October 2018 COUNCIL AGENDA. NOTICE IS HEREBY GIVEN that meeting of the Whanganui District Council will be convened at:
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1 Octber 2018 COUNCIL AGENDA NOTICE IS HEREBY GIVEN that meeting f the Whanganui District Cuncil will be cnvened at: 1.00pm n Tuesday, 30 Octber 2018 in the Cuncil Chamber 101 Guytn Street, Whanganui Prayer Aplgies Declaratin f Interest Business Items 1. Adptin f Cuncil Annual Reprt fr year ended 30 June Page Kym Fell Chief Executive
2 Terms f Reference: T carry ut the leadership functins including advcacy and facilitatin n behalf f the cmmunity T exercise all nn-delegated functins and pwers f the Cuncil T make decisins which are required by legislatin t be made by reslutin f the lcal authrity T determine all financial matters nt delegated T authrise all expenditure nt delegated t staff r ther cmmittees T cnsider any matters referred t it frm any f the Standing Cmmittees T receive reprts frm the Audit and Risk Cmmittee T receive reprts frm Whanganui and Partners Bard T receive reprts frm Whanganui Hldings Bard T receive reprts frm Iwi partners T receive reprts frm the Yuth Cmmittee T develp and apprve the Lng-term Plan including any amendments and Annual Plans and assciated plicies, t hear submissins and apprve the final plan T apprve Plan Changes fr ntificatin and make decisins in respect t District Plan matters. Prcedural matters: Delegatin f Cmmittee pwers Adptin f Standing Orders Cnfirmatin f all Standing Cmmittee minutes Emplyment f the Chief Executive, setting f the Chief Executive s perfrmance targets and review f the Chief Executive s Perfrmance and Remuneratin (in accrdance with Emplyment Agreement) Other delegatins Items f business nt n the agenda which cannt be delayed Items nt n the agenda may be brught befre the meeting thrugh a reprt frm either the chief executive r the Chairpersn. The meeting must reslve t deal with the item and the Chairpersn must explain at the meeting when it is pen t the public the reasn why the item is n the agenda and the reasn why the discussin f the item cannt be delayed until a subsequent meeting. Refer t Standing Order Nte: nthing in this standing rder remves the requirement t meet the prvisins f Part 6, LGA with regard t cnsultatin and decisin-making. Discussin f minr matters nt n the agenda A meeting may discuss an item that is nt n the agenda nly if it is a minr matter relating t the general business f the meeting and the Chairpersn explains at the beginning f the public part f the meeting that the item will be discussed. Hwever, the meeting may nt make a reslutin, decisin r recmmendatin abut the item, except t refer it t a subsequent meeting fr further discussin. Refer t Standing Order 9.12.
3 3 Whanganui District Cuncil Mayr Hamish McDuall (Chair), Deputy Mayr Cr Jenny Duncan, Crs Charlie Andersn, Philippa Baker-Hgan, David Bennett, Jsh Chandulal-Mackay, Murray Cleveland, Helen Craig, Kate Jblin, Hadleigh Reid, Alan Taylr, Rb Vinsen and Graeme Yung. Wanganui Rural Cmmunity Bard appintee David Matthews Prayer Aplgies Declaratins f Interest Elected Members will be prvided with the pprtunity t declare any disclsable pecuniary r ther nn-pecuniary interest in any matter t be cnsidered at this meeting, r declare any new cnflicts that have arisen since last cmpleting the Elected Members Interests Register.
4 4 1. Adptin f Cuncil Annual Reprt fr year ended 30 June 2018 Significance f decisin In terms f the Significance and Engagement Plicy 2018, the recmmended decisin is nt significant. Recmmendatin t Cuncil. 1.1 THAT the Annual Reprt fr the year ended 30 June 2018 is adpted. 1.2 THAT Cuncil prvides an audit Letter f Representatin t Audit New Zealand. Mike Fermr, General Manager Finance reprts: Executive summary This reprt is a summary f Cuncil s Annual Reprt fr the year ended 30 June The Annual Reprt will be psted n Cuncil s website by the end f Nvember Cpies will be made available t the public and Elected Members upn request. Overall Cuncil has perfrmed well in delivering services t the cmmunity within its budget cnstraints. While there are individual line item variances, as explained thrughut this reprt, verall Cuncil was within budget (as reprted t the Strategy and Finance Cmmittee n 28 August 2018). The Annual Reprt als shws that Cuncil has met all the required financial benchmarks (p ). These benchmarks were designed by Central Gvernment t prmte prudent financial management by lcal authrities. Letter f Representatin Cuncil is required t prvide Audit New Zealand with a letter f representatin. This letter f representatin attests t the accuracy f the infrmatin prvided t Audit New Zealand t enable them t carry ut their audit. The draft Letter f Representatin will be prvided t Elected Members prir t the Cuncil meeting. Backgrund The Lcal Gvernment Act (LGA), The Financial Reprting Act, ther relevant legislatin and New Zealand Internatinal Public Sectr Accunting Standards require Cuncil t disclse a large amunt f infrmatin in the Annual Reprt. The purpse f the Annual Reprt is t reprt n bth financial and nn-financial perfrmance f the Cuncil by cmparing what the Cuncil actually did with what it planned t d. Cuncil is required, by law, t btain frm an independent third party (Audit New Zealand), their pinin n whether the financial statements and the statement f service perfrmance fairly reflect the results f peratins fr the year. We are anticipating an unmdified (clear) audit pinin frm Audit New Zealand.
5 5 Discussin The Annual Reprt details the financial perfrmance f tw different entities, Cuncil and Grup. The Cuncil is the ttal f all the Cuncil s activities as listed in the Annual Plan. The Grup cnsists f afrementined Cuncil plus rganisatins that Whanganui District Cuncil has significant sharehlding in. The majr nes are Whanganui District Cuncil Hldings Limited (100% wned), GasNet Limited, New Zealand Internatinal Cmmercial Pilt Academy Limited and the Sarjeant Gallery Trust. As Cuncil is the entity fr which we prepare the Annual Plan and strike the rates, this reprt will cncentrate n these results. The Cuncil has fur main summary financial statements which have different purpses: The Statement f Cmprehensive Revenue and Expense (Prfit and Lss accunt) shws incme and expenditure fr the year, including revaluatins and ther nn-cash items (page 161). The Statement f Financial Psitin (Balance Sheet) shws Cuncil s assets and liabilities (page 163). The Statement f Cash Flws shws actual mney received and spent during the year (page 164). The Funding Impact Statement shws incme and expenditure fr the year, excluding revaluatins and ther nn-cash items (page 165). Results The fllwing is a summary f the key financial results cntained in the reprt. Cash Flw Statement (page 164) Net Cash flw frm perating activities is effectively all the mney the Cuncil received (excluding brrwings), less all the mney it paid ut (excluding mney spent n capital items). The surplus frm this was $31,947,000, cmpared t a budget f $24,727,000 (variance f $7,220,000). The timing f receipts and payments impacts n this variance as well as the variances in incme and expenditure discussed belw. The deferral f Rading wrk (see belw), with the accmpanying NZTA subsidies, wuld als impact n this variance. Cash flws frm investing activities is mainly the mney spent n the capital csts f maintaining assets and new capital prjects. The Cuncil spent $44,747,000 (net), which was $10,071,000 belw budget. As reprted t the Strategy and Finance Cmmittee at its meeting held n 28 August 2018, there were a number f capital deferrals which have been apprved as carryvers fr 2018/19. These capital deferrals include:
6 6 Strm water prjects (mainly Mill Rad) $4,930,000 Waste water prjects $4,600,000 Rad prjects $1,290,000 Water supply prjects (mainly Westmere Reservir) $3,870,000 Nrth mle $916,000 Upkngar Cycleway $2,240,000 Veldrme rf $1,000,000 The abve capital deferrals were partially ffset thrugh additinal rading csts assciated with bth the June 2015 weather event and the 2017 flds. Cash flws frm financing activities shw a net increase in debt f $10,700,000, cmpared t budgeted increase f $30,482,000. This variance was mainly due t the underspend in capital, requiring lwer debt financing, in additin t the increased available cash-flws frm Cuncil s perating activities. The Cash flw statement shws the Cuncil had a respnsible financial year with expenditure being kept within budgetary limits. Statement f Cmprehensive Revenue and Expense (page 161) The Statement f Cmprehensive Revenue and Expense shws a 2018 surplus befre tax f $17,163,000. This cmpares t a budget surplus f $4,939,000. This surplus includes New Zealand Transprt Agency (NZTA) subsidies f $15,075,000. While these NZTA subsidies are recgnised as revenue within the Statement f Cmprehensive Revenue and Expenses, a large prtin f these subsidies were t fund capital expenditure. This abve surplus includes variances in a number f individual line items as listed belw: Ttal ther revenue (cnsisting f subsidies and grants, user fees and ther revenue, and gains) f $32,067,000 was ver budgeted incme f $21,914,000. This variance related t a number f factrs, including: Subsidies received fr June 2015 fld damage rading prjects, budgeted t be cmpleted in previus years, being carried ver and cmpleted in Unbudgeted grants received frm the Ltteries Bard fr the Sarjeant Gallery redevelpment and earthquake strengthening fr the War Memrial Centre. Unbudgeted grant received frm the Ministry f Business, Innvatin and Emplyment (MBIE) fr the Prt Revitalisatin prject. Gains n revaluatin f frestry assets and SWAPs f $2.6M and n land and buildings f $5M.
7 7 Persnnel csts f $17.4M are ver budget by $990,000. As reprted t the Strategy and Finance Cmmittee meeting held n the 28 August 2018, there were a number f reasns fr this variance, including: Crrespnding external funding nt shwing in the persnnel cst line, e.g. Welcming Cmmunities grant, GasNet payrll cntract, New Zealand Masters Games. Wrk riginally budgeted within Cnsultancy being dne in-huse t build capacity within staff, e.g. Lng Term Plan, human resurces. Csts being budgeted within ther expense categries, such as labur cntractrs, e.g. Waste Water Treatment Plant (WWTP) staff, Yuth Cmmittee crdinatr. Additinal staff required t cmplete essential wrk, e.g. scanning f building packs. Restructuring csts. Finance csts were $901,000 lwer than budget due t general market cnditins prviding lwer interest rates and savings frm the timing f brrwings. Other expenses has an unfavurable variance f $2,762,000. This is an 8.4% variance t the budget f $32,818,000. This variance is partly explained by the 2017 budgeted expenditure within such areas as repairs and maintenance, planned maintenance and subcntracts being carried ver t the 2018 financial year in which the wrk was cmpleted ($1.2M). In additin, thrugh the audit prcess, t meet the requirements f accunting standards, expenditure budgeted as capital expenditure has been reclassified as perating expenditure ($1.1M). During the year Cuncil als incurred additinal unbudgeted insurance csts ($200,000). Revaluatins and Impairments Each year the Cuncil is required t revalue a number f its assets as at 30 June, as well as evaluate whether there has been any impairment within its prperty, plant and equipment. These revaluatins and impairments result in nn-cash mvements in the Statement f Cmprehensive Revenue and Expense. While Cuncil determined there was n impairment, the 2018 surplus des include the fllwing revaluatins, i.e. nn-cash items (these are als listed abve): Increase in fair value f land and buildings f $5,007,000. Increase in market valuatin f derivative instruments f $124,000. Any mvement in lng-term interest rates impacts n the valuatin f these instruments.
8 8 Increase in market valuatin f frestry assets and land and buildings f $2,506,000. Lss in valuatin f investment prperty -$637,000. The Statement f Cmprehensive Revenue and Expense recrds a ttal increase in fair value f land and buildings f $15,313,000. Of this amunt, $5,007,000 is included in the surplus (discussed abve), with the remaining $10,306,000 recrded in ther cmprehensive incme, i.e. belw the surplus line. In additin, there is als a $136,000 gain n the value f Carbn Credits held. Funding Impact Statement (page 165) This statement shws hw Cuncil has perfrmed against its Annual Plan. Overall the Cuncil has an perating surplus f $15,964,000, which is $367,000 belw budget (2.2% variance). Variance explanatins are given abve. This summary statement is the best indicatin f hw we perfrmed against what we planned t d. Benchmark Ratis The benchmark ratis are included in the disclsure statement in pages These measurements are designed t measure the financial prudence f a lcal authrity s plans and perfrmance. The benchmarks cntain ratis fr the current year and previus years cmparatives. These ratis are designed t measure Cuncil s verall rates affrdability, debt affrdability, sustainability and predictability (i.e. ability t predict debt and cashflws). The graphs n these pages shw the results fr 2018, with cmparatives fr up t the fur previus years, fr many f the ratis. Fr 2018 Cuncil has met all f its requirements fr these benchmarks. Key issues Financially the Cuncil has perfrmed well with a small rates funded credit balance (as reprted at the Strategy and Finance Cmmittee meeting held n 28 August 2018), and debt balance f $104,750,000 cmpared t a budgeted debt balance f $126,541,000. Capital expenditure is belw budget, largely due t prjects being deferred. Cuncil apprved capital expenditure t be carried ver t 2018/19 at its meeting held n 11 September Cuncil expects t receive an unmdified (clear) audit pinin frm Audit New Zealand fr its 2018 Annual Reprt. Next steps N/A
9 9 References Agenda Attachments N/A SUMMARY OF CONSIDERATIONS Fit with purpse f lcal gvernment The purpses f an annual reprt as defined by the Lcal Gvernment Act 2002 (s98(2)) are: (a) t cmpare the actual activities and the actual perfrmance f the lcal authrity in the year with the intended activities and the intended level f perfrmance as set ut in respect f the year in the lng-term plan and the annual plan; and (b) t prmte the lcal authrity s accuntability t the cmmunity fr the decisins made thrughut the year by the lcal authrity. Link: Sectin 10 f the Lcal Gvernment Act 2002 Fit with strategic framewrk Select checkbxes t indicate whether the decisin / reprt cntributes, detracts r has n impact Leading Edge Strategy Cntributes Detracts N impact Lng-Term Plan Infrastructure Strategy Ecnmic Develpment Strategy Other Plicies r Plans Link: Leading Edge Strategy Link: Leading Edge Strategy Tlkit Link: Plicy and strategy dcuments Risks Link: Risk Plicy Treaty f Waitangi The Cuncil will take int accunt the principles f the Treaty f Waitangi in its decisinmaking and service delivery prcesses. Plicy implicatins As abve.
10 10 Financial cnsideratins As abve. Nil Apprved in LTP / AP Unbudgeted Legal implicatins The Lcal Gvernment Act 2002 (s98) requires Cuncil t prepare and adpt an annual reprt. The annual reprt must be cmpleted and adpted within fur mnths after the end f the financial year (adpted by the end f Octber). $ Significance The recmmended decisin is cnsidered nt significant as per Cuncil s Significance and Engagement Plicy. Engagement
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