Extraordinary Council Meeting 24 May 2016

Item No:         Item 16

Subject:         Investment Report April 2016 for the former Ashfield Council

File Ref:         16/4718/57868.16         

Prepared By: Myooran Vinayagamoor – Chief Financial Officer, Ashfield  

Authorised By: Gabrielle Rennard - A/Director Corporate and Community Services, Ashfield

SUMMARY

In accordance with the requirements of Clause 212 of the Local Government (General) Regulation 2005, Council is provided with a listing of all investments made pursuant to Section 625 of the Local Government Act 1993 and held as at 30 April 2016.

RECOMMENDATION

THAT the Investment Report for April 2016 be received and noted.

BACKGROUND

Clause 212 of the Local Government (General) Regulation 2005 requires that a report be presented to Council each month listing all investments with certification from the Responsible Accounting Officer.

Council’s cash at bank and investments as at 30 April 2016 amounted to $28,272,517.97. It should be noted that the amount currently invested represents all of Council’s external and internal restrictions (i.e. grants, section 94 funds, loans, etc.) as well as cash flow requirements.

The movement of cash and investments during the month of April 2016 is as follows:

Cash at Bank and Investments as at 31 Mar 2016          $28,872,367.71

Increase/ (Decrease) during the month of Apr 2016       $(599,849.74)

Cash at Bank and Investments as at 30 Apr 2016           $28,272,517.97

Represented By:

Book Value of Investments                                              $26,518,573.74

Cash at Bank                                                                    $1,753,944.23

$28,272,517.97

In April 2016, the cash at bank and call deposits decreased by $599,849 representing a net cash outflow for maintaining Council’s activities during the month. This was mainly due to the mismatch in timing between the receipt of a large proportion of Councils income and expenditure being relatively constant.

FINANCIAL IMPLICATIONS

Nil.

OTHER STAFF COMMENTS

Nil.

PUBLIC CONSULTATION

Nil.

CONCLUSION

I certify that the investments have been made in accordance with the Local Government Act 1993 (as amended), the Local Government (General) Regulation 2005 and the Council’s Investment Policy adopted in April 2015 at the Council Meeting.

ATTACHMENTS

1.View

Investment Summary Report April 2016