelly Stidworthy Approved: General Manager Corporate Services, Frank Crawley PURPOSE The purpose of this report is to notify Council of the Local Government Investment Guidelines that have been approved by the Minister for Local Government and provide Council with recommended amendments to City of Darwin Policy No. 24 - Investment Policy. LINK TO STRATEGIC PLAN The issues addressed in this Report are in accordance with the following Goals/Strategies of the Darwin City Council 2008 – 2012 as outlined in the ‘Evolving Darwin Strategic Directions: Towards 2020 and Beyond’:- Goal 7 Demonstrate Effective, Open and Responsible Governance Outcome 7.1 Effective governance Key Strategies 7.1.3 Manage Council’s affairs based on a sustainable financial strategy KEY ISSUES Compliance with Local Government Investment Guidelines as prescribed by the Local Government Act. RECOMMENDATIONS A. THAT Report Number 12A0157 entitled Local Government Investment Guidelines &

Review of Policy No 24 – Investment Policy, be received and noted. B. THAT Council adopt the revised Policy No 24 – Investment Policy, as attached to

Report Number 12A0157 entitled Local Government Investment Guidelines & Review of Policy No 24 – Investment Policy.

92

92

PAGE: 2 REPORT NUMBER: 12A0157 SUBJECT: LOCAL GOVERNMENT INVESTMENT GUIDELINES & REVIEW POLICY NO. 24

– INVESTMENT POLICY BACKGROUND The Minister for Local Government gave an undertaking to review the initial investment guidelines that were established in July 2008. As a result, effective 24 April 2012 revised Local Government Investment Guidelines (the Guidelines) were approved by the Minister for Local Government. These guidelines prescribe that Council must have an investment policy and what must be in that policy. This report will summarise the key elements of the Guidelines and recommend Council amend Council’s Investment Policy to conform to the Guidelines. DISCUSSION The Guidelines examine the process of constructing a robust investment policy and identifying the key issues that must be addressed by Council when engaging in the investment of surplus funds. A review of Councils Policy No 24 - Investment Policy has resulted in minor recommended amendments as listed below:

Section in Policy Amendment Policy Objective Statement in definitive terms a primary objective of

investing Council surplus funds is the preservation of capital by minimising credit risk, market risk and diversifying portfolio issuers

Background Updated background with revised Guidelines issued by Minister in 2012

Legislative Requirements Included compliance requirement with Local Government Investment Guidelines

Mandatory Conditions All investments must be placed with an authorised deposit taking institution (ADI) and through a licensed financial services institution with a current Australian Financial Services Licence issued by the Australian Securities and Investment Commission

Risk Management State Council’s risk aversion appetite as per definition in the policy whilst recognising that no investment is risk free

CONSULTATION PROCESS In preparing this Report the following parties were consulted: Staff responsible for investments POLICY IMPLICATIONS The revised City of Darwin Policy No 24 – Investment Policy is to be endorsed by Council.

93

93

PAGE: 3 REPORT NUMBER: 12A0157 SUBJECT: LOCAL GOVERNMENT INVESTMENT GUIDELINES & REVIEW POLICY NO. 24

– INVESTMENT POLICY BUDGET AND RESOURCE IMPLICATIONS N/A RISK/LEGAL/LEGISLATIVE IMPLICATIONS Alignment of City of Darwin Policy No 24 -Investment Policy with Local Government Investment Guidelines approved by Minister for Local Government pursuant to sections 121(2) and 258(1) of the Local Government Act. ENVIRONMENTAL IMPLICATIONS N/A COUNCIL OFFICER CONFLICT OF INTEREST DECLARATION We the Author and Approving Officers declare that we do not have a Conflict of Interest in relation to this matter. KELLY STIDWORTHY FRANK CRAWLEYFINANCE MANAGER GENERAL MANAGER CORPORATE

SERVICES For enquiries, please contact Kelly Stidworthy on 8930 0523 or [email protected] Attachment A: City of Darwin Policy No 24 – Investment Policy Attachment B: Local Government Investment Guidelines

94

94

policy

1

Title: Investment Policy

Policy No: 024

Adopted By: Council

Next Review Date: 30/10/2014

Responsibility: Finance Manager

Document Number: 2119169

Version Decision Number Decision Date History 1 20\3485 30/11/2010 Adopted 2 TBA 30/10/2012 Revision Endorsed 3 4 1 Policy Summary

The Investment Policy establishes the guidelines that City of Darwin adopts in investing funds not required to meet immediate liquidity needs with the exception of trust funds. This policy is supplemented by Investment Procedures, which are not required to be adopted by Council but are subject to audit and form part of Council’s internal controls.

2 Policy Objectives

To invest Council’s funds with consideration of risk and at the most favourable rate of interest available to it at the time for the investment type. While exercising the power to invest, consideration is to be given to preservation of capital, liquidity and the return on investment. Primary objectives of the policy are: Preservation of capital; capital loses should be avoided by minimising credit

risk (risk of default), market risk (risk that changes in interest rates will adversely affect the fair value of the investment) and through diversification of investment issuers

Ensure that funds are invested in accordance with legislative requirements Identify the range of approved and prohibited investments Set boundaries for exposure to the risks associated with investments Ensure capital protection for Council funds Ensure that Council maintains adequate control of its investments

95

95

lelmer

Typewritten Text

ATTACHMENT A

policy

2

Ensure that the investment portfolio is structured to provide sufficient liquidity to meet all reasonably anticipated cash flow requirements

Establish a framework for monitoring investments 3 Background

Council is required to ensure that there are proper policies and procedures in place to safeguard its assets in accordance with Regulation 10 of the Local Government (Accounting) Regulations. An investment policy is essential to these requirements. In 2012 the Minister for Local Government released Local Government Investment Guidelines pursuant to sections 121(2) and 258(1) of the Local Government Act. The 2012 guidelines provide guidance on:

The legislative framework for the guidelines including Australian Accounting Standards and the Prudent Person Rule;

Duties and responsibilities of councils and their staff including internal controls;

The requirements of a good investment policy including investment types, risks returns and benchmarks;

Governance including reporting and monitoring; and Audits and external reviews

4 Policy Statement

Legislative Framework

Local Government Act Section 121(1) of the Local Government Act states that “a council may invest money not immediately required for the purposes of the Council”. Local Government Investment Guidelines Section 121(3) of the Local Government Act states that “councils involved in investment activities must comply with the Local Government Investment Guidelines”. The Guidelines were established under 258(1) of the Local Government Act. Delegation of Authority In accordance with Section 32(2) of the Local Government Act Council has delegated the authority for implementation of the Investment Policy to the Chief Executive Officer. In accordance with Section 102 of the Local Government Act the Chief Executive Officer has delegated implementation and management of the Investment Policy to the Finance Manager.

96

96

policy

3

Prudent Person Rule The Prudent Person Rule requires officers to exercise the same care, diligence and skill that a prudent person would exercise in managing the affairs of other persons. Acting prudently applies to selecting investments and requires an individual to consider diversification, appropriateness of the product, risk and anticipated return, liquidity, independent financial advice and to have a clear understanding of the product. Ethics and Conflicts of Interest Officers shall refrain from personal activities that would conflict with the proper execution and management of Council’s investment portfolio. This policy requires officers to disclose any conflict of interest to the Chief Executive Officer. Authorised Investments Approved Investments Without approval from Council, investments are limited to: Local/State/Commonwealth Government Bonds, Debentures or Securities Interest bearing deposits issued by an authorised deposit taking institution

(ADI) Deposits with Territory Insurance Office (TIO) All investments are subject to the Investment Limits stated in this policy. Mandatory Conditions There are certain mandatory conditions that all investments must comply with: All investments must be in the name of City of Darwin. If using the services of

an Investment Advisor or Broker, Council must ensure that ownership is retained.

All investments must be denominated in Australian dollars. All investments must be placed with an authorised deposit taking institution

(ADI) and through a licensed financial services institution with a current Australian Financial Services Licence issued by the Australian Securities and Investment Commission

Prohibited Investments This policy prohibits any investment carried out for speculative purposes including: Derivative based instruments Principal only investments or securities that provide potentially nil or negative

cash flow Stand alone securities issued that have underlying futures, options, forward

contracts and swaps of any kind

This policy also prohibits the use of leveraging (borrowing to invest) of an investment.

97

97

policy

4

Risk Management Guidelines Council is risk averse; risk aversion is the reluctance to invest in a product with a higher risk compared to a product with lower risk, but possibly lower returns. Risk can never be completely mitigated and no investment is risk free. This policy outlines the limits on investments that assist in mitigating risk within Council’s control without unnecessary detrimental impact on investment returns. Investments are to comply with key criteria relating to: a) Credit Risk: limit overall credit exposure of the portfolio b) Counterparty Credit Risk: limit exposure to individual counterparties/

institutions c) Maturity Risk: limits based upon maturity of investments d) Protection of Principal: investments entered into should be structured to

minimise the risk of loss of principal e) Grant Funding Conditions: conditions related to grant funding available to

invest must be complied with Investment Limits Term to Maturity Council’s investments should be able to be liquidated in a timely manner with minimal loss or penalty. The term to maturity of any investment may range from “at call” to one year. The maximum term for any investment should not exceed one (1) year without specific Council approval. Liquidity Requirements The term of investments must also take into account Council’s liquidity requirements and the portfolio must be structured so that there are always sufficient funds available to meet weekly cash requirements. Credit Ratings Credit ratings are a guide or standard for an investor, which indicate the ability of a debt issuer or debt issue to meet the obligations of repayment of interest and principal. Credit rating agencies such as Moody’s, Standard and Poor’s (S&P) and Fitch Rating make these independent assessments based on a certain set of market and non-market information. Ratings in no way guarantee the investment or protect Council against investment losses. The prescribed ratings should not be misinterpreted as an implicit guarantee of investments or entities that have such ratings. Even given this challenge, ratings provide the best independent information available. The following table provides a comparison of the rating equivalents between the different rating agencies:

98

98

policy

5

Standard & Poor’s Moody’s Fitch

Short Term Long Term Short Term Long Term Short Term Long Term A1+ AAA P1 Aaa FI AAA A1+ AA+ P1 Aa1 F2 AA A1+ AA P1/P2 Aa2 F2 AA A1+ AA- P1/P2 Aa3 F2 AA A1 A+ P1/P2 A1 F2 A A1 A P1/P2 A2 F2 A A2 A- P1/P2 A3 F3 A A2 BBB+ P2 Baa1 F3 BBB A2 BBB P3 Baa2 F3 BBB A3 BBB- P3 Baa3 F3 BBB

To limit overall credit exposure of the portfolio and exposure to individual counterparties/institutions, Council has placed the following limits on portfolio credit ratings: Long Term Rating

(S&P or equivalent) Short Term Rating (S&P or equivalent)

Maximum Percentage of Total Investments

AAA TO AA- A1+ 100% A+ TO A- A1 45%

BBB+ TO BBB- A2 25% BB+ TO D - 10%

If the credit rating of any institution or investment is downgraded and, as a result, the investment no longer falls within the policy guidelines it will be divested as soon as it is practical. Diversification To ensure diversification of the investment portfolio and reduce risk without affecting returns, Council has placed the following limits on investing with individual financial institutions:

Financial Institution Minimum Percentage of Total Investments

Maximum Percentage of Total Investments

Major Banks

15% 100%

Regional Banks

0% 45%

Credit Unions, Building Societies, Other ADIs

0% 45%

Major Banks – including but not limited to ANZ, National Australia Bank, Westpac Bank and the Commonwealth Bank. Regional Banks – including but not limited to Suncorp-Metway, Bendigo & Adelaide Bank, Bankwest, Citibank and Bank of Queensland.

99

99

policy

6

Credit Unions, Building Societies & Other ADIs – including but not limited to Peoples Choice Credit Union, Savings & Loans Credit Union, Territory Insurance Office and NT Treasury. With the exception of investments which are guaranteed by the Commonwealth or the Territory, the amount invested with any one financial institution shall not exceed 40% of the entire investment portfolio. Administration of Policy Investment Register Council must keep an up to date Investment Register supported by appropriate documentary evidence for each investment held. For audit purposes, certificates must be obtained from the financial institutions confirming the investments held on the Council’s behalf as at 30 June each year and reconciled to the Investment Register. Reporting A monthly investment report will be provided to Council containing the following: List of investments by financial institution Total cash and investments held Percentage exposure to individual financial institutions Adherence to the investment limits set in this policy Investment portfolio performance against established benchmarks, including

budget Benchmark The performance of the investment portfolio shall be compared to the BBSW Bank Bill Swap Rate. Independent Review The performance and value of the investment portfolio and conformity with the investment policy should be reviewed by an independent financial advisor on an annual basis or more often if required. Variations to Policy The Chief Executive Officer is authorised to approve temporary variations to the policy if required by legislative changes. All changes to the policy will be reported to Council within 30 days. All other variations to the policy are required to be authorised by Council. Investment Procedures The Investment Procedures supplement this policy and define the procedures that officers must adhere to when managing investments including but not limited to: authorisation, placement, redemption and reinvestment.

100

100

policy

7

Trust Funds Trust funds are excluded from this policy as they must be kept in separate bank account as per the requirements of Section 120 of the Local Government Act.

5 Legislation, terminology and references All investments are to be made in accordance with the following:

Local Government Act – Part 10.2 Local Government (Accounting) Regulations – Regulation 18 Guidelines pursuant to the Act and; Australian Accounting Standards

6 Evaluation and review

This policy will be reviewed bi-annually or as required by changes in legislation.

101

101

1

Local Government Investment Guidelines

These Guidelines are made pursuant to sections 121(2) and 258(1) of the Local Government Act

Executive Summary ................................................................................................... 3

Key Issues ................................................................................................................. 4

Glossary of terms used in these guidelines ............................................................... 5

1. INTRODUCTION .................................................................................................. 8

2. PURPOSE OF INVESTMENTS ............................................................................ 8

3. DUTIES AND CONTROLS ................................................................................... 8

3.1 Duties and Responsibilities of Council ............................................................ 8

3.2 Duties and Responsibilities of Local Government Staff ................................... 9

3.3 Internal Controls .............................................................................................. 9

4. LEGISLATIVE FRAMEWORK ............................................................................ 10

4.1 Local Government Act ................................................................................... 10

4.2 Local Government (Accounting) Regulations ................................................ 10

4.3 Investment Guidelines ................................................................................... 10

4.4 Australian Accounting Standards .................................................................. 10

4.5 Prudent Person Rule ..................................................................................... 11

4.6 Council policy and resolution ........................................................................ 11

5. INVESTMENT POLICY ...................................................................................... 11

5.1 Introduction ................................................................................................... 11

5.2 Risk and Return Objectives ........................................................................... 12

5.2.1 Assessment of Risks .............................................................................. 12

5.2.2 Complex and Structured Instruments Increase Risk ............................... 13

102

102

lelmer

Typewritten Text

ATTACHMENT B

2

5.2.3 Rate of Return Expectations ................................................................... 14

5.2.4 Tolerance to Volatility of Returns ............................................................ 14

5.3 Defining Investment Types ............................................................................ 14

5.3.1 Security Types and Limits ...................................................................... 14

5.3.2 Counterparty Limits Manage Credit Exposures ...................................... 15

5.3.3 Maturity Limits ........................................................................................ 16

5.4 Benchmarks .................................................................................................. 16

5.4.1 Benchmark Must be Congruent with the Degree of Risk ........................ 17

5.4.2 Benchmarks Can Send Perverse Signals ............................................... 17

5.4.3 Characteristics of a Benchmark .............................................................. 17

6. GOVERNANCE .................................................................................................. 18

6.1 Reporting ...................................................................................................... 18

6.2 Monitoring ..................................................................................................... 19

7. AUDIT AND EXTERNAL REVIEW ..................................................................... 19

7.1 Audit Scope ................................................................................................... 19

7.2 External Independent Review ....................................................................... 20

Appendix A – Sample Investment Policy ................................................................. 21

Appendix B – Investment Policy Check List ............................................................. 25

Appendix C – Risk And The Value Of An Investment Portfolio ................................ 29

Appendix D – Ratings Agencies’ Credit Ratings ...................................................... 33

Appendix E – Sample Monthly Investment Summary Report To Council ................ 34

103

103

3

1 Executive Summary

Councils involved in investment activities must comply with these guidelines. Pursuant to section 121(3) of the Local Government Act, investments must be consistent with these guidelines. The guidelines examine the process of constructing a robust investment policy and identify the key issues that must be addressed by a council when engaging in the investing of surplus funds.

These are:

• purpose or specific objective for investing surplus funds;

• duties and obligations of the council and staff;

• requirement for internal control procedures;

• compliance with legislation including the Local Government Act, Regulations and Guidelines;

• proper reporting and monitoring procedures;

• consideration of risk and return objectives,

• defined investment parameters and established benchmarks;

• recognising and being aware of market risk,

• maturity risk, liquidity risk, leverage risk and credit risk;

• an awareness of “deadweight costs” or a leakage of value every time an investment passes through the various financial intermediaries; and

• functions of External Auditor, Audit Committee and Independent Review.

These Guidelines also include:

• a sample investment policy;

• an investment policy checklist;

• an explanation of different types of risk;

• Ratings Agencies Credit Rating Table; and

• a sample monthly investment summary report to council.

Acknowledgement

The assistance of the Western Australian Department of Local Government, Northern Territory Treasury and the Northern Territory Department of Housing, Local Government and Regional Services Investment Guideline Working Group in the preparation of this document is acknowledged. Particular recognition is given to Ms Julie Crisp, Chair, Local Government Accounting Advisory Committee, Mr John Montague and Mr Alex Pollon of Northern Territory Treasury.

104

104

4

2 Key Issues

The following chart identifies the key issues for a council to consider when investing.

DETERMINE PURPOSE OF INVESTMENT

State purpose of surplus funds in specific terms.

Specify time horizon (short, medium and long term purposes) for the investment portfolio or for each sub-portfolio (pool).

ESTABLISH DUTIES AND CONTROL

The role of council

The role of council staff

Internal controls

WORK WITHIN THE LEGISLATIVE FRAMEWORK & PRUDENT PERSON RULE

Know, understand and comply with relevant legislation, regulations, guidelines and the “prudent person” rule.

DEVELOP AN INVESTMENT POLICY

RISK & RETURN OBJECTIVES

Assessment of risks, complex instruments, rate of return expectations and tolerance to volatility of returns.

Define Investment Types

(a) Security types and limits

(b) Counterparty limits

(c) Maturity limits

BENCHMARKS

Benchmarks must be congruent with the degree of risk

Identify perverse signals

Characteristics of Benchmarks

COMPLY WITH GOVERNANCE

Reporting and monitoring

AUDIT & EXTERNAL REVIEW

Audit scope

Audit Committee

External and independent review

105

105

5

3 Glossary of terms used in these guidelines

ADI

Authorised Deposit-Taking Institutions (ADI) are corporations that are authorised under the Banking Act 1959 to take deposits from customers. Examples are:

• Commonwealth Bank of Australia • National Australia Bank • ANZ • Westpac • People’s Choice Credit Union

Counterparty

Counterparty is both a legal and financial term that refers to the other individual or institution to an agreement or contract.

Credit Risk

Credit risk is the risk of loss to an investor due to counterparty’s failure to pay the interest and/or repay principal of an investment.

Currency risk

Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate because of changes in foreign exchange rates.

Financial Instrument

A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of another entity.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of an investment will fluctuate because of changes in market interest rates.

Investment Portfolio

A collection of investments.

Leverage Risk

Leverage risk is the magnification of an investor’s risk and return that occurs when the investor takes on financial leverage through an investment product. Financial leverage is the degree to which a business is using borrowed money.

Liquidity Risk

Liquidity risk is the risk that an investor is unable to realise the investment at a fair price within a timely period resulting in a loss upon realisation

106

106

6

Market Risk

Market risk is the risk that the fair value or future cash flows of an investment will fluctuate due to changes in market prices.

Maturity Risk

Maturity risk is the risk relating to the length of term to maturity of the investment. The longer the term, the greater the length of exposure.

OTC – Over the Counter

Over the Counter Markets (“OTC”) can generally be described as markets where financial instruments are exchanged directly between two parties rather than through the mechanism of an organised market or centralised exchange, for example a swap arrangement traded between two entities.

Par Value

The maturity value or face value of a security that an issuer agrees to pay on maturity.

Preservation of Capital

Preservation of capital refers to an investment strategy with the primary goal of preventing losses in an investment portfolio’s total value.

Prudent Person Rule

The “Prudent Person Rule” is derived by legislation and under case law to obligate the trustee to exercise the care, diligence and skill that a prudent person would exercise in managing the affairs of other persons.

Rating Agencies

Credit Rating Agencies such as Standard and Poor’s (S&P), Moody’s and Fitch are professional organisations that provide an opinion on the general credit worthiness of an obligor (person or company who bind themselves by contract or agreement) with respect to particular debt security or other financial obligations. Credit ratings are based, in varying degrees, on the following considerations:

• Likelihood of payment;

• Nature and provisions of the obligation;

• Protection afforded by the obligation in the event of bankruptcy, reorganisation or impacts of other laws affecting creditor rights.

Risk Aversion

Risk aversion is the reluctance of an individual to invest in a product with a higher risk compared to a product with lower risk, but possibly lower returns.

Simple investment

An investment product that is commonly used, with a return that can be easily calculated eg Term Deposit or Cash.

107

107

7

Speculative

A speculative deal involves deliberately taking a higher risk, in the hope of making an extraordinary gain.

Vanilla Instrument/Transaction

A vanilla instrument is a straightforward one. These are the most basic or standard versions of a financial instrument and can be contrasted with its opposite, an exotic instrument, which alters the components of a traditional financial instrument, resulting in a more complex security. Structured products are therefore clearly not vanilla instruments. Vanilla instruments are generally also traded in more liquid markets according to more or less standardised contracts and market conventions.

Vanilla instruments are straightforward financial instruments, such as a standard fixed-interest loan or deposit.

Examples of structured products, also known as market-linked products, include pre-packaged investments based on derivatives, such as options, indices, commodities, and/or foreign currencies.

Yield

The annual rate of return on an investment.

108

108

8

1. INTRODUCTION

1) These guidelines are designed to identify key issues which must be taken into account in constructing an investment policy for a council. An investment policy provides direction for those undertaking the investment process. Investment staff must make investment decisions that are in accordance with the objectives, practices or acceptable risk under the investment policy approved by council.

2) An investment policy is a governing document that communicates an organisation’s:

• investment philosophy and strategy;

• overall risk philosophy;

• investment objectives and expectations;

• delineation of roles for those involved in the investment process; and

• requirements for compliance with the policy’s goals and procedures.

2. PURPOSE OF INVESTMENTS

3) Prior to the development of an investment policy, council must consider each of its purposes, or specific uses for investing surplus funds. For example, a pool of funds may be continually preserved to provide immediate liquidity for ongoing operational expenses, while other pools of funds may be retained to carry out specific future infrastructure projects.

4) A clear and explicit statement of each investment purpose is important to identify the risk profile of the council and align risk and return expectations with the specific purposes for the investment. It forms a framework for the development of the investment policy and guides the manner in which funds should be invested. The purposes for which the investments are held will define limits on the maturity profile1, give guidance to the liquidity requirements and also provide direction to the selection of appropriate investment instruments for each investment pool.

5) A statement of investment purposes also provides accessible information to constituents about the nature and expectation of the investment portfolio and its components or sub-portfolios if these serve different purposes. It serves a useful function in relation to the governance of the investment policy and helps to ensure that the audit and external review processes enable the formation of a judgement as to whether or not the policy is aligned with the overarching purposes for surplus funds.

3. DUTIES AND CONTROLS

3.1 Duties and Responsibilities of Council

6) A council must have an investment policy which sets out the objectives of council for the allocation of its investment resources. For the policy to take

1 For example, if funds are invested for the purpose of carrying out an infrastructure project and are

required within the next twelve months, this provides a limit to the term of the investment.

109

109

9

effect, and for staff to act under the policy, it must have been passed by resolution of council. Council members will be held accountable for investments made under the policy.

7) Responsibility for control and operation of the council’s affairs, the allocation of resources and determination of policies rests with Council.

8) The role of Council includes:

• directing and controlling the council’s affairs;

• being responsible for the performance of the council’s functions;

• overseeing the allocation of the council’s finances and resources; and

• determining the council’s policies.

9) Council must be satisfied that responsible staff have complied with the investment policy and that council has based its decisions on informed and correct reports.

3.2 Duties and Responsibilities of Local Government Staff

10) An investment policy must articulate the duties and obligations of responsible staff (usually referred to by the designation of their position) of a council. This obligates staff to conduct their investment duties with the care, skill, prudence and diligence that a prudent person would exercise. The principle of acting prudently is referred to under section 4.5 of these guidelines.

11) The responsible staff must provide monthly reports to Council on the performance and value of the investment portfolio supported by independent advice when required on new financial products and the valuation of the portfolio.

12) When proposing investments and weighing up relevant factors in relation to products, a staff member must consider the diversification, appropriateness, risk and anticipated return, and assess the performance of the financial product. The staff member must be capable of understanding and explaining how an investment product works.

3.3 Internal Controls

13) Internal controls encompass the policies, processes, tasks, behaviour and other aspects of a council that, taken together, facilitate effective and efficient operation. Sound internal controls enable a council to respond to significant operational, financial and other risks to achieve the council’s objectives. This includes the safeguarding of assets and protection against inappropriate use or loss of the assets, providing a high quality of internal and external reporting and ensuring compliance with legislation and internal policies.

14) Separation of duties forms a critical component in the management and security of the investment portfolio. Well defined controls for the management of investments must include the separation of functions for approved authority, execution of transactions and reporting.

15) The purpose for the separation of duties is to reduce the risk of potential loss and misappropriation of an organisation’s funds.

110

110

10

16) There must be proper procedures and controls in place for the placement and redemption of investments, the receipt of income and regular valuations of the investment portfolio.

4. LEGISLATIVE FRAMEWORK

17) The framework used for the establishment of an investment policy and the measurement and disclosure of investments is prescribed by legislation and includes the:

• Local Government Act;

• Local Government (Accounting) Regulations;

• Guidelines pursuant to the Act and;

• Australian Accounting Standards.

18) An investment policy must be amended so as to remain current whenever relevant legislation or standards are enacted or changed.

4.1 Local Government Act

19) Section 121(1) of the Local Government Act provides that “a Council may invest money not immediately required for the purposes of the Council.” Section 121(3) provides that “an investment must be consistent with guidelines in force at the time the investment is made.”

4.2 Local Government (Accounting) Regulations

20) Regulation 18(2) prescribes the disclosure requirements for investment in the Financial Reports to Council. Additional disclosure requirements are also provided under the Australian Accounting Standards.

4.3 Investment Guidelines

21) These guidelines prescribe the fact that council must have an investment policy and what must be in that policy.

4.4 Australian Accounting Standards

22) Councils are to account for financial instruments as required by the relevant Australian Accounting Standards.

AASB 132 – Financial Instruments: Presentation

AASB 132 prescribes the financial reporting requirements for financial instruments.

AASB 7 - Financial Instruments: Disclosures

AASB 7 has broadened the scope of financial instruments and requires more extensive balance sheet and income statement disclosures.

111

111

11

4.5 Prudent Person Rule

23) Council policy must include reference to the “Prudent Person Rule” and provide that staff involved in considering and monitoring investments must act in accordance with this rule. The “Prudent Person Rule” is derived by legislation and under case law to obligate the trustee to exercise the care, diligence and skill that a prudent person would exercise in managing the affairs of other persons.

24) The concept of “prudent person” or “prudent investor” is similar in nature in tort law to a reasonable person by attempting to create an objective standard of behaviour.

25) A council officer must act with the care, prudence, skill and diligence that a prudent person acting in like capacity under similar circumstances would act.

26) Acting prudently applies to selecting investments for proposal to council, and requires an individual to consider diversification, appropriateness of the product, risk and anticipated return, liquidity, independent financial advice and to have a clear understanding of the product. The objective is to observe how a person of prudence, discretion and intelligence manages financial affairs, not in regard to speculation, but in regard to the permanent disposition of funds.

27) AASB 139 – Financial Instruments: Recognition and Measurement

AASB139 prescribes the recognition and measurement requirements for financial instruments in financial reports.

28) AASB 136 – Impairment of Assets

AASB 136 prescribes the disclosure requirement for impairment losses. An impairment loss occurs when an asset’s book value exceeds the amount able to be recovered through the use or sale of the asset.

29) For the current version of the above Standards, go to website: http://www.aasb.com.au.

4.6 Council policy and resolution

30) Investments must not be made unless in accordance with council policy and council resolution.

5. INVESTMENT POLICY

5.1 Introduction

31) An investment policy is a document designed to provide direction on various matters to be considered when investing surplus monies required for the future. A council may invest money surplus to its immediate requirements, in the following ways:

a) at interest with the Territory Insurance Office, with an ADI or with a financial institution guaranteed by the Commonwealth or Territory;

b) in debentures or securities guaranteed by the Commonwealth, or of a State or Territory of the Commonwealth; or

112

112

12

c) at interest in the short-term money market through a licensed financial services institution with a current Australian Financial Services Licence issued by the Australian Securities and Investment Commission.

32) The decision to use a particular approach on how a council structures its policy will depend on the particular circumstances of each council. This includes an assessment of the scale of funds under management, safeguards in place to manage the investment portfolio, the level of risk aversion, the capability of management, systems capacity, internal procedures and controls to protect the investment and operational risk.

33) At a minimum, a council investment policy must:

• include the investment objectives of the council;

• define the risk aversion of the council;

• preserve capital, provide liquidity and return the anticipated returns for the investment portfolio;

• comply with legislative requirements;

• prohibit the purchase of speculative financial instruments;

• prohibit the use of borrowing to invest;

• prohibit the use of the investment portfolio for speculation; and

• specify an acceptable instrument list.

In addition, the following should be considered by a Council for inclusion in its investment policy, particularly where the Council is involved in non-simple investments.

• require investments of the council to be regularly re-valued to reflect prevailing market prices;

• recommend independent financial assessments of the value of the investment portfolio for Council;

• require investments that are downgraded to below an acceptable rating benchmark to be liquidated;

• require the status and performance of a council’s investment portfolio to be reported monthly to Council;

• where applicable, document the process to choose an external investment manager.

5.2 Risk and Return Objectives

34) Starting with a clear concept as to the purpose for investing the funds and then formulating clear and explicit investment objectives will ensure consistency in the development of a policy. This will guide informed decisions in regard to setting return objectives within acceptable risk parameters.

5.2.1 Assessment of Risks

35) All investments entail some risk. Generally, the higher the expected rate of return of an investment, the higher the risk and the greater the variability of

113

113

13

returns. It is important that a council recognises all risks in its investments and effectively communicates its understanding of, and tolerance to, its risk exposures in its investment policy.

36) Examples of the more common types of risk that council must be aware of include, but are not limited to:

Market Risk;

Maturity Risk;

Liquidity Risk;

Credit Risk; and

Leverage Risk.

5.2.2 Complex and Structured Instruments Increase Risk

37) Complex and structured instruments can obscure their true risk characteristics, hiding a multiple of different types of risk. These products may incorporate embedded options or have contingent payoffs. There may be exposure to multiple counterparties, and they may be highly leveraged. Due to the difficulty in understanding, determining and quantifying the true risks associated with these instruments, the expected return of these products may not be sufficient or commensurate with their higher risk. If the risk and price of an instrument cannot be reliably measured it must not be considered acceptable for inclusion in an investment portfolio.

38) Also, complex and structured instruments can incur very large leakage in value due to issues such as:

• Products passing through a chain of intermediaries and several levels of structuring with fees being incurred at each step;

• The complexity involved and associated overheads such as the additional time and effort required to package and distribute the deal;

• The fact that these products are often traded as Over The Counter (“OTC”) products with limited secondary markets and poor liquidity;

• They may consist of non standardised products that lack well established market conventions;

• Large buy/sell spreads due to limited liquidity; and

• The fact that large financial institutions will have greater expertise in assessing the true risks of complex products and thus have significant pricing advantages in transacting in such instruments.

39) Complex financial instruments do not fit within the context of risk aversion and therefore are not congruent with a conservative appetite for risk.

Refer to Appendix C for an expanded discussion of complex and structured products.

Refer to 5.3.2 for an expanded discussion on these risks and how they impact on the value of a portfolio.

114

114

14

5.2.3 Rate of Return Expectations

40) The investment policy must specify what the expectations are in regard to the return to be achieved by the investments. These expectations will need to be tempered by the amount of risk that the council is willing to face.

41) A solid foundation for sound investment strategies is to prima facie disregard any perception that any financial instrument or asset class can provide an enhanced return without a substantive increase in risk. The adage that greater returns are only achievable at the cost of greater risk invariably applies in highly-traded and well-understood financial markets. In the absence of market distortion, such as an incorrect price, it is not possible to earn a higher return without incurring a commensurately higher level of risk.

5.2.4 Tolerance to Volatility of Returns

42) The riskiness of an investment is often equated to the notion of how likely or probable there will be a loss of capital. It is incorrect to simply gauge the riskiness of an investment by the likelihood of capital loss as this ignores the contribution of earnings to the return of the investment portfolio. As the time period over which the investment is held grows, the contribution of earnings becomes proportionately greater and can be of more significance than preservation of capital. It is the preservation and growth in value of the investment portfolio that matters.

43) The investment policy must be very clear in regard to both:

• the tolerance to capital loss; and

• the tolerance or degree to which a loss in the value of the investment portfolio can be accepted.

44) This information will then guide decisions about which instruments and which counterparties can be included within the investment portfolio.

5.3 Defining Investment Types

45) Having specified the purpose, objectives and expectations in regard to investment returns and tolerance for risk, the council is then in a good position to consider the range and allocation for the investment assets.

46) The range and allocation, or limits, of investments should also aim to produce a well diversified portfolio. Diversification is a risk management technique that involves spreading investments both between different asset classes and within an asset class. The risk of the resulting investment portfolio will be reduced without necessarily reducing return. Portfolio risk may be smoothed as the strong performance of some investments offsets the poor performance of others.

5.3.1 Security Types and Limits

47) A Council must not acquire shares in an unlisted company, or contribute capital to an unlisted trust, unless the Minister, in consultation with the Treasurer, approves the acquisition of such shares. A company is unlisted unless its shares are listed on a recognised stock exchange.

115

115

15

48) The types of assets in an investment portfolio can have very different risk characteristics that will need careful evaluation as to suitability. The investment policy must specify an acceptable range of instruments based on the risk appetite of the council, the various different ways that risk can arise and recognition that the full risk implications inherent in some products are not always transparent.

49) The investment policy must also specify maximum and minimum investment limits for acceptable security types to ensure diversification between investment classes. The degree of diversification benefit between two investment classes is dependent on the strength and direction of the relationship between them, as measured by correlation.

50) While diversification between investment classes is important, it must be performed within the constraints of acceptable security types. That is, the risk of all assets included in the investment portfolio must be known, measurable and acceptable to the council.

5.3.2 Counterparty Limits Manage Credit Exposures

51) The purpose of diversification of counterparties is to ensure that no single counterparty would undermine the capital preservation objective of the portfolio. An investment policy must outline diversification requirements and avoid high concentrations in relation to any one issue, issuer, industry or geographic area.

52) Grouping or categorizing counterparties based on broad external characteristics or credit ratings and ignoring risk may result in the inappropriate allocation of limits. For example, despite being monitored by the Australian Prudential Regulatory Authority (APRA), Authorised Deposit Taking Institutions (ADIs) are comprised of a large number of entities that may not all share the same credit risk.

53) Not only is there diversity in the credit quality of the institutions within this group, there are also differences in the nature and characteristics of the instruments issued by the institutions. For example, the senior debt instrument of a major bank will be very different to a subordinated debt instrument of a regional bank. Ratings may help, but will not give a full reflection of risk on their own.2 Amongst other things, it is necessary to examine all the risk characteristics of the instruments such as liquidity, maturity, the degree of options and other structuring embedded in the instrument.

54) In order to set minimum standards for the credit quality of counterparties and ensure diversification of credit exposures, the investment policy must provide a list of acceptable counterparties and appropriate investment limits. Limits may be set for individual counterparties or counterparty categories.

55) Investment counterparties must be defined by prescribing the types of institutions acceptable to the council and, for each, minimum credit rating requirements. Entities without a credit rating must not be considered an acceptable counterparty.

2 Care should be taken to look at the rating of the debt instrument not the issuer. While a particular

entity may have a rating, it can issue a debt instrument that is not rated.

116

116

16

56) While explicit reliance will be placed on credit ratings, on their own they may not adequately describe credit risk for the purpose of setting limits. The council must also consider:

• The type of institution within a credit rating band. For example, the four major Australian banks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Bank, may be allocated higher limits than similarly rated institutions because of the significant share they have of the Australian market and financial market activity;

• The types of credit rating applicable in the investment policy. That is, whether rating types such as long-term senior unsecured debt ratings and structured issue ratings are considered the same for the purpose of setting limits in the investment policy;

• Limits for related counterparties. Exposures for related counterparties (i.e., those with parent/ subsidiary relationship, common parent or guarantee from the parent) must be aggregated for counterparty investment limits; and

• Capitalisation restrictions limiting investments to the lesser of an approved proportion of a counterparty’s capital funds or the limit prescribed by the policy for its rating and type, for example, limiting investments to no greater than 5% per counterparty.

5.3.3 Maturity Limits

57) The investment policy must also specify maturity limits to ensure credit exposure and liquidity risks are maintained within the risk tolerance of the council.

58) The risk of default of an investment increases with its term to maturity. Separate maturity limits may be required for different types of investment securities and different counterparty categories according to their inherent risk. For example, the investment policy may prescribe a maturity limit of ten years for Australian Commonwealth Government securities, while setting a maturity limit of three years for an A/A2 rated bank.

59) In setting maturity limits, the full exposure of the council is directly related to the length of time until the council is entitled to regain full control of the invested funds. If option features are included in the investment product, the counterparty may have the ability to lengthen the investment contract with the council. The investment policy must be clearly worded so that maturity limits are applied to the actual maturity of investment products and are not applied to option call or put dates, or interest rate reset dates.

60) Liquidity requirements must also be reflected in the investment policy maturity limits. Sufficient funds must be invested in short-term investment securities to meet the cash flow requirements of the council.

5.4 Benchmarks

61) A council must use an appropriate investment benchmark. This is the starting point for evaluating investment outcomes against investment objectives. The benchmark communicates important information on how well investments are

117

117

17

matched to risk and return expectations of the council and helps to ensure that expectations are reasonable.

5.4.1 Benchmark Must be Congruent with the Degree of Risk

62) The benchmark must encompass both risk and return. A good benchmark does not consider performance in isolation but is concerned with maximising return for a level of risk acceptable to the council. The benchmark must therefore be constructed to reflect the risk tolerance position of the council and any critical requirements of the investment policy such as maturity structure, appropriate allocations to investment classes and liquidity requirements. This enables assessment of the additional return earned for the level of risk undertaken.

5.4.2 Benchmarks Can Send Perverse Signals

63) Great care must be taken in setting benchmarks as arbitrary performance hurdle rates can have a perverse impact. Setting inappropriate benchmarks and performance hurdles will send incorrect signals about the types of investments that should be included in an investment portfolio and can encourage risk taking behaviour that is not in line with the investment objectives stipulated.

64) Setting benchmarks that do not reflect the risk in the class of instruments to be held within an investment portfolio can lead to potentially distorting behaviour. Take, for example, a performance target of 0.50% above a bank bill index. Now consider what is required to achieve this target. Quite clearly it will require the injection of quite a degree of risk into the portfolio. It is not possible to achieve the additional return with the instruments that form the benchmark and thus the benchmark will force investments in instruments that fall outside the benchmark. Setting performance hurdles above an accurate benchmark will force additional risk taking if the benchmark is to be met.

5.4.3 Characteristics of a Benchmark

65) The characteristics of a good investment benchmark are as follows3:

• Representative of investment asset class or mandate;

• Investable;

• Constructed in an objective manner;

• Formulated from publicly available information;

• Acceptable to council as the neutral position; and

• Consistent with underlying investor status (for example, time horizon).

66) The benchmark will generally be constructed from one, or a combination, of4:

• A well-recognised published index;

• A tailored composite of assets or indices; or

• A peer group (“universe”) of similar funds or portfolios.

3 AIMR Benchmark and Performance Attribution Subcommittee Report, 1998.

4 AIMR Benchmark and Performance Attribution Subcommittee Report, 1998.

118

118

18

67) While published indices are preferred, the constructed benchmark must be consistent with the investment asset. For example, it is not adequate to benchmark investment returns against the returns on a short-term bank bill index when the risk characteristics of the investment portfolio differ dramatically. For investment assets with unique or structured elements, a widely recognised comparable index is unlikely to exist. It will be necessary to set the benchmark as a universe benchmark or a target return level relative to an index (or composite) with an acceptable level of variation around that target as a proxy risk measure. Difficulties arise as there is no established oversight process for determining whether the universe or variation measure accurately represents the risk of the investment asset.

68) Benchmarks can be misused. Poorly constructed benchmarks can undermine the effectiveness of investment objectives. If an appropriate benchmark cannot be constructed for a particular investment asset, it is unlikely to be suitable for council investment objectives.

See Appendix A for an example of a council investment policy. Appendix B is a checklist of questions which must be asked when making investment decisions.

6. GOVERNANCE

69) Corporate governance for a council includes ensuring that the actions of the council are directed at securing the best outcomes for its residents and ratepayers. Good governance strengthens credibility and confidence. In order for a Council to fulfil its statutory duties it needs to ensure there are proper policies and procedures in place to safeguard council’s resources in accordance with Local Government (Accounting) Regulations, Regulation 10.

70) A central tenet of good corporate governance is the role of the Council in the protection of the interest of the residents and ratepayers. It is essential that the Council monitors the pursuit of self interest by corporate insiders and ensures that management and other corporate insiders do not pursue pet projects to the detriment of the organisation. This stewardship also encompasses guarding against the incentives of other “non-equity” shareholders such as banks, advisors and others.

71) Good governance is about ensuring that the appropriate checks and balances are in place. Councils must have in place robust and transparent financial governance policies and procedures directed to the oversight of the financial management responsibilities identified in the investment policy.

72) Paramount to good governance is the independence of the Council. The Council must remain vigilant to ensure that it does not become a “corporate insider”.

6.1 Reporting

73) Council has a responsibility to measure the performance of its investments and to report its position to its residents and ratepayers. All reporting must be transparent to both the Council and the residents and ratepayers and must comply with the legislative framework.

74) Monthly reporting of investment activity to council must include, but not be limited to, the following:

119

119

19

• a list of securities by maturity date;

• the percentage of the portfolio held by investment type and by counterparty5;

• the value of the investment portfolio;

• reporting on investment category and disclosure of market value, par value and maturity dates;

• where applicable, the comparison of performance against anticipated return and reference against benchmarks; and

• a note on compliance with investment policy or explanation of breaches.

See Appendix E for a sample monthly investment report.

6.2 Monitoring

75) Constant review and monitoring of investment portfolios help to ensure the Council’s intended outcome can be achieved. The following are the principal goals of monitoring an investment’s performance and must be included in the content of the reporting.

• assess the extent to which each individual or pooled investment objectives are being achieved;

• monitor exposures against acceptable benchmarks by investment type, counterparty, credit rating and by investment maturity;

• monitor the movements in market values for valuation purposes;

• certify that investments are in accordance with Council policy and legislative requirements;

• compare the performance of the appointed managers against the performance of other relevant professional managers and market related indices; and

• continually assess the ability of each manager and their investment portfolio to successfully meet each investment objective.

76) Monitoring is not limited to the above and may extend to the undertaking of a review of the council’s own performance in respect of its governance of its investment portfolio.

77) Council and/or responsible staff must review the investment strategy at least once a year. An annual review allows Council to reassess its position and revise its strategy. Where the investment strategy is complex, the review should involve an independent investment adviser.

7. AUDIT AND EXTERNAL REVIEW

7.1 Audit Scope

78) The scope of the external audit is prescribed by legislation and is principally a review of the annual financial statements. It does not include reviews of accounting systems and procedures, internal control and council policies.

5 Other parties in the agreement or contract.

120

120

20

Councils must, however, have mechanisms to review accounting systems and procedures, internal controls and council policies.

79) Legislation requires the auditor to form an opinion on whether:

• The annual financial report:

- complies with the requirements of the Local Government Act, the Local Government (Accounting) Regulations, Guidelines and applicable Australian Accounting Standards;

- is prepared in accordance with the financial records; and

- represents fairly the results of the operations of the council and its financial position at 30 June.

80) Where it is considered appropriate to do so, the auditor is to prepare a management report to accompany the auditors report.

81) The minimum audit requirement prescribed by legislation may be extended to include other matters recommended by the audit committee and adopted by Council.

7.2 External Independent Review

82) A well constructed investment policy with clear objectives will facilitate an external review. The review must act as an intermediary to confirm that the investments explicitly align with the investment policy.

83) Council staff must ensure that before new investments are made by council, it is established whether a product complies with the investment policy and where it is not a simple investment, obtain independent financial advice in writing on the nature and risk of the financial product.

84) If the investment portfolio contains investments which are not simple, then regular valuations of the investment portfolio must be undertaken by an independent financial expert who does not have a conflict of interest in providing advice to the Council.

85) Regular reviews must be undertaken by an independent financial advisor on the performance and value of the investment portfolio and conformity with the investment policy if the investment portfolio contains investments which are not simple. Reports must be prepared and sent to the audit committee and Council as required under the audit scope. If the portfolio consists only of simple investments, it may not be necessary to involve an independent financial advisor. Regular reports on the performance and value of the investment portfolio and conformity with the investment policy must be sent to the audit committee and Council as required (regardless of whether it is a simple or complex investment portfolio).

121

121

21

Appendix A – Sample Investment Policy

XXXX Council Investment Policy

Council resolved to adopt this policy on (date), resolution number xxxx

Objectives

To invest the council’s surplus funds, with consideration of risk and at the most favourable rate of interest available at the time, for that investment type, while ensuring that council’s liquidity requirements are being met. While exercising the power to invest, consideration is to be given to preservation of capital, liquidity, and the return of investment.

• Preservation of capital is the principal objective of the investment portfolio. Investments are to be made in a manner that seeks to ensure the security and safeguarding of the investment portfolio. This includes managing credit and interest rate risk within identified thresholds and parameters.

• The investment portfolio must ensure there is sufficient liquidity to meet all reasonably anticipated cash flow requirements, as and when they fall due, without incurring significant costs due to the unanticipated sale of an investment.

• The investment is expected to achieve a predetermined market average rate of return that takes into account the Council’s risk tolerance. Any additional return target set by Council must also consider the risk limitation and prudent investment principles.

Legislative Requirements

All investments are to comply with the following:

• Local Government Act

• Local Government (Accounting) Regulations

• Australian Accounting Standards

Other Requirements

Prudent Person Standard

The investment will be managed with the care, diligence and skill that a prudent person would exercise. Staff are to manage the investment portfolios to safeguard the portfolios in accordance with the spirit of this Investment Policy, and not for speculative purposes.

Ethics and Conflicts of Interest

Staff shall refrain from personal activities that would conflict with the proper execution and management of Council’s investment portfolio. This policy requires staff to disclose any conflict of interest to the CEO.

Approved Investments

Without approval by resolution of Council, investments are limited to:

122

122

22

• State/Commonwealth Government Bonds;

• Interest bearing deposits such as bank accounts and term deposits;

• Bank accepted/endorsed bank bills;

• Commercial paper (a loan of less than 270 days backed by assets such as loans or mortgages;

• Bank negotiable Certificate of Deposits; and

• Managed Funds with a minimum long term Standard & Poor (S&P) rating of “A” and short term rating of “A2”.

Prohibited Investments

This investment policy prohibits any investment carried out for speculative purposes including:

• Derivative based instruments;

• Principal only investments or securities that provide potentially nil or negative cash flow; and

• Stand alone securities issued that have underlying futures, options, forwards contracts and swaps of any kind.

This policy also prohibits the use of leveraging (borrowing to invest) of an investment.

Risk Management Guidelines

Investments obtained must comply with key criteria as indicated below relating to:

a) Portfolio Credit Framework: limit overall credit exposure of the portfolio

b) Counterparty Credit Framework: limit exposure to individual counterparties/institutions

c) Term to Maturity Framework: limits based upon maturity of securities.

d) Protection of Principal: investments entered into must be structured to minimise risk of loss of principal.

e) Grant Funding Conditions: conditions related to grant funding available to invest must be complied with.

a) Overall Portfolio Limits

To control the credit quality on the entire portfolio, the following credit framework limits the percentage of the portfolio exposed to any particular credit rating category.

S&P Long Term Rating

S&P Short Term Rating

Direct Investment Maximum %

Managed Fund Maximum %

AAA A-1+ 100% 100%

AA A-1 100% 100%

A A-2 60% 80%

123

123

23

b) Counterparty Credit Framework

Exposure to an individual counterparty/institution will be restricted by its credit rating so that single entity exposure is limited, as detailed in the table below:

S&P Long Term Rating

S&P Short Term Rating

Direct Investment Maximum %

Managed Fund Maximum %

AAA A-1+ 45% 50%

AA A-1 35% 45%

A A-2 20% 40%

If any of the council’s approved investments are downgraded such that they no longer fall within approved credit rating category documented within the investment policy, they must be divested as soon as practicable. Investments fixed for greater than 12 months are to be approved by Council and reviewed on a regular term and invested for no longer than 5 years.

c) Term to Maturity Framework

The investment portfolio is to be invested within the following maturity constraints:

Overall Portfolio Term to Maturity Limits

Portfolio % < 1 year 100% Max; 40% Min

Portfolio % > 1 year 60%



Individual Investment Maturity Limits

ADI 5 years

Non ADI 3 years

Investment Advisor

The council’s investment advisor must hold an Australian Financial Securities Licence issued by the Australian Securities and Investment Commission and their appointment as advisor must be approved by resolution of Council. The advisor approved by council resolution must be an independent person who has no actual or potential conflict of interest in relation to investment products being recommended and is free to choose the most appropriate product within the terms and conditions of

124

124

24

the investment policy. The advisor must be representative of a recognised reputable firm of investment advisors.

Measurement

The investment return for the portfolio is to be annually reviewed by an independent financial advisor by assessing the market value of the portfolio. The market value is to be assessed by Council at least once a month to coincide with monthly reporting.

Benchmarking

Performance benchmarks (must be established here in this policy).

Investment Performance Benchmark

Cash Cash Rate

Enhanced/Direct Investments UBSWA Bank Bill

Diversified CPI + appropriate margin over rolling 3 year periods (depending upon composition of fund)

Reporting and Review

A monthly report must be provided to Council in support of the monthly statement of activity. The report must detail the investment portfolio in terms of performance, percentage exposure of total portfolio, maturity date and changes in market value.

An Investment Strategy must run in conjunction with the investment policy. (The Investment Policy and Strategy may be presented as one document). The investment strategy must be reviewed by an independent investment adviser every six months with a more formal review once a year. The Strategy must outline:

• Council’s cash flow expectations;

• Optimal target allocation of investment types, credit rating exposure, and term to maturity exposure and;

• Appropriateness of overall investment types for Council’s portfolio.

This Investment Policy will be reviewed at least once a year or as required in the event of legislative changes.

Documentary evidence must be held for each investment and details thereof maintained in an investment Register.

Certificates must be obtained from the financial institutions confirming the amounts of investments held on the Council’s behalf as at 30 June each year and reconciled to the Investment Register.

125

125

25

Appendix B – Investment Policy Check List

This check list provides a series of questions which must be considered by council staff responsible for investment activity. Answers to these questions must be recorded in writing, signed and dated by the relevant officer before staff or council consider any particular investment. These questions are intended to act as a comprehensive but not all inclusive guide.

This check list is comprised of three components:

• Part A - General Products Check List

General questions which must be considered when investing in simple or ‘vanilla’ products that are straight forward such as bank deposits, commercial paper, bills of exchange, bonds, promissory notes etc.

• Part B - Structured Products Check List

Questions which must be considered when investing in pre-packaged products that bundle different investment instruments together. These products are more complex in nature compared to the ‘vanilla’ products. Be aware that a structured product could contain credit derivatives, options, and swaps, together with more simple instruments.

• Part C - Investment Policy Check List

Includes general items that should be incorporated into the council’s investment policy.

Part A - General Products

1) Have you found out how the funds will be invested, how will it generate returns and how will these be paid to the council? (Could you describe to others how this product works?)

Yes □ No □

2) Are you clear on the conditions associated with this type of investment and their level of risk?

Yes □ No □

3) Does the investment meet the council’s financial objective and comply with its investment policy?

Yes □ No □

4) Are your product issuers licensed by the Australian Security and Investment Commission?

Yes □ No □

126

126

26

5) Do you know if/how the investment may be affected by a major shift in the economy and market sentiment?

Yes □ No □

6) Could the investment be liquidated in a timely manner without loss or penalty? i.e. Can the council quickly get its money back out of this product if it needs to? Are there any fees to get out early?

Yes □ No □

Note: If you answered No to any of the above questions, do your research and consult your financial adviser. If necessary, review your investment decision. Yes answers should contain an explanation or detail where appropriate eg a “yes” answer to question 5 should detail factors taken into account.

Part B - Structured Products

In addition to the general items, below are some additional questions that must be considered when dealing with structured products.

1) Do you thoroughly understand this product?

Yes □ No □

Structured products may have embedded risks that are not readily evident such as embedded derivates, options, formulas or other contingent payoffs.

2) If you are exposed to derivatives, do you understand (can you explain) how derivatives are used?

Yes □ No □

3) For a product that contains more than one instrument, do you fully understand the nature of the risk in all the instruments?

Yes □ No □

4) Have you assessed and documented these risks?

Yes □ No □

In addition to market risk (the potential movement in price), there are many other risks that are often not readily apparent including pricing risk, liquidity risk, credit risk and maturity risk.

5) Do you understand the degree of leverage in the product and the impact of this on your risk exposure?

Yes □ No □

127

127

27

Many derivatives and structured products have significant leverage to risk. You must know your tolerance and your exposure before engaging in any structured products.

6) Have you assessed and documented the pricing of the investment product?

Yes □ No □

Do you understand how products are priced? Can you get a similar price from a number of different sources? Can you get a firm price at which you can actually transact? How often can you get a firm or live price?

7) Have you assessed and documented the liquidity of the product?

Yes □ No □

How quickly can you sell the product at a market price? Is there a ready market to sell this product to another party?

8) Have you obtained and documented independent advice?

Yes □ No □

Ensure you seek independent advice. Advice from the bank or firm that sells you a product is not independent. Get as much advice as necessary until you are satisfied that you fully understand the risks.

Be aware of any equivocal advice and evaluate on the basis of what an advisor is prepared to commit to in writing.

9) Have you assessed and documented ratings from rating agencies?

Yes □ No □

Ratings are not a sufficient guide for a full and thorough risk assessment. Ratings issued by rating agencies for different types of assets have different meanings. They do not inform the user about the possibility and impact of a change in rating.

Explanations must be included in answers where appropriate.

Part C - Investment Policy Check List

Have you included the following as part of your investment policy?

1) Clearly stipulated the investment objective?

Yes □ No □

2) Specified the level of risk the Council is prepared to accept?

Yes □ No □

128

128

28

3) Prohibited the i) purchase of speculative financial instruments & ii) use of leveraging of an investment portfolio?

Yes □ No □

4) Identified the legislative requirements?

Yes □ No □

5) Listed the allowable investments and/or prohibited investments?

Yes □ No □

6) Specified investment parameters including the overall portfolio limits, counterparty credit framework and term to maturity framework?

Yes □ No □

7) Required independent valuation of investments in order to reflect the current market prices?

Yes □ No □

8) Required investments that are downgraded to below an acceptable rating benchmark to be liquidated?

Yes □ No □

9) Stated the appropriate benchmarks for evaluating investment performance?

Yes □ No □

10) Required a monthly report of the status and performance of investment portfolio?

Yes □ No □

11) Required independent financial assessments of the value of the investment portfolio?

Yes □ No □

129

129

29

Appendix C – Risk And The Value Of An Investment Portfolio

All investments entail some risk. Generally, the higher the expected rate of return of an investment, the higher the risk and the greater the variability of returns. It is important that a council recognises all risks6 in its investments and effectively communicates its understanding of, and tolerance to, its risk exposures in an investment policy. The following discussion provides a sound background to understanding the nature of the risk exposures that must be recognised in the development of sound investment guidelines.

Risk Arises in Many and Diverse Ways

It is important to recognise that risk arises in many ways, not simply market risk, and to be aware of at least the following risks.7

Market Risk

One of the most prominent exposures recognised by councils is the exposure to market risk. More specifically, the exposure resulting from the changes in market prices, which includes changes in interest rates, currency and other prices (for example, commodity prices).

Maturity Risk

Term to maturity impacts the investment’s exposure in two ways: through maturity risk and liquidity risk.

Maturity risk identifies the impact of maturity on the valuation of the investment. The longer the term to maturity the greater the length of exposure.

The other aspect of maturity risk is the impact of term to maturity on the valuation of an investment. That is, an increase in term to maturity leads to an increase in the impact of changes in market prices on the present value of the investment.

Both of the above effects are important and both need to be considered when assessing the impact of the term to maturity on the risk exposure to an investment.

Liquidity Risk

Liquidity risk usually arises if there is a lack of market depth for the investment; for example, the investment has unique or structured elements, is traded in low-volume or non-standardised markets or is not regularly priced by independent market dealers. Standardised instruments in well-traded markets will reduce the exposure to liquidity risk.

However, investing solely in liquid assets is not enough as liquidity risk may also be caused by a market disturbance that leads to a “flight to quality” - an environment where a rapid decline in demand for low credit quality instruments exists. As a result an investor may be affected by credit spread risk where a decline in the perception of

6 While some common risks are defined in the Glossary to this guideline, this list is not exhaustive.

7 This section does not purport to be a fully comprehensive inventory of all risks, rather it is intended to

convey that risk can arise in many guises and is not necessarily transparent.

130

130

30

the credit worthiness of a particular sector or class of instruments leads to a fall in the value of the corresponding class of investments.

Leverage Risk

Another exposure that is not often readily apparent but still needs consideration is the effect of leverage on an investment. Leverage increases the potential return of an investment, but also increases the potential loss as an increase in leverage has a multiplicative effect on the exposure. Leverage risk usually arises through investment in structured products or derivatives, which can potentially be used to create leveraged positions where the exposures obtained are greater than the value of assets required to support them.

Complex and Structured Instruments Increase Risk

Straightforward financial instruments are referred to as “vanilla instruments”. These are the most basic or standard version of a financial instrument and can be contrasted with “exotic instruments”, which alter the components of a traditional financial instrument, resulting in more complex securities.

There are significant benefits in transacting in vanilla instruments. As these instruments are more transparent, generally well-established, more readily understood and financially less complicated the risks are more easily assessed. Vanilla instruments are generally traded in liquid markets, with standardised contracts and conventions. Independent and fair market values are readily available and instruments are more readily traded in times of market stress.8

Structured products combine elements of vanilla products. Bundling a number of characteristics into an investment product usually heightens risk and reduces transparency. This obscurity can mask elements of risk and make it difficult to assess the true risk in the product. It is also often difficult to ascertain independent and fair market values due to the uniqueness of products and thin market trading.

Consequently, it can be difficult to assess whether such investments meet risk and return objectives. If the risk and price of an asset cannot be reliably measured it must not be considered an acceptable security type for inclusion in an investment portfolio.

Some examples of structured products include investment products with embedded formulae9, payoffs contingent on other underlying instruments or events, or exposure to multiple counterparties. Embedded formulae, contingent payoffs and multiple exposures will often act to leverage the exposure to risk. While these products can offer enhanced returns, council should recognise that the risk may be leveraged and assess the potential downside against its risk tolerance.

Councils must also consider option features that may be packaged within a complex product and the distinction between purchasing and selling an option.10

The purchase of an option entails the payment of a premium to cover a specified exposure. Once the premium is paid there is no further obligation on behalf of the

8 Liquid instruments will generally trade in markets having greater depth or “liquidity”. The benefits of

more observable prices and sufficient trading volume also translate into lower buy/sell spread (the difference between buying and selling prices). 9 While perhaps not readily apparent, embedded formulae will significantly alter the risk.

10 These comments also apply generally to option products not only when they are packaged within

another instrument. However, when packaged within other features of a product, the option can be overlooked.

131

131

31

buyer. In contrast, the seller of an option receives a premium in return for covering a specified exposure. The potential obligation can be unlimited. Thus the sale of options does not have a place in an investment portfolio.

While a single risk measure is easier to understand than a multi-dimensional measure, the reality is that risk cannot be adequately captured in a single measure such as a credit rating. Ratings need to be supplemented by other risk measures that portray a true picture of the prospect of loss, in all its manifestations, including extreme or tail events.11 In complex products the risk of tail events can be several times greater than for a similarly rated bond or loan.

Complex financial instruments do not fit within the context of risk aversion and therefore are not congruent with a conservative appetite for risk.

Deadweight Costs

The major consideration in the evaluation of any candidate security is that the return is sufficient and commensurate with the risk of the security. Each time that fees are deducted as investment products pass through the various financial intermediaries there is a leakage of value or “deadweight costs”. These deadweight costs subtract from the return you receive so that you may well end up not being adequately compensated for the level of risk that is being passed through to you.

Complex instruments and structured products can incur very large leakage in value because of issues such as:

• Products passing through a chain of intermediaries and several levels of structuring with fees being incurred at each step;

• The complexity involved and associated overheads such as the additional time and effort required to package and distribute the deal;

• These products are often traded as Over The Counter (“OTC”) products with limited secondary markets;

• Non-standardised products that lack well-established market convention; and

• Large buy/sell spreads due to limited liquidity.

Significant leakage of value through fees may mean the final investor’s return is not sufficient and commensurate with the risk of the security. It is essential to check the levels of fees that will be incurred on each investment.

Pricing Advantages

The fair price of a security can be considered to be the price that will earn just enough to cover the additional risk of the security.12 If priced correctly the expected return of an investment will fully reflect the amount of risk in the investment. For standardised instruments trading in highly liquid markets the fair price will be uncontentious and readily observable.

As the instruments become more complex and less liquid, determining the fair price becomes increasingly difficult. Furthermore, to the extent that uncertainty exists in

11

Tail events are the low-probability or rare events that occur at the extremes of a distribution, that is, away from the mean or median events. 12

The additional earning as compared to investing in a “risk free” asset will fully compensate for the risk in the security.

132

132

32

determining this price it can be expected that the financial institution structuring the product will incorporate this uncertainty into the price.

Large financial institutions will also be better placed to assess the riskiness of complex financial instruments and thus have significant pricing advantages in these products.

Put simply, there is no basis for an assumption that the price paid for a product will more than compensate for the risk in the product.

If anything, especially in regard to structured, opaque or complex instruments it is quite likely that the converse will be true.

Market Value

An essential requirement for establishing the validity and credibility of an asset in an investment portfolio is the ability to measure its value.

The Australian Accounting Standards prescribe the reporting and valuation requirements for financial instruments.

The value of a financial instrument is initially recognised at its fair value plus any related transaction costs. Fair value can be established from quoted prices in an active market.

For standardised instruments trading in highly liquid markets there is usually little difficulty in determining a good indication of fair value. For these instruments the market price will be transparent and readily determinable. The costs involved in regular valuations will also be relatively small.

Caution must be exercised in valuing those instruments that are thinly traded, and where reliable market estimates are not readily available. The problem of obtaining good estimates of fair value becomes increasingly complicated for non-standardised instruments and particularly difficult (and costly) in the case of complex financial instruments. Similarly, if the instruments are not traded in regular markets the illiquidity will make fair valuation difficult. For example, for instruments sold in OTC Markets13 the only price available may be from the counterparty that sold the instrument in the first place.

13

Over the Counter Markets (“OTC”) can generally be described as markets where financial instruments are exchanged directly between two parties rather than through the mechanism of an organised market or centralised exchange.

133

133

33

Appendix D – Ratings Agencies’ Credit Ratings

The table below details three ratings agencies’ credit ratings for short and long term investments.

http://www.standardandpoors.com

http://www.moodys.com

Moody's Standard & Poor's Fitch

Long Term Short Term Long Term Short Term Long Term Short Term

Aaa Prime 1 AAA A1 AAA F1+

Aa1 Prime 1 AAA- A1 AA+ F1+

Aa2 Prime 1 AA+ A1 AA F1+

Aa3 Prime 1 AA A1 AA- F1+

A1 Prime 1 AA- A1 A+ F1 or F1+

A2 Prime 1 OR 2 A+ A1 A F1

A3 Prime 1 OR 2 A A2 A- F2 or F1

Baa1 Prime 2 A- A2 BBB+ F2 or F1

Baa2 Prime 2 OR 3 BBB+ A2 BBB F3 or F2

Baa3 Prime 3 BBB A2 BBB- F3 or F2

Ba1 Not Prime BBB- A3 BB+ B

Ba2 Not Prime BB+ A3 BB B

Ba3 Not Prime BB B BB- B

Caa1 Not Prime BB- B B+ B

Caa2 Not Prime B+ B B B

Caa3 Not Prime B B B- B

Ca Not Prime B- B CCC C

C Not Prime CCC+ C CCC C

CCCC C CCC C

CCC- C RD/D D

CC+ C

CC

CC-

C+

C

RISK SCALE

Least Risky Most Risky

Investment Grade Not Investment Grade

134

134

34

Appendix E – Sample Monthly Investment Summary Report To Council

Part (A)

Summary

Through the use of a variety of investment products, Council has been able to obtain investment returns comparable to the benchmark established by Council. This was achieved with a high quality, low risk investment portfolio.

Background

The investment policy requires Council to review the performance of its investment on a monthly basis. In accordance with the policy, a report of investments is presented to Council, which provides a summary of investments.

This report provides a summary of investment movement (See Report Part B) of the past month, to determine if the investment strategy met the objective of Council, in terms of maximising investment returns and maintaining an acceptable level of risk.

Report

During the year, Council funds were invested in six products, which have been rated by Standard and Poor’s as follows.

Investments

ADI issued S&P Ratings

Security 1 AA-

Security 2 AAA+

Security 3 AA+

Security 4 AAA

Non-ADI issued

SecA A

SecB AAA

ADI* Authorised Deposit-Taking Institution

At all times during the year the designated investment exposure limits were adhered to.

Performance

The attached Summary of Portfolio Movement identifies Council’s investment type, term to maturity, volume held, percentage to total portfolio, monthly price and monthly variation. The portfolio comprised of four ADI issued interest bearing

135

135

35

securities and two Non-ADI issued securities. The total portfolio returns in September were positive overall. There were 2,100,000 units held at a market value of $2,221,958. Total monthly gain was $35,479, representing a 1.6% increase in market value compare to the previous month. This is higher than the 0.53% UBSWA bank bill benchmark performance in September.

Monthly Economic Update

Australian and US government bond yields rose in September as investors viewed the Fed’s bigger than expected 50 basis point cut to 4.75% as likely to prevent the US economy from sliding into recession. US economic reading during September were predominately soft, notably the August reading of housing starts, new home sales and existing home sales. August non-farm payrolls also surprised on the weak side of market expectations showing a small fall and calling into question whether consumption spending would hold up given weak housing activity and soft employment.

In contrast, Australian economic readings were predominantly strong through September with very strong August employment and July retail sales and international trade. The Reserve Bank held its cash rate at 6.5% but further liquidity hoarding saw the 90 day bank bill yield push up to 7.1% early in the month. While short-term money market rates came below 7.0% later in the month.

Monthly Economic Updates can be obtained from:

http://www.commbank.com.au/business/campaigns/economic-update.aspx

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Business_Solutions/10/1/?ncID=ZBA

http://www.anz.com/corporate/economics-markets-research/

http://www.westpac.com.au/about-westpac/media/reports/australian-economic-reports/

Recommendations

That the report be received.

Part (B)

Financial Report

The financial report is to include (by investment):

• description

• credit rating

• maturity/conversion date

• volume held

• % of total portfolio

• unit price for the last four months

• market value for the last four months

• monthly variation

136

136



10 GENERAL BUSINESS

137

137




CITY OF DARWIN MINUTES OF THE CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING HELD IN MEETING ROOM 1, CIVIC CENTRE, HARRY CHAN AVENUE, DARWIN, ON WEDNESDAY, 19 SEPTEMBER 2012, COMMENCING AT 4.58 P.M. PRESENT: Member R Lesley (Chairman); The Right Worshipful, The Lord Mayor, Ms K M

Fong Lim (left at 5.57 pm); Member G A Lambert (arrived at 5.09 pm); Member J M Anictomatis; Member G J Haslett.

OFFICERS: Chief Executive Officer, Mr B P Dowd (left at 5.36 pm.); General Manager

Corporate Services, Mr F Crawley; Manager Business Services, Mr L Carroll; Manager Employee Relations, Ms J Wheeler; Manager Information Technology, Mr R Iap; Manager Finance, Ms K Stidworthy; Committee Administrator, Ms L Elmer.

* * * I N D E X * * * 1 MEETING DECLARED OPEN 2 APOLOGIES AND LEAVE OF ABSENCE 3 DECLARATION OF INTEREST OF MEMBERS AND STAFF 4 CONFIDENTIAL ITEMS 5 WITHDRAWAL OF ITEMS FOR DISCUSSION 6 CONFIRMATION OF MINUTES PERTAINING TO THE PREVIOUS CORPORATE &

ECONOMIC DEVELOPMENT COMMITTEE MEETING

Wednesday, 22 August 2012 7 BUSINESS ARISING FROM THE MINUTES PERTAINING TO THE PREVIOUS CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING 7.1 Business Arising 8 INFORMATION ITEMS

138

138




9 OFFICERS REPORTS 9.1 Corporate Services Monthly Report - August 2012 9.2 Listing of Cheques/ EFT Payments – August 2012 9.3 Financial Report to Council - August 2012 9.4 Monthly On-Street & Off-Street Parking Statistics – August 2012 9.5 Invitations Received and Declined by the Lord Mayor or Representative during June,

July and August 2012 9.6 Register of Elected Members Professional Development for the 20th Council -

2011/2012 9.7 Minutes of Risk Management & Audit Committee Meeting Held on 31 August 2012 9.8 Non Current Asset Valuations as at 30 June 2012 9.9 2011-12 Carry Forwards and Reserve Balances 9.10 Industrial Dispute Reporting in Annual Reports 10 GENERAL BUSINESS

139

139

OPEN SECTION PAGE CORP 9\3 Corporate & Economic Development Committee Meeting – Wednesday, 19 September 2012


1 MEETING DECLARED OPEN The Chairman declared the meeting open at 4.58 pm 2 APOLOGIES AND LEAVE OF ABSENCE 2.1 Apologies Nil 2.2 Leave of Absence Granted Nil 3 DECLARATION OF INTEREST OF MEMBERS AND STAFF Nil 4 CONFIDENTIAL ITEMS Nil 5 WITHDRAWAL OF ITEMS FOR DISCUSSION (Lord Mayor/Anictomatis) COMMITTEE’S DECISION THAT the Committee resolve under delegated authority that all Information Items and Officers Reports to the Corporate & Economic Development Committee Meeting held on Wednesday, 19 September 2012, be received and considered individually. DECISION NO.21\445 (19/09/12) Carried

140

140



6 CONFIRMATION OF MINUTES PERTAINING TO THE PREVIOUS CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING

(Haslett/ Anictomatis) COMMITTEE’S DECISION THAT the Committee resolve that the minutes of the previous Corporate & Economic Development Committee Meeting held on Wednesday, 22 August 2012, tabled by the Chairman, be confirmed as a true and correct record of the proceedings of that meeting. DECISION NO.21\446 (19/09/12) Carried 7 BUSINESS ARISING FROM THE MINUTES PERTAINING TO THE PREVIOUS

CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING 7.1 Business Arising Nil 8 INFORMATION ITEMS Nil Alderman G A Lambert arrived at the meeting at 5.09 pm. 9 OFFICERS REPORTS 9.1 Corporate Services Monthly Report - August 2012 Report No. 12A0147 (07/09/12) Common No. 339108 (Lambert/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12A0147 entitled, Corporate Services Monthly Report –August 2012, be received and noted.

Carried

141

141



9 OFFICERS REPORTS 9.2 Listing of Cheques/EFT Payments – August 2012 Report No. 12A0149 (07/09/12) Common No. 339125 (Lambert/Anictomatis) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12A0149 entitled, Listing of Cheques / EFT Payments – August 2012, be received and noted. Carried The Chief Executive Officer left the meeting at 5.36 pm. 9.3 Financial Report to Council - August 2012 Report No. 12A0148 (07/0912) Common No. 339122 (Lord Mayor/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12A0148 entitled, Financial Report to Council – August 2012, be received and noted. Carried 9.4 Monthly On-Street & Off-Street Parking Statistics – August 2012 Report No. 12A0150 (07/09/12) Common No. 376351 (Anictomatis/Lambert) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12A0150 entitled, Monthly On-Street and Off-Street Parking Statistics – August 2012, be received and noted. Carried

142

142



9 OFFICERS REPORTS 9.5 Invitations Received and Declined by the Lord Mayor or Representative during

June, July and August 2012 Report No. 12TC0044 (22/08/12) Common No. 381402 (Lambert/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12TC0044 MB:sv entitled, Invitations Received and Declined by the Lord Mayor or Representative During June, July and August 2012, be received and noted. Carried 9.6 Register of Elected Members Professional Development for the 20th Council

2011/2012 Report No. 12TC0045 (19/09/12) Common No. 315321 (Anictomatis/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12TC0045 MB:sv entitled, Register of Elected Members Professional Development for the 20th Council 2011/2012, be received and noted. Carried 9.7 Minutes of Risk Management & Audit Committee Meeting held on 31 August 2012 Report No. 12A0155 (07/09/12) Common No. 35319 (Anictomatis/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT Report Number 12A0155 entitled, Minutes of the Risk Management & Audit Committee Meeting held on 31 August 2012, be received and noted. Carried

143

143



The Lord Mayor left the Meeting at 5.57 pm 9 OFFICERS REPORTS 9.8 Non Current Asset Valuations as at 30 June 2012 Report No. 12A0152 (05/06/12) Common No. 2323761 (Haslett/Anictomatis) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- A. THAT Report Number 12A0152 entitled, Non Current Asset Valuations as at 30 June

2012, be received and noted. B. THAT Council endorse the non current asset valuations for 30 June 2012 as shown in

Attachment A to Report Number 12A0152 entitled Non Current Asset Valuations as at 30 June 2012.

Carried 9.9 2011-12 Carry Forwards and Reserve Balances Report No. 12A0151 (03/09/12) Common No. 2311647 (Lambert/Haslett) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- A. THAT Report Number 12A0151 entitled, 2011-12 Carry Forwards and Reserve Balances,

be received and noted. B. THAT Council resolve to vary the 2012-13 Budget by adopting the carry forward budget

variations listed in Attachment A of Report Number 12A0151 entitled, 2011-12 Carry Forwards and Reserve Balances.

C. THAT Council resolve to adopt the reserve balances as at 30 June 2012 listed in

Attachment B of Report Number 12A0151 entitled, 2011-12 Carry Forwards and Reserve Balances.

D. THAT Council endorse an increase of the minimum level of the Disaster Contingency

reserve from $500,000 to $1,000,000. E. THAT a further report be prepared covering the update of the Surplus Policy and an

analysis of available funding be presented to the Risk Management & Audit Committee at the October 2012 meeting.

Carried

144

144



9 OFFICERS REPORTS 9.10 Industrial Dispute Reporting in Annual Reports Report No. 12A0154 (07/09/12) Common No. 2324799 (Lambert/Anictomatis) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- A. THAT Report Number 12A0154, entitled, Industrial Dispute Reporting in Annual Reports,

be received and noted. B. THAT, where any dispute has been referred to Fair Work Australia, a reference to the

matter will be included in the annual report under Industrial Relations – Referred to Fair Work Australia.

C. THAT, the names and details of the individual cases not be identified within the Annual

Report to maintain confidentiality.

Carried 10 GENERAL BUSINESS Nil

145

145



The meeting closed at 6.35 p.m.

MEMBER R LESLEY (CHAIRMAN) CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING - WEDNESDAY, 19 SEPTEMBER 2012

Confirmed on: Wednesday, 24 October 2012 Chairman: __________________________

146

146

OPEN SECTION PAGE CORP 10\1 Special Corporate & Economic Development Committee Meeting – Monday, 8 October 2012 CITY OF DARWIN MINUTES OF THE SPECIAL CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING HELD IN MEETING ROOM 1, CIVIC CENTRE, HARRY CHAN AVENUE, DARWIN, ON MONDAY, 8 OCTOBER 2012, COMMENCING AT 12.02 P.M. PRESENT: Member R Lesley (Chairman); Member G A Lambert (arrived at 12.07 p.m.);

Member J M Anictomatis; Member G J Haslett. OFFICERS: Chief Executive Officer, Mr B P Dowd; General Manager Corporate Services, Mr

F Crawley; Finance Manager, Ms K Stidworthy; Committee Administrator, Ms L Elmer.

GUESTS: Mr Wayne Wood was in attendance from 12.00 p.m. to 12.57 p.m. to discuss

with the Committee the City of Darwin’s 10 Year Financial Plan. APOLOGY: The Right Worshipful, The Lord Mayor, Ms K M Fong Lim. * * * I N D E X * * * 1 MEETING DECLARED OPEN 2 APOLOGIES 3 SUBJECT ITEMS 3.1 City of Darwin’s 10 Year Financial Plan 4. CLOSURE OF MEETING

147

147

OPEN SECTION PAGE CORP 10\2 Special Corporate & Economic Development Committee Meeting – Monday, 8 October 2012 1 MEETING DECLARED OPEN The Chairman declared the meeting open at 12.02 p.m. 2 APOLOGIES AND LEAVE OF ABSENCE (Haslett/Anictomatis) THAT the apology from The Right Worshipful, The Lord Mayor, Ms K M Fong Lim, be received and a Leave of Absence be granted.

Carried

148

148

OPEN SECTION PAGE CORP 10\3 Special Corporate & Economic Development Committee Meeting – Monday, 8 October 2012 3 SUBJECT ITEM 3.1 City of Darwin’s 10 Year Financial Plan Common No. 2191683 Mr Wayne Wood was in attendance from 12.00 p.m. to 12.57 p.m. to discuss with the Committee the City of Darwin’s 10 Year Financial Plan. Procedural Motion – Suspension of Meeting Procedures in Accordance with By-law 147 at 12.03 p.m. (Lesley/Haslett) THAT in accordance with By-Law 147 the operation of procedures set out in Part 7 of the Darwin City Council By-Laws, that limits the duration and number of times a Member may speak, be suspended to allow for discussion on City of Darwin’s 10 Year Financial Plan.

Carried Member G A Lambert arrived at the meeting at 12.07 p.m. Resumption of Meeting Procedures at 12.53 p.m. (Anictomatis/Haslett) THAT the operation of procedures as set out in Part 7 of the Darwin City Council By-Laws, be resumed.

Carried 3.1 City of Darwin’s 10 Year Financial Plan Common No. 2191683 (Lambert/Anictomatis) COMMITTEE’S RECOMMENDATION THAT it be a recommendation to Council:- THAT the presentation from Mr W Woods, be received and noted.

Carried

149

149

OPEN SECTION PAGE CORP 10\4 Special Corporate & Economic Development Committee Meeting – Monday, 8 October 2012 4. CLOSURE OF MEETING The meeting closed at 1.00 p.m.

MEMBER R LESLEY (CHAIRMAN) SPECIAL CORPORATE & ECONOMIC DEVELOPMENT COMMITTEE MEETING - MONDAY, 8 OCTOBER 2012

Confirmed on: Wednesday, 24 October 2012 Chairman: __________________________

150

150

open agenda corporateeconomic october2012 · another unexpected incident. progress has also been...

Documents