Annual Report 2010 - Christchurch City Council

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Monitoring Annual Report Christchurch Otautahi 2010 p279. Monitoring Annual Report 2010 Christchurch Otautahi This section contains information about the Council’s capital endowment fund and lists the directors of subsidiary and associate companies.
p280. Annual Report Christchurch Otautahi 2010 Monitoring The capital endowment fund The capital endowment fund The Council established this fund to provide an ongoing income stream to be used for economic development, and civic and community projects. Its objectives and policies are detailed on page 230 in Volume 1 of the Council’s LTCCP 2009-19. The investment objectives were met. This was achieved by minimising the risk of capital loss by retaining all funds in cash investments due to the volatility of the world’s equity markets. This approach was consistent with the objectives as outlined in Council’s Investment Policy. In May Council resolved to support a high profile sporting event for three years at a cost of $0.45 million per annum, funded from Capital Endowment Fund interest. It was resolved to do this with an understanding it would be using funds set aside for a different purpose in the 2009-19 LTCCP. Capital endowment fund – funding allocations 2010 2009 Actual Actual $000s $000s Total available income from fund 2,108 4,533 Economic development 70% 1,476 3,173 Brought forward from previous year 1,175 724 Available to allocate 2,651 3,897 Less allocated: Economic development projects (500) (1,722) Iconic events (844) (450) One off events (375) - Marketing initiatives (500) (550) Balance available for economic development projects 432 1,175 Civic and community 30% 632 1,360 Brought forward from previous year 1,646 2,156 Available to allocate 2,278 3,516 Less allocated: Events & festivals (490) (1,390) Garden City - (80) Rapaki marae - (400) Balance available for civic and community projects 1,788 1,646 Total cash carried forward 2,220 2,821
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Annual Report 2010 - Christchurch City Council

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