2020-07-10 Special Meeting Agenda

SPECIAL MEETING AGENDA                                                                10 JULY 2020


2.     Investment of Surplus Funds Policy

The Investment of Surplus Funds Policy outlines how Council can invest community funds based
on certain parameters including authorised investments and acceptable financial institutions to
minimise risk.

3.     Debt Policy

In accordance with legislation, Council must adopt a Debt Policy for the financial year that includes
an outline of borrowings proposed within the current year plus a forecast of borrowings over the
ensuing 9-year period. Council is proposing to borrow $3.42 million in the 2020/21 financial year
and $440k in the 2021/22 financial year to fund waste management capital infrastructure projects.
No borrowings are currently forecast in future years post 2021/22.

Previous Council Consideration
Special Meeting Minutes, 28 June 2019, Item 2, Page 3
That Council note the report by the Director Corporate Services to the Special Meeting dated 28
June 2019 and:
A.     Adopt the Financial Sustainability Policy, which is provided as Attachment 1 to the report.
B.     Pursuant to section 191 of the Local Government Regulation 2012, adopt for the 2019/20
       financial year the Investment of Surplus Funds Policy, which is provided as Attachment 2 to
       the report.
C.     Pursuant to section 192 of the Local Government Regulation 2012, adopt for the 2019/20
       financial year the Debt Policy, which is provided as Attachment 3 to the report.
D.     Pursuant to section 198 of the Local Government Regulation 2012, adopt the Procurement
       Policy, which is provided as Attachment 4 to the report.
E.     Adopt the Environment Levy Policy, which is provided as Attachment 5 to the report.

Finance
Council borrowing is effectively guaranteed by the State Government, and as such any borrowing
must be approved by the Minister for Local Government (in accordance with the Statutory Bodies
Financial Arrangements Act 1982).

The Investment of Surplus Funds Policy encourages diversification and aims at preservation of
capital as a priority over investment returns, thereby minimising risk.


Risks & Opportunities
Failure to effectively comply with legislation regarding the review, update and adoption of required
policies and new policies may compromise effective organisational governance and compromise
Council’s short and long term financial sustainability.

Consultation
External Consultation - Community & Stakeholder
Nil.

Internal Consultation
Revenue Services Manager
Financial Services Manager


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