Long Term Community Plan 2012-2022 - Hurunui District Council

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www.hurunui.govt.nz Under the Debenture Trust Deed Council’s borrowing is secured by a floating charge over all Council rates levied under the Rating Act, excluding any rates collected by Council on behalf of any other local authority. In such circumstances, the security offered by Council ranks ‘Pari Passu’ for all stock issued by Council including any security stock issued. (e) Secure its borrowing from the LGFA and the performance of other obligations to the LGFA or its creditors with a charge over the Council’s rates and rates revenue. Council offers deemed rates as security for general borrowing programs. From time to time, with prior Council and Debenture Trustee approval, security may be offered by providing a charge over one or more of Councils assets. Physical assets will be charged only where: • There is a direct relationship between the debt and the purchase or construction of the asset, which it funds (e.g. an operating lease, or project finance). • Council considers a charge over physical assets to be appropriate. • Any pledging of physical assets must comply with the terms and conditions contained within the Debenture Deed. Debt Repayment The funds from all asset sales and operating surpluses will be applied to the reduction of debt and/or a reduction in borrowing requirements, unless the Council specifically directs that the funds will be put to another use. New Zealand Local Government Funding Agency Limited Investment Despite anything earlier in this Liability Management Policy, the Council may borrow from the New Zealand Local Government Funding Agency Limited (LGFA) and, in connection with that borrowing, may enter into the following related transactions to the extent it considers necessary or desirable: (a) Contribute a portion of its borrowing back to the LGFA as an equity contribution to the LGFA, for example Borrower Notes; (b) Provide guarantees of the indebtedness of other local authorities to the LGFA and of the indebtedness of the LGFA itself; (c) Commit to contributing additional equity (or subordinated debt) to the LGFA if required; (d) Subscribe for shares and uncalled capital in the LGFA; and 218
Investment Policy General Policy Investments are maintained to meet specified business reasons. Such reasons can be: 1. For strategic purposes consistent with Council’s Long Term Plan; 2. To reduce the current ratepayer burden; 3. The retention of vested land; 4. Holding short term investments for working capital requirements; 5. Holding investments that are necessary to carry out Council operations consistent with Annual Plans. Council recognises that as a responsible public authority all investments held, should be low risk. Council also recognises that low risk investments generally mean lower returns. In its financial investment activity, Council’s primary objective when investing is the protection of its investment capital and that a prudent approach to risk/return is always applied within the confines of this policy. Accordingly, only approved credit worthy counterparties are acceptable. Investment Mix Council maintains investments in the following assets from time to time: • Equity investments, including investments held in CCO/ CCTO and other shareholdings. • Property investments incorporating land, buildings, a portfolio of ground leases and land held for development. • Forestry investments • Financial investments • Loan advances for staff and rural housing purposes • Other. Equity Investments Council maintains equity investments and other minor shareholdings. Hurunui Community Long Term Plan 2012 - 2022 Council’s equity investments fulfill various strategic, economic development and financial objectives as outlined in the LTP. Council seeks to achieve an acceptable rate of return on all its equity investments consistent with the nature of the investment and their stated philosophy on investments. Dividends received from CCO’s and unlisted companies not controlled by Council are recognised when they are received in the consolidated revenue account. Any purchase or disposition of equity investments requires Council approval and any profit or loss arising from the sale of these investments is to be recognised in the Statement of Comprehensive Income. Any purchase or disposition of equity investments will be reported to the next meeting of Council. Unless otherwise directed by Council, the proceeds from the disposition of equity investments will be used firstly to repay any debt relating to the investment and then included in the relevant consolidated capital account. Council recognises that there are risks associated with holding equity investments and to minimise these risks Council, through the relevant sub-committee, monitors the performance of its equity investments on a twice yearly basis to ensure that the stated objectives are being achieved. Council seeks professional advice regarding its equity investments when it considers this appropriate. Property Investments Council’s overall objective is to only own property that is necessary to achieve its strategic objectives. As a general rule, Council will not maintain a property investment where it is not essential to the delivery of relevant services, and property is only retained where it relates to a primary output of Council. Council reviews property ownership through assessing the benefits of continued ownership in comparison to other arrangements which could deliver the same results. This assessment is based on the most financially viable method of achieving the delivery of Council services. Council generally follows similar assessment criteria in relation to new property investments. Council reviews the performance of its property investments on a regular basis. All income, including rentals and ground rent from property investments is included in the Statement of Comprehensive Income. 219
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Hurunui Community Long Term Plan 20
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About the Plan Introduction The Loc
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How Your Rates are Spent The Counci
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Table 1: Hurunui Community Long Ter
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Amuri-Hurunui Ward Profile Backgrou
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Hanmer Springs Ward Profile Backgro
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Council Activities Introduction In
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Water Supply Overview Water Supply
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Sewerage Overview Sewerage covers t
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Activity 1: Roads and Footpaths Ove
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Roading and Footpaths - Group Activ
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Activity 1: Emergency Services Huru
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Hanmer Springs Thermal Pools and Sp
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Governance Overview Governance cove
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Governance - Group Activity Financi
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Financial Introduction Purpose of t
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Statement of Accounting Policies Re
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Annual Plan Year 1 Year 2 Year 3 Ye
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Page 167 and 168: Hurunui Community Long Term Plan 20
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Independent Auditor’s Report Huru
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Phone: 03 314 8816 Fax: 03 314 9181
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Long Term Community Plan 2012-2022 - Hurunui District Council

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