2019-03-12 P&E Agenda - Item 7 - Attachment 1 - NBRF FY17-18 Annual Report

3     FUNDING OPERATIONAL EXPENSES
a)    Council will provide $140,000 (exclusive of GST) as a contribution towards operational
      expenses for the first year of this Deed (2018/19 financial year).
b)    The amount of funding for operational expenses for the following financial years is subject to
      negotiation for each remaining financial year of this Deed and subject to Clause 6 – Funding
      Conditions.
c)    NBRF will provide Council with details of its funding requirements for operational expenses for
      each following year by no later than 30th March. NBRF are to provide such information as
      may be reasonably required by Council to assess the request including but not limited to the
      current NBRF strategic plan, proposed annual operational plan, detailed draft budget and
      current financial balance sheet.
d)    Negotiations for funding will take into account any ongoing commitments as provided for in
      clause 5.2 of this Deed and Council’s annual budget process and overall funding constraints.
e)    Payments are subject to GST where applicable having regard to the type of transaction under
      Australian Taxation legislation.

4     FUNDING PROJECTS
a)    In the first year of this Deed, Council will quarantine up to $125,000 of its Environment Levy
      funds for contribution to NBRF projects that align with the principal purposes of the Trust ,
      Council’s Environment Levy Policy and Council’s strategic direction for the Noosa Shire
      environment.
b)    The NBRF may submit applications for Council’s consideration for funding from the
      Environment Levy.
c)    The NBRF will provide Council with reasonable notice of project funding requirements and
      provide sufficient information about the projects to allow Council to assess the application for
      funding.
d)    The NBRF shall not proceed with any project requiring Environment Levy funding until Council
      formally notifies NBRF in writing of the outcome of Council’s consideration of project funding
      applications.
e)    For the remaining financial years under this Deed, the NBRF will need to lodge applications
      with Council for projects to be funded from the Environment Levy. Such applications will be
      assessed against other applications received and in consideration of the total amount allocated
      towards grants projects from the Environment Levy.
f)    NBRF may also choose to apply for relevant grants under Council's range of grant programs.
      Again, these will be assessed against other applications received and the total amount
      allocated to the relevant grants program.

5     PAYMENTS

5.1   How payments are to be made
a)    Council shall pay the funding to NBRF by electronic transfer to a bank account (or accounts)
      as notified in writing to Council by NBRF, with such bank account/s being in the name of NBRF
      and such account/s being solely under the control of NBRF.
b)    Payments for contribution to operational expenses will be made in quarterly instalments in
      advance upon a receipt of a valid tax invoice from NBRF dated on or after the first day of the
      quarter.
c)    Payments for any project funding will be made upon receipt of a valid tax invoice from NBRF
      after notification by Council that the funding has been approved.




Funding Deed – Noosa Biosphere Reserve Foundation Ltd & Noosa Council                          Page 5