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14 September 2010

14 September 2010

Report to Council

Report to Council Tuesday 14 September 2010 By the Director of Finance and Corporate Services D J Johnston 1 INVERCARGILL COMMUNITY RECREATION AND SPORTS TRUST - EXEMPTION FROM BEING A COUNCIL CONTROLLED ORGANISATION 1.1 Background 1.2 The Issue The Invercargill Community Recreation and Sports Trust is a Council Controlled Organisation (CCO) that provides funding to the Invercargill District for community sports and the arts. The Trustees are the Mayor, Deputy Mayor and Chief Executive. As a Council Controlled Organisation the Invercargill Community Recreation and Sports Trust has specific requirements for governance and accountability which far outweigh the nature and purpose of the Trust. For example, as a CCO the Trust is required to have a statement of intent, have a half yearly report and have performance objectives. The costs associated with undertaking these activities outweigh any associated benefits given the Trust's level of activity. Audit New Zealand has agreed that, for practical purposes , Trust is such that an exemption is warranted. the nature of the In order to exempt the Trust from its legislated CCO requirements a resolution to that effect must be passed by Council under section 7(6) of the Local Government Act 2002, reviewing the exemption previously granted. It is recommended: That the Invercargill Community Recreation and Sports Trust exemption be extended from being a Council Controlled Organisation pursuant to Section 7(6) of the Local Government Act 2002. 2. SPECIAL FUNDS AND RESERVES Council as at 30 June 2009 held $20,092,840 in Special Funds and Reserves (Reserves). A full listing of the balance in each Reserve is attached. (Appendix V. 2.1 Restriction on Reserves The majority of the Reserves are held for Council designated purposes. These can be used, by resolution, for any other specified purpose. 29

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