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2022-06-28 Special Meeting Agenda
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SPECIAL MEETING AGENDA 28 JUNE 2022
ATTACHMENT 2
Page 29 of 79
SPECIAL MEETING AGENDA 28 JUNE 2022
ATTACHMENT 2
| @ NOOSA Council Policy
meee INVESTMENT OF SURPLUS
FUNDS POLICY
Corporate Plan Reference: Long term planning for Noosa Shire
Endorsed by Council: 28 June 2022
Policy Author: Director Corporate Services
POLICY BACKGROUND
The intent of this document is to outline Noosa Shire Council's (Council) investment of surplus funds
policy and guidelines regarding the investment of surplus funds, with the objective to maximise
earnings within approved risk guidelines, following ethical investment principles where appropriate
to ensure the security of funds.
The activities of the investment officers or fund managers responsible for stewardship of Council’s
funds will be measured against the standards in this policy and its objectives. Activities that defy the
spirit and intent of this policy will be deemed contrary to the policy.
For the purpose of this policy, investments are defined as arrangements that are undertaken or
acquired for producing income and apply only to the cash investments of Council. This policy applies
to the investment of all surplus funds held by Council.
For the purposes of the appointment of an external fund manager pursuant to section 59 of the Act,
to operate in a manner consistent with this policy will constitute compliance.
COUNCIL POLICY
Council has been granted authority to exercise Category 1 investment power under Part 6 of the
Statutory Bodies Financial Arrangement Act 1982 (the Act) without further approval.
The Treasurer may from time to time constrain the investing activities of local government by
limitation, caveat, restriction and/or other relevant regulation. Where this occurs, this Investment
Policy will be reviewed and reissued for the subsequent change in legislation.
AUTHORITY
All investments are to be made in accordance with:
° Statutory Bodies Financial Arrangements Act 1982
e Statutory Bodies Financial Arrangements Regulation 2007
e Local Government Act 2009
ETHICS AND CONFLICTS OF INTEREST
Prudent Person Standard
The standard of prudence is to be used by investment officers when managing the overall portfolio.
Investments will be managed with the care, diligence and skill that a prudent person would exercise
in managing the affairs of other persons. This includes having in place appropriate reporting
requirements that ensure the investments are being reviewed and overseen regularly.
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