Agenda and
Business Paper

 

Ordinary Meeting of Council

 

 

 

To be held on
Monday 27 February 2023

at 6.00pm

 

 

 

Civic Centre cnr Baylis and Morrow Streets,
Wagga Wagga NSW 2650 (PO Box 20)
P 1300 292 442
P council@wagga.nsw.gov.au

wagga.nsw.gov.au

 

The proceedings of all Council meetings in open session, including all debate and addresses by the public, are recorded (audio visual) and livestreamed on Council’s website including for the purpose of facilitating community access to meetings and accuracy of the Minutes.

 

In addition to webcasting council meetings, audio recordings of confidential sessions of Ordinary Meetings of Council are also recorded, but do not form part of the webcast.

 

 

 

 

STATEMENT OF ETHICAL OBLIGATIONS

Councillors are reminded of their Oath or Affirmation of Office made under Section 233A of the Local Government Act 1993 and their obligation under Council’s Code of Conduct to disclose and appropriately manage Conflicts of Interest.

 

QUORUM

The quorum for a meeting of the Council is a majority of the Councillors of the Council who hold office for the time being who are eligible to vote at the meeting.

 

Ordinary Meeting of Council AGENDA AND BUSINESS PAPER

Monday 27 February 2023

ORDER OF BUSINESS:

CLAUSE      PRECIS                                                                                                        PAGE

ACKNOWLEDGEMENT OF COUNTRY                                                                                   2

REFLECTION                                                                                                                         2

APOLOGIES                                                                                                                          2

Confirmation of Minutes

CM-1           ORDINARY COUNCIL MEETING - 13 FEBRUARY 2023                                      2

DECLARATIONS OF INTEREST                                                                                            2

Reports from Staff

RP-1            DA22/0346 - Service Station, 232-236 Hammond Avenue, East Wagga Wagga                                                                                                                           3

RP-2            PROPOSED PLANNING AGREEMENT 12 BLAKE STREET, WAGGA WAGGA              9

RP-3            REQUEST FOR FINANCIAL ASSISTANCE - SECTION 356                                 22

RP-4            NSW STRONGER COUNTRY COMMUNITIES ROUND 5 SUCCESSFUL FUNDING                                                                                                                        29

RP-5            FINANCIAL PERFORMANCE REPORT AS AT 31 JANUARY 2023                      32

RP-6            Revaluation of Property Land Values for Rating Purposes - Base Date 01/07/2022                                                                                                          65

RP-7            RESOLUTIONS AND NOTICES OF MOTIONS REGISTERS                                 75

RP-8            QUESTIONS WITH NOTICE                                                                                77

Committee Minutes

M-1              LOCAL TRAFFIC COMMITTEE MEETING - 1 DECEMBER 2022                          79   

                                                                                                                                      

Confidential Reports

CONF-1       RIFL AGENCY REPORT                                                                                     90

 

 

 

ACKNOWLEDGEMENT OF COUNTRY

Wagga Wagga City Council acknowledges the traditional custodians of the land, the Wiradjuri people, and pays respect to Elders past, present and future and extends our respect to all First Nations Peoples in Wagga Wagga.

We recognise and respect their cultural heritage, beliefs and continuing connection with the land and rivers. We also recognise the resilience, strength and pride of the Wiradjuri and First Nations communities

 

 

RELECTION

Councillors, let us in silence reflect upon our responsibilities to the community which we represent, and to all future generations and faithfully, and impartially, carry out the functions, powers, authorities and discretions vested in us, to the best of our skill and judgement.

 

 

APOLOGIES

 

 

Confirmation of Minutes

CM-1              ORDINARY COUNCIL MEETING - 13 FEBRUARY 2023       

 

Recommendation That the Minutes of the proceedings of the Ordinary Council Meeting held on 13 February 2023 be confirmed as a true and accurate record.

 

 

 

1⇩.

Minutes - 13 February 2023

91

 

 

DECLARATIONS OF INTEREST

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-1

 

Reports from Staff

RP-1               DA22/0346 - Service Station, 232-236 Hammond Avenue, East Wagga Wagga

Author:                        Paul O’Brien   

General Manager:    Peter Thompson

         

 

Summary:

The report is for a Development Application and is presented to Council for determination.   In accordance with the provisions of POL 046 ‘Processing Development Applications Lodged by Councillors, Staff and Individuals of Which a Conflict of Interest May Arise, or on Council Owned Land Policy’ the Development Application is required to be referred to Council for determination. A director of the company that is the owner of the land on which this application is made is a current Councillor. In addition, a different director of the landowning company is a relative of a current Councillor.   The proposed development includes: ·    Construction of: o A service station including sales/convenience store building, o A freestanding car canopy with 8 fuel dispensers, o A freestanding truck canopy with 9 fuel dispensers, ·    Installation of an underground tank farm. ·    Signage, including a 10.15m high pylon sign. ·    Two lot boundary adjustment. ·    Road works in Hammond Ave to facilitate left-in, left-out access only to the site. ·    24-hour operation. ·    Removal of 6 trees on site.   Three formal public submissions were received across the two public exhibition periods carried out for the development.   The merits assessment of the proposal has determined that the development is generally consistent with the Wagga Wagga Local Environmental Plan 2010, relevant State Environmental Planning Policies, and the Wagga Wagga Development Control Plan 2010, that the impacts of the development are acceptable, and that subject to conditions, the development is acceptable in this location. Recommended conditions include a limit on the proposed pylon sign height to a maximum 8m.   A full assessment of the Development Application is contained within the attached Section 4.15 Assessment Report.

 

 

 

Recommendation That Council approve DA22/0346 subject to the conditions outlined in the Section 4.15 Assessment Report.

 

 

Applicant	MMJ Town Planning
Owner	Wollundry Investments Pty Ltd
Directors	Rodney Kendall Richard Pottie John Tyrrell Allen Thompson Robert Davies Christopher Chamberlain
Development Cost	$1,800,000
Development Description	Service Station and Two Lot Subdivision (Boundary Adjustment)

Key Issues

·   Traffic and access

·   Height of proposed pylon sign

·   Submissions

·   Tree protection

 

Site Location

The site, being Lots 31 and 32 DP 874819, 232-236 Hammond Avenue, East Wagga Wagga, is located on the southern side of Hammond Avenue, approximately 200m west of Blaxland Road.

 

The site is approximately 3.36ha and is elevated from Hammond Avenue, through apparent historical filling, but is relatively flat itself. The site contains some vegetation, including a large Eucalyptus tree at the front of the site.

 

The locality is generally industrial / large floor area commercial in nature, with surrounding land uses including an iron foundry and an electrical contractor. Opposite the site to the north is rural land.

 

Assessment

·    The site is zoned B6 Enterprise Corridor under the provisions of the WWLEP 2010.

·    Service stations are permitted with consent in the B6 zone.

·    The development complies with the controls of the WWLEP 2010.

·    The development generally complies with relevant State Environmental Planning Policies, however, it has been assessed that the proposed pylon sign, at 10.15m, is inconsistent with the matters for consideration under SEPP (Industry and Employment) 2021 for signage. If reduced to 8m it is considered that the pylon sign would be consistent.

·    The development generally complies with the controls of the WWDCP 2010, however a number of non-compliances are proposed. These include:

o C1 of Section 2.2 in relation to minimum number of parking spaces.

o C13 of Section 2.4 in relation to the number of fascia business identification signs.

o C14 of Section 2.4 in relation to the protrusion of fascia business identification signs above awnings.

o C15 of Section 2.4 in relation to the illumination of fascia signs.

o C39 of Section 2.4 in relation to the maximum panel area for pylon signs.

o C40 of Section 2.4 in relation to the maximum height for pylon signs.

o C1 of Section 10.6 in relation to the need for masterplans for sites greater than 1ha in size.

o C2 of Section 10.6 in relation to front setbacks in the B6 zone.

·    It is recommended that these variations be supported, apart from C40 of Section 2.4 in relation to the maximum height for pylon signs in business zones. The maximum height permitted is 8m and the proposed pylon sign is 10.15m. It is considered that the proposed variation would result in unreasonable impacts on the streetscape, and is inconsistent with the objectives of the control.

·    An 8m height limit has been consistently applied by Council along Hammond Avenue under the WWDCP 2010, and any variation is considered to be out of character with the area. Any signage greater than 8m along the corridor predates 2010 and are pole signs with significantly less panel area than the monolith style sign proposed, thus resulting in far fewer impacts.

·    A condition has been recommended limiting the pylon sign height to 8m.

·    Six trees are proposed to be removed from the site. Conditions of consent have been recommended to protect a significant tree on adjoining land to the west, and the avenue of London Plane Trees on the northern side of the highway opposite the site.

·    The site is identified as being within the Flood Planning Area for both riverine flooding and overland flooding.

·    During a 1% Annual Exceedance Probability (AEP) riverine flood event (i.e. a 1 in 100 year flood event) the front of the site where the service station is proposed is modelled to be inundated to a depth of approximately 0.05-0.72m. The rear of the site ranges between 0.09m-0.48m.

·    In a 5% AEP flood event (i.e. a 1 in 20 year flood event) the site is not flooded, apart from two very small areas adjacent to the highway. In these areas flooding is minor, between 0.05m-0.07m.

·    The development proposes a finished floor level for the shop building well above the 5% AEP level plus 500mm, which is Council’s standard for commercial and industrial development.

·    The site has been previously filled (prior to 1997). This filling has therefore been incorporated into Council’s flood modelling. The proposed development requires some earthworks for levelling but essentially maintains the current height of the site.

·    The development proposes left-in and left-out access and was referred to Transport for NSW, as per the requirements of SEPP (Transport and Infrastructure) 2021. TfNSW raised no objection to the development, subject to the imposition of a number of conditions.

·    The development was advertised and notified to adjoining owners twice. Initially the application was placed on public exhibition from 1/11/22-15/11/22. This period was extended for 14 days to 29/11/22 due to flooding in the vicinity of the site. The application was renotified from 5/1/23 to 19/1/23 due to amendments to the plans.

·    Three formal public submissions were received over the two periods, as well as one additional submission that was identified as not being a formal submission.

·    Matters raised in submissions include:

o Stormwater impacts

o Impacts on access to existing properties

o Fencing

·    Matters raised in submissions have been considered in full and have been addressed via conditions of consent where appropriate. It is noted that full access is maintained to adjoining properties and that this is reinforced by conditions.

 

Having regard for the information contained in the attached Section 4.15 assessment report, it is considered that the development is acceptable for the following reasons and recommended for approval.

 

Reasons for Approval

1.    The proposed development is consistent with the provisions of the Wagga Wagga Local Environmental Plan 2010.

2.    The proposed development is consistent with the controls and matters for consideration in relevant State Environmental Planning Policies, apart from the 10.15m pylon sign. In the case of the pylon sign, conditions have been recommended to ensure compliance.

3.    The proposed development is generally consistent with the objectives and controls of the Wagga Wagga Development Control Plan 2010 and apart from the 10.15m pylon sign, where a variation is proposed, the variation is reasonable. In the case of the pylon sign, conditions have been recommended to ensure compliance and to manage impacts.

4.    Impacts of the proposed development are acceptable and can be managed via the recommended conditions of consent.

5.    Submissions have been considered and addressed and the development is considered to be in the public interest.

N/A

Wagga Wagga Local Environmental Plan 2010

State Environmental Planning Policy (Transport and Infrastructure) 2021

State Environmental Planning Policy (Industry and Employment) 2021

State Environmental Planning Policy (Resilience and Hazards) 2021

Wagga Wagga Development Control Plan 2021

 

The Environment

Objective: Future growth and development of Wagga Wagga is planned for in a sustainable manner

Ensure sustainable urban development

 

Refusal of the application may result in an appeal process to the Land and Environment Court which will have to be defended by Council. The reasons for refusal will have to be justified and withstand scrutiny and cross examination in Court.

 

Approval of the application is not considered to raise risk management issues for Council as the proposed development is generally consistent with LEP and DCP controls and the proposed variations, where supported, have been fully assessed and justified.

 

Mail

Traditional Media

Community Engagement

Digital

Rates notices insert

Direct mail

Letterbox drop

Council news

Media release

Media opportunity

TV/radio advertising

One-on-one meeting(s)

Community meeting(s)

Stakeholder workshop(s)

Drop-in session(s)

Survey/feedback form(s)

Connect.Wagga

Email newsletter

Social media

Website

Inform

Consult

x

x

Involve

Collaborate

Other methods (please list specific details below)

 

 

1.	DA22/0346 - Section 4.15 Assessment Report - Provided under separate cover
2.	DA22/0346 - Plans - Provided under separate cover
3.	DA22/0346 - Statement of Environmental Effects - Provided under separate cover
4.	DA22/0346 - Redacted Submissions - Provided under separate cover

 

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-2

 

RP-2               PROPOSED PLANNING AGREEMENT 12 BLAKE STREET, WAGGA WAGGA

Author:         Belinda Maclure 

Executive:    John Sidgwick

         

 

Summary:

In March 2022 Council received an offer to enter into a planning agreement in relation to the development of 12 Blake Street, Wagga Wagga (DA19/0125). The offer is to provide infrastructure to improve the public realm in Blake Street in lieu of paying Section 7.12 (previously Section 94A) contributions due for the development. The offer was placed on public exhibition and after consideration of the feedback declined by Council. An updated offer was received in October 2022. The changes were considered material and therefore the updated offer to enter into a planning agreement was placed on public exhibition from 17 December 2022 until 10 February 2023. After consideration of the five written submissions received, it is recommended Council enter into a planning agreement with Davtil Pty Ltd in relation to their development at 12 Blake Street, Wagga Wagga.

 

 

Recommendation That Council: a       note the written submissions received during the public exhibition period for the draft 12 Blake Street proposed planning agreement associated with DA19/0125 b       authorise the General Manager or their delegate to develop and execute a Planning Agreement for 12 Blake Street including the Explanatory Note and any other relevant documents on behalf of Council relating to Lot 13 DP 1211352 and associated with DA19/0125 c        authorise the affixing of the Wagga Wagga City Council common seal to all relevant documents as required d       authorise the General Manager or their delegate to refund the Section 7.12 contributions paid for DA19/0125

 

At the Ordinary Meeting on 8 August 2022, Council resolved to place the proposed planning agreement for 12 Blake Street on public exhibition. (Resolution Number 22/237)

 

After careful consideration of the nineteen written submissions received, Council resolved at the 17 October 2022 meeting to decline the offer to enter into a planning agreement as it did not support closing access to the Council carpark from Blake Street (Officers Report RP-1, Minute Number 22/341).

 

Following this decision, the developer, Davtil Pty Ltd, updated the offer to enter into a planning agreement with Council responding to the feedback received. The latest offer (dated 2^nd December 2022) includes the provision of public infrastructure in lieu of the Section 7.12 contributions due for the development described in DA19/0125, approved by Council resolution 19/209, determined on 24 June 2019.  The letter of offer and civil plans are attached to this report. Please note plan 22WW006-C04 includes details of the new underground electricity reticulation, which is not part of the proposed planning agreement.

 

The latest offer includes the following public infrastructure:

Given there was a material change to the updated proposal, Council resolved to place the proposed planning agreement for 12 Blake Street on back public exhibition at its Ordinary Meeting on 12 December 2022 (Resolution Number 22/419). The latest proposal was placed on public exhibition from 17 December 2022 until 10 February 2023.

 

Five written submissions were received. All submissions were in support of the development. Two submissions called for the existing driveway entrance to 23 Blake Street to remain open and supported the rest of the proposal. Council staff support this request and have advised the developer accordingly. The developer has agreed to not close the existing driveway access to 23 Blake Street as part of the proposed planning agreement.

The Section 7.12 contributions due for this development ($104,075) have been paid by the applicant on 16 June 2021.  If Council approve this planning proposal, this will subsequently approve the refund of the $104,075 currently paid in Section 7.12 contributions. 

 

The Local Infrastructure Contributions Plan 2019 - 2034 details the projects funded by the Section 7.12 levies (page 34). The project list includes $500,000 per year for the debt servicing costs of the Bomen Enabling roads – stage 1 project and $20,000 per year towards village recreational projects from the Recreation, Open Space and Community Strategy and Implementation Plan 2040.

 

The Section 7.12 Reserve balance as included in Wagga Wagga City Council’s Annual Financial Statements for the year ended 30 June 2022 was a $276,000 surplus position.  This is a positive result from the ($464,000) deficit position as at 30 June 2021 and is a result of larger than anticipated income received during the 2021/22 financial year.

 

It is important to note that the current 2022/23 Long Term Financial Plan is still estimating the Section 7.12 Reserve balance being in a deficit position for the next 10 years based on anticipated annual contributions to be received. 

 

As noted previously in this report, if Council approve this planning proposal, this will result in a refund of contributions received of $104,075 and will affect the closing balance of the Section 7.12 Reserve for the 2022/23 financial year.

 

The total value of the infrastructure to be provided in the proposed planning agreement as at December 2022 is $171,900. This includes the cost of the easement required within the council car park to accommodate the proposed sub-station which has been valued at $19,588.

Environmental Planning and Assessment Act 1979 Section 7.4

Wagga Wagga Local Infrastructure Contribution Plan 2019 – 2034

Wagga Wagga City Council Developer Infrastructure Agreements Policy POL 121

 

The Environment

Objective: Future growth and development of Wagga Wagga is planned for in a sustainable manner

Ensure sustainable urban development

 

There is a risk the community will perceive an agreement with a developer as unfair and benefiting the developer and not the community. Council is required to ensure all developers are treated fairly and consistently when dealing with Council and works to ensure transparency of all agreements between developers and Council.

 

It is important developers propose to provide suitable infrastructure through a planning agreement. Proposed planning agreements need to include developer-provided infrastructure which aligns with Council’s strategic plans.

 

As noted in the Financial Implications section of this report, if Council approve this planning proposal, this will face further pressure on this Reserve, and will increase the timeframe this Reserve will be in a deficit position.

The public exhibition of the proposed planning agreement in August/September saw a Connect Wagga website created to provide information to the community. During the first public exhibition period in August and September 2022, signs were erected in the Council carpark encouraging people to consider the proposal and make a written submission.

 

In September 2022, all businesses in the street received a visit from Council staff and were encouraged to make a submission. Six businesses made contact with Council staff after these visits to discuss the proposal in more detail and ask questions. Letters were sent to all land holders in a wider identified area and all residents of the street. Nineteen written submissions were received.

 

During the latest public exhibition, the Connect Wagga website was updated to include the latest information. Residents and businesses within the precinct received a letter updating them of the changes and an industry email was circulated. All the businesses in Blake Street received a visit from Council staff at the end of January 2023 and were encouraged to make a written submission. Verbal feedback during these visits was very supportive of the updated proposed planning agreement. Two businesses contacted Council staff after the visits. Five written submissions were received during the public exhibition period. These are summarised below.

 

Submission	Summary
1	The proposal sees to improve the utilisation of public land by improving parking. It makes sense and is a benefit to the city and the surrounding properties. The proposal should be supported.
2	Supports proposal
3	Supports proposal. But note that access to existing driveways must be maintained if required by the owners.
4	Supports proposal. But note that access to existing driveways must be maintained if required by the owners.
5	Supports proposal

 

The following table shows the community engagement strategies used during the public exhibition periods.

Mail

Traditional Media

Community Engagement

Digital

Rates notices insert

Direct mail

Letterbox drop

Council news

Media release

Media opportunity

TV/radio advertising

One-on-one meeting(s)

Community meeting(s)

Stakeholder workshop(s)

Drop-in session(s)

Survey/feedback form(s)

Connect.Wagga

Email newsletter

Social media

Website

Inform

Consult

Involve

Collaborate

x

x

x

x

x

x

x

x

x

x

Other methods (please list specific details below)

 

 

1⇩.	Blake Street Proposed Planning Agreement December 2022
2⇩.	Blake Sreet Planning Agreement Civil Plans

 

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-2

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-2

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-3

 

RP-3               REQUEST FOR FINANCIAL ASSISTANCE - SECTION 356

Author:          Carolyn Rodney 

         

 

Summary:

Council has received two (2) fee waiver requests which are detailed for Council’s consideration.

 

 

Recommendation That Council: a       In accordance with Section 356 of the Local Government Act 1993, provide financial assistance to the following organisations: i         Department of Planning and Environment for $6,619 ii        Cricket NSW Baggy Blues Charity Cricket Match for $626.00 b       note the proposed budget available for financial assistance requests for the remainder of the 2022/23 financial year

 

Two (2) financial assistance requests are proposed for consideration at this Ordinary Council meeting.  Details of the requests are shown below:

 

1.    Department of Planning and Environment: Tolland Clean Up - $6,619

 

Craig Smith – Delivery Director, Southern NSW – NSW Land & Housing Corporation in the attached letter requests:

 

Tolland Estate Clean Up - Request for Assistance

As you are aware, the Department of Communities and Justice (DCJ), Housing Murrumbidgee, led a community clean up in Kooringal Estate late last year. The day exceeded all expectations with the following amount of rubbish removed from the estate:

·   17 tonnes of rubbish

·   49 mattresses

·   1.6 tonne of scrap metal

·   20 tyres

Many residents that live in social housing estates have limited means to access waste removal options, with events like this greatly appreciated by the community and this was echoed throughout the day. I would like to acknowledge the vital importance of the Wagga Wagga City Council in making these days a success and for their ongoing support and commitment to the community. Without the Council’s support, these days would not be the success that they are.

The DCJ Housing Murrumbidgee Team are planning to hold another Community Clean-up Day on Thursday 9 March in the Tolland Estate. Similar, to the Kooringal Clean-up day, we will providing large skip bins placed around the estate and a BBQ throughout the day. In conducting this clean-up day we are, again, seeking Council’s support for the following:

·   Council to waive the tip fees (see estimate below) and leave the tip open to allow drivers to empty skips.  Council to allow two trucks and a ‘bobcat’ with four workers to assist the community with bulky items.  Please note, as estimate of truck hire and staff costs is $3,000, to be payable by LAHC. 

·   The clean-up works are to be scheduled for Thursday 9 March from 10:00am as well as the following morning, Friday 10 March, to collect any additional rubbish that may have been left from the previous day.

·   LAHC to contribute $25,000 to the Tolland clean-up.

 

Based on the success of the previous rubbish removal from Kooringal and an increased volume of rubbish anticipated in the Tolland Estate the estimate for the rubbish removal is set out in the table below. This is an expected increase of approximately 20% above the rubbish removed from Kooringal.

The areas of the Tolland Estate proposed for the clean-up comprises the following streets:

Awaba Ave; Quabara Pl; Nyrang St; Martin St; O’Connor St; Pike St; Anne St; Bruce St; Raye St; Edghill Pl; Kenny Pl; Flynn Pl; Oliver Pl; Brooks Cir; Davies Pl; Bingham Pl; Melba Pl; Jordan Pl; Boyd Pl; Dennis Cres; French Pl; Toy Pl; Tarra Pl; Lalor Pl; and Rogers Pl.

The Local Tenancy team at DCJ has completed a few clean-up days over the past couple of years, with the most recent one in Kooringal in November at a cost of $15,400. This clean-up proposed for the Tolland Estate is estimated to cost LAHC $25,000.

Would you please review this request and advise if Council will support LAHC and DCJ with this event, through tip activities and on-site resources.

The above request aligns with Council’s Strategic Plan “The Environment” – Objective: We are proactive with our waste management”

 

Council has provided similar assistance to the Department in the last 12 months via community clean-up days at Ashmont and Kooringal.

 

 

 

2.    Cricket NSW Baggy Blues Charity Cricket Match - $626.00

 

Luke Olsen, Area Manager – Southern & Western NSW in the attached email requests:

 

          Dear Peter,

 

I’m writing on behalf of the Cricket NSW Baggy Blues.  The Baggy Blues are a group of past NSW cricketers who travel the state promoting the game as well as mental health awareness.  They are bringing a match to Wagga Wagga this season and would like Councils support.

 

I am hoping that Wagga Wagga City Council could consider waiving the costs associated with holding a match at Robertson Oval (curating fees, light charges etc).

 

The Baggy Blues match is currently scheduled to be held at Robertson Oval on Thursday 16^th March 2023 from 3pm-10.30pm.  The associated charges for the use of Robertson Oval are ground hire fees of $115.00 and Sportsground lighting fees of $511.00, totalling $626.00.

 

The above request aligns with Council’s Strategic Plan “Community Place and Identity” – Objective: Our community feel welcome, included and connected”

 

Council has not provided any assistance to Cricket NSW in the last 12 months.

 

Section 356 Budget Summary
2022/23 Opening Budget*	$43,528.00
Total of fee waivers approved to date	($13,870.03)
Revised Balance of Section 356 fee waiver financial assistance	$29,927.97
1)   Department of Planning and Environment: Tolland Clean Up - $6,619 (funded from Solid Waste Cost Centre)*	-
2)   Cricket NSW Baggy Blues Charity Cricket Match	($626.00)
Subtotal Fee Waivers included in this report proposed to be funded from the Section 356 Budget	($626.00)
Proposed Balance of Section 356 fee waiver financial assistance budget for the remainder of the 2022/23 Financial Year	$29,301.97

 

*It is proposed that Council support the Tolland Clean up event by contributing the above assistance estimated at $6,619.  It is proposed for this support to be funded from Council’s Solid Waste Management Operations budget which can absorb the total cost estimate of $6,619 (Job Number 70138).  All other costs associated with this request will be met by the Department of Communities and Justice.

POL 078 – Financial Assistance Policy

 

The Environment

Objective: Our built environment is functional, attractive and health promoting

Create an attractive city

 

N/A

Cross Directorate consultation has been undertaken as required.

 

 

1⇩.	Request for Fee Waiver - Department of Planning and Environment: Tolland Clean Up
2⇩.	Request for Fee Waiver - Cricket NSW Baggy Blues

 

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-3

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-3

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-4

 

RP-4               NSW STRONGER COUNTRY COMMUNITIES ROUND 5 SUCCESSFUL FUNDING

Author:         Carolyn Rodney 

         

 

Summary:

Council has been successful in receiving grant funding under the NSW Government’s (Department of Regional NSW) Stronger Country Communities Fund (SCCF) Round 5 funding.

 

 

Recommendation That Council: a       accept the funding offer of $1,571,466 from Department of Regional NSW for the Stronger Country Communities Fund (SCCF) Round 5 Funding b       approve the budget variation/s as detailed in the Financial Implications section of the report

 

Council has been successful in receiving grant funding under the NSW Government’s (Department of Regional NSW) Stronger Country Communities Fund (SCCF) Round 5 funding.

 

This funding aims to boost the wellbeing of communities in regional areas by providing new or upgraded social and sporting infrastructure, or community programs that have strong local support. The funding will be utilised for the following projects/programs:

 

Project	Funding
Bill Jacob Athletics Centre Lighting Upgrade - Design and installation of sports ground lighting at the Bill Jacobs Athletics Centre to allow night training and competition.  This project will be completed concurrently with the track renewal project.	$587,967 SCCF 5   Council Contribution $0
Festival of W - Delivery of a 16-day festival inclusive of the installation of an ice-skating rink, a large-scale light and sound show along with immersive art installations, live music and pop up food and beverage experiences located in the Civic Centre cultural precinct from 1 July to 16 July 2023.	$300,000 SCCF-5   Council Contribution $184,485 (previous years ticketing income received*)
Stadium Upgrades (Equex Centre + Bolton Park) - Installation of new scoreboards and shot clocks at Bolton Park and portable retractable seating at the MPS.	$429,209 SCCF-5   Council Contribution $0
Shade Sails over Playgrounds in Wagga - Installation of Shade Sails at Webb Park Playground, Pomingalarna Playground and Lingiari Park Playground	$112,841 SCCF-5   Council Contribution $0
Pomingalarna Cultural Garden Stage 1 - Commencement of the construction of a cultural garden at the Pomingalarna Multi-sport Cycling Complex that recognises the significance of the site to the Wiradjuri Community.	$141,450 SCCF-5   Council Contribution $0

 

The total estimated cost to implement all funded projects is $1,755,951 with $1,571,466 to be funded from the Stronger Country Community Fund Round 5.

 

Project	Grant Funding	Council Contribution (currently budgeted in LTFP)	Other	Total Project Budget	Project Timing
Bill Jacob Athletics Centre Lighting Upgrade	$587,967	$0	$0	$587,967	2023/24
Festival of W at Victory Memorial Gardens	$300,000	$184,485*	$0	$484,485	July 2023
Stadium Upgrades (Equex Centre + Bolton Park)	$429,209	$0	$0	$429,209	2022/23
Shade Sails over Playgrounds in Wagga	$112,841	$0	$0	$112,841	2022/23
Pomingalarna Cultural Garden Stage 1	$141,450	$0	$0	$141,450	2022/23
	$1,571,467	$184,485	$0	$1,755,952

*The $184,485 Council contribution relates to previous two years ticketing income received that has been restricted in an internal reserve, to use as seed funding for future events.  It is planned for ticketing income for this event be treated the same.

 

Recreation and Open Space and Community Strategy and Implementation Plans 2040

Wagga Wagga Playground Strategy

Wagga Wagga Event Strategy

 

Safe and Healthy Community

Objective: Our community embraces healthier lifestyle choices and practices

Promote access and participation for all sections of the community to a full range of sports and recreational activities

 

The risks associated with implementing these projects relate to process, cost, environmental, WHS and contractor performance. These risks are addressed as part of Council’s project management and contractor performance management systems.

Projects were initially identified from the recommendations of adopted Council Strategies.  Internal consultation was undertaken prior to the submission of the applications.

 

Additional internal and external consultation will be undertaken during the planning phase of each of the projects.

 

 

 

 

 

Report submitted to the Ordinary Meeting of Council on Monday 27 February 2023

RP-5

 

RP-5               FINANCIAL PERFORMANCE REPORT AS AT 31 JANUARY 2023

Author:          Carolyn Rodney 

         

 

Summary:

This report is for Council to consider information presented on the 2022/23 budget and Long-Term Financial Plan, and details Council’s external investments and performance as at 31 January 2023.

 

 

Recommendation That Council: a       approve the proposed 2022/23 budget variations for the month ended 31 January 2023 and note the balanced budget position as presented in this report b       approve the proposed budget variations to the 2022/23 Long Term Financial Plan Capital Works Program including future year timing adjustments c        note the Responsible Accounting Officer’s reports, in accordance with the Local Government (General) Regulation 2021 (Part 9 Division 3: Clause 203) that the financial position of Council is satisfactory having regard to the original estimates of income and expenditure and the recommendations made above d       note the details of the external investments as of 31 January 2023 in accordance with section 625 of the Local Government Act 1993 e       accept the grant funding offers as presented in this report

 

Wagga Wagga City Council (Council) forecasts a balanced budget position as of 31 January 2023.

 

The balanced budget position excludes the Wagga Wagga Airport estimated deficit result for the financial year – as previously reported to Council, any Airport deficit result will be sanctioned, and funded in the interim by General Purpose Revenue (via the Internal Loans Reserve).  The deficit results will be accounted for as a liability in the Airport’s end of financial year statements and paid back to General Purpose Revenue (Internal Loans Reserve) by the Airport in future financial years. 

 

Proposed budget variations including adjustments to the capital works program are detailed in this report for Council’s consideration and adoption.

 

Council has experienced a positive monthly investment performance for the month of January when compared to budget ($511,579 up on the monthly budget). This is mainly due to better than budgeted returns on Council’s investment portfolio, as a result of the ongoing movement in the interest rate environment, as well as a positive return on Councils T-Corp Managed fund for the month.

 

 

Key Performance Indicators

 

 

OPERATING INCOME

Total operating income is 62% of approved budget and is trending above budget for the month of January 2023. This is due to increased revenue from Interest on Investments. An adjustment has been made to reflect the levy of rates that occurred at the start of the financial year. Excluding this adjustment, operating income received is 88% when compared to budget.

 

OPERATING EXPENSES

Total operating expenditure is 61% of approved budget so it is tracking over budget at this stage of the financial year. This is due to the commitment for multi-year software licences.

 

CAPITAL INCOME

Total capital income is 42% of approved budget. It is important to note that the actual income from capital is influenced by the timing of the receipt of capital grants and contributions in relation to expenditure incurred on the projects. This income also includes the sale of property, plant and equipment.

 

CAPITAL EXPENDITURE

Total capital expenditure including commitments is 44% of approved budget with some purchase orders being raised for the full contract amounts for multi-year projects. Excluding commitments, the total expenditure is 17% when compared to the approved budget.

 

WAGGA WAGGA CITY COUNCIL STATEMENT OF FINANCIAL PERFORMANCE 1 JULY 2022 TO 31 JANUARY 2023
CONSOLIDATED STATEMENT
	ORIGINAL BUDGET 2022/23	BUDGET ADJ 2022/23	APPROVED BUDGET 2022/23	YTD ACTUAL   EXCL COMMT'S 2022/23	COMMT'S 2022/23	YTD ACTUAL + COMMT'S 2022/23	YTD % OF BUD
Revenue
Rates & Annual Charges	(75,524,168)	0	(75,524,168)	(44,301,332)	0	(44,301,332)	59%
User Charges & Fees	(27,844,136)	(442,450)	(28,286,586)	(17,133,422)	0	(17,133,422)	61%
Other Revenues	(2,769,503)	(202,000)	(2,971,503)	(1,814,169)	0	(1,814,169)	61%
Grants & Contributions provided for Operating Purposes	(13,524,889)	4,975,395	(8,549,493)	(5,883,836)	0	(5,883,836)	69%
Grants & Contributions provided for Capital Purposes	(36,295,253)	(29,348,185)	(65,643,438)	(25,495,029)	0	(25,495,029)	39%
Interest & Investment Revenue	(1,828,128)	0	(1,828,128)	(3,207,972)	0	(3,207,972)	175%
Other Income	(1,406,222)	(54,000)	(1,460,222)	(913,904)	0	(913,904)	63%
Total Revenue	(159,192,300)	(25,071,240)	(184,263,539)	(98,749,662)	0	(98,749,662)	54%
Expenses
Employee Benefits & On-Costs	51,315,412	445,000	51,760,412	27,443,378	0	27,443,378	53%
Borrowing Costs	3,268,989	0	3,268,989	1,475,356	0	1,475,356	45%
Materials & Services	36,542,674	8,618,985	45,161,659	24,773,468	7,252,184	32,025,653	71%
Depreciation & Amortisation	43,196,051	0	43,196,051	25,197,697	0	25,197,697	58%
Other Expenses	1,866,271	2,078,121	3,944,392	3,566,329	31,023	3,597,352	91%
Total Expenses	136,189,398	11,142,106	147,331,504	82,456,227	7,283,207	89,739,434	61%
Net Operating (Profit)/Loss	(23,002,902)	(13,929,133)	(36,932,035)	(16,293,435)	7,283,207	(9,010,228)
Net Operating Result Before Capital (Profit)/Loss	13,292,351	15,419,052	28,711,403	9,201,594	7,283,207	16,484,801
Cap/Reserve Movements
Capital Expenditure - One Off Confirmed	13,638,521	67,163,079	80,801,600	11,460,775	28,630,073	40,090,848	50%
Capital Expenditure - Recurrent*	18,890,352	8,238,710	27,129,062	4,307,254	3,598,176	7,905,431	29%
Capital Expenditure - Pending Projects	59,770,944	(56,508,230)	3,262,713	1,936	0	1,936	0%
Loan Repayments	7,571,681	0	7,571,681	3,833,480	0	3,833,480	51%
New Loan Borrowings	(17,458,537)	11,279,368	(6,179,168)	0	0	0	0%
Sale of Assets	(880,181)	(4,037,359)	(4,917,540)	(4,212,051)	0	(4,212,051)	86%
Net Movements Reserves	(15,333,827)	(12,206,434)	(27,540,261)	0	0	0	0%
Total Cap/Res Movements	66,198,954	13,929,133	80,128,087	15,391,395	32,228,249	47,619,645
Net Result after Depreciation	43,196,052	0	43,196,052	(902,040)	39,511,456	38,609,417
Add back Depreciation Expense	43,196,051	0	43,196,051	25,197,697	0	25,197,697	58%
Cash Budget (Surplus)/Deficit	0	0	0	(26,099,736)	39,511,456	13,411,720

 

 

Years 2-10 Long Term Financial Plan (Surplus) /Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

2022/23 Revised Budget Result – (Surplus) / Deficit	$’000s
Original 2022/23 Budget Result as adopted by Council Total Budget Variations approved to date Budget Variations for January 2023	$0K $0K $0K
Proposed Revised Budget result for 31 January 2023 - (Surplus) / Deficit	$0K

 

 

The proposed Operating and Capital Budget Variations for 31 January 2023 which affect the current 2022/23 financial year are listed below.

 

 

 

 

The following future year projects have been reviewed by Council’s Project Management Team and delivery timelines rescheduled. There has been no change to the total budgets for these projects.

 

*The current year project budgets have been reviewed and at this stage no future year increases have been factored in due to the restrictions on the project funding source.  For future year project budget adjustments, once these projects are scoped in the year of commencement, adjustments/increases will be factored in and reported to Council at that time.

 

 

2022/23 Capital Works Summary

 

Capital Works	Approved Budget	Proposed Movement	Proposed Budget
One-off	$80,801,600	$87,500	$80,889,100
Recurrent	$27,129,061	$0	$27,129,061
Pending	$3,262,713	$0	$3,262,713
Total Capital Works	$111,193,374	$87,500	$111,280,874

Current Restrictions

 

RESERVES SUMMARY
31 JANUARY 2023
	CLOSING BALANCE 2021/22	ADOPTED RESERVE TRANSFERS 2022/23	BUDGET VARIATIONS APPROVED UP TO COUNCIL MEETING 30.1.2023	PROPOSED CHANGES for Council Resolution*	BALANCE AS AT 31 JANUARY 2023
Externally Restricted
Developer Contributions - Section 7.11	(31,045,478)	7,213,679	(7,471,600)	50,000	(31,253,399)
Developer Contributions - Section 7.12	(278,187)	(28,179)	0		(306,366)
Developer Contributions - Stormwater Section 64	(7,112,864)	(786,229)	281,476		(7,617,617)
Sewer Fund	(32,439,399)	673,962	2,726,899		(29,038,538)
Solid Waste	(24,880,735)	7,737,392	(3,486,453)		(20,629,796)
Specific Purpose Unexpended Grants & Contributions	(4,195,951)		4,195,951		0
SRV Levee Reserve	(6,357,282)	0	57,520		(6,299,762)
Stormwater Levy	(5,150,281)	35,773	610,957		(4,503,551)
Total Externally Restricted	(111,460,179)	14,846,399	(3,085,249)	50,000	(99,649,029)
Internally Restricted
Airport	0	0	0		0
Art Gallery	(3,804)	0	0		(3,804)
Bridge Replacement	(296,805)	0	0		(296,805)
Buildings	(1,088,635)	(23,658)	258,460		(853,832)
CCTV	(100,843)	30,633	30,000		(40,211)
Cemetery	(882,761)	(226,784)	46,123		(1,063,421)
Civic Theatre	(44,048)	0	43,922		(127)
Civil Infrastructure	(9,317,219)	1,598,454	(326,175)		(8,044,940)
Community Works	(159,648)	140,317	12,555		(6,776)
Council Election	(235,385)	(112,845)	49,085		(299,146)
Economic Development	(419,160)	60,000	349,832		(9,328)
Emergency Events Reserve	(639,548)	(120,142)	(275,120)		(1,034,810)
Employee Leave Entitlements Gen Fund	(3,453,655)	0	0		(3,453,655)
Environmental Conservation	(116,578)	41,578	0		(75,000)
Event Attraction	(491,893)	0	210,249		(281,644)
Financial Assistance Grants in Advance	(8,536,837)	0	8,536,837		0
Grant Co-Funding	(500,000)	0	0		(500,000)
Gravel Pit Restoration	(816,897)	3,333	0		(813,564)
Information Services	(1,835,475)	(507,158)	179,643		(2,162,990)
Insurance Variations	(50,000)	0	0		(50,000)
Internal Loans	(3,649,517)	(201,545)	(395,037)		(4,246,099)
Lake Albert Improvements	(105,839)	(21,366)	0		(127,205)
Library	0	(171,724)	0		(171,724)
Livestock Marketing Centre	(6,032,463)	685,981	2,177,470		(3,169,012)

 

 

 

 

 

Investment Summary as at 31 January 2023

In accordance with Regulation 212 of the Local Government (General) Regulation 2021, details of Wagga Wagga City Council’s external investments are outlined below.

 

Institution	Rating	Closing Balance Invested 31/12/2022 $	Closing Balance Invested 31/01/2023 $	January EOM Current Yield %	January EOM % of Portfolio	Investment Date	Maturity Date	Term (mths)
At Call Accounts
NAB	AA-	168,396	259,854	3.10%	0.13%	N/A	N/A	N/A
CBA	AA-	5,311,262	4,261,375	3.10%	2.17%	N/A	N/A	N/A
CBA	AA-	17,997,658	17,045,069	3.15%	8.67%	N/A	N/A	N/A
Macquarie Bank	A+	9,164,114	9,189,371	3.10%	4.67%	N/A	N/A	N/A
Total At Call Accounts		32,641,431	30,755,669	3.13%	15.64%
Short Term Deposits
CBA	AA-	2,000,000	2,000,000	2.22%	1.02%	20/04/2022	20/04/2023	12
CBA	AA-	2,000,000	2,000,000	3.68%	1.02%	8/06/2022	8/06/2023	12
AMP	BBB	1,000,000	1,000,000	4.70%	0.51%	15/11/2022	15/11/2023	12
AMP	BBB	2,000,000	2,000,000	4.55%	1.02%	30/11/2022	30/11/2023	12
CBA	AA-	0	1,000,000	4.69%	0.51%	30/01/2023	30/01/2024	12
Total Short Term Deposits		7,000,000	8,000,000	3.79%	4.07%
Medium Term Deposits
BOQ	BBB+	2,000,000	2,000,000	1.20%	1.02%	4/01/2022	4/01/2024	24
BOQ	BBB+	1,000,000	1,000,000	3.78%	0.51%	1/06/2022	3/06/2024	24
Westpac	AA-	2,000,000	2,000,000	1.32%	1.02%	28/06/2021	29/06/2026	60
Westpac	AA-	2,000,000	2,000,000	1.80%	1.02%	15/11/2021	17/11/2025	48
BoQ	BBB+	1,000,000	1,000,000	2.15%	0.51%	8/07/2019	10/07/2023	48
ICBC	A	2,000,000	2,000,000	2.03%	1.02%	6/11/2019	6/11/2024	60
ICBC	A	2,000,000	2,000,000	1.83%	1.02%	28/11/2019	28/11/2024	60
Judo Bank	BBB-	1,000,000	1,000,000	1.30%	0.51%	3/12/2021	4/12/2023	24
ICBC	A	1,000,000	1,000,000	1.75%	0.51%	6/01/2020	8/01/2024	48
BOQ	BBB+	1,000,000	1,000,000	2.00%	0.51%	28/02/2020	28/02/2025	60
Police Credit Union	NR	1,000,000	1,000,000	2.20%	0.51%	1/04/2020	1/04/2025	60
ICBC	A	1,000,000	1,000,000	1.85%	0.51%	29/05/2020	29/05/2025	60
ICBC	A	1,000,000	1,000,000	1.86%	0.51%	1/06/2020	2/06/2025	60
ICBC	A	2,000,000	2,000,000	1.75%	1.02%	25/06/2020	25/06/2025	60
ICBC	A	2,000,000	2,000,000	1.75%	1.02%	25/06/2020	25/06/2025	60
ICBC	A	2,000,000	2,000,000	1.60%	1.02%	29/06/2020	28/06/2024	48
ICBC	A	3,000,000	3,000,000	5.07%	1.53%	30/06/2022	30/06/2027	60
ICBC	A	2,000,000	2,000,000	1.42%	1.02%	7/07/2020	8/07/2024	48
ICBC	A	2,000,000	2,000,000	1.50%	1.02%	17/08/2020	18/08/2025	60
BoQ	BBB+	1,000,000	1,000,000	1.25%	0.51%	7/09/2020	8/09/2025	60
BoQ	BBB+	2,000,000	2,000,000	1.25%	1.02%	14/09/2020	15/09/2025	60
NAB	AA-	1,000,000	1,000,000	0.60%	0.51%	14/09/2021	14/09/2023	24
AMP	BBB	1,000,000	1,000,000	3.30%	0.51%	25/05/2022	27/11/2023	18
ICBC	A	1,000,000	1,000,000	1.20%	0.51%	7/12/2020	8/12/2025	60
Warwick CU	NR	1,000,000	0	0.00%	0.00%	29/01/2021	30/01/2023	24
NAB	AA-	2,000,000	2,000,000	0.95%	1.02%	29/01/2021	29/01/2026	60
NAB	AA-	1,000,000	1,000,000	1.08%	0.51%	22/02/2021	20/02/2026	60
NAB	AA-	2,000,000	2,000,000	1.25%	1.02%	3/03/2021	2/03/2026	60
Summerland CU	NR	1,000,000	1,000,000	0.75%	0.51%	29/04/2021	28/04/2023	24
NAB	AA-	2,000,000	2,000,000	1.40%	1.02%	21/06/2021	19/06/2026	60
NAB	AA-	2,000,000	2,000,000	0.65%	1.02%	25/06/2021	26/06/2023	24
Westpac	AA-	2,000,000	2,000,000	1.32%	1.02%	25/06/2021	25/06/2026	60
ICBC	A	1,000,000	1,000,000	1.32%	0.51%	25/08/2021	25/08/2026	60
NAB	AA-	2,000,000	2,000,000	0.65%	1.02%	31/08/2021	31/08/2023	24
AMP	BBB	2,000,000	2,000,000	1.00%	1.02%	18/10/2021	17/10/2024	36
Westpac	AA-	2,000,000	2,000,000	1.56%	1.02%	30/11/2021	29/11/2024	36
Westpac	AA-	2,000,000	2,000,000	2.00%	1.02%	8/02/2022	10/02/2025	36
P&N Bank	BBB	2,000,000	2,000,000	2.40%	1.02%	9/03/2022	10/03/2025	36
P&N Bank	BBB	2,000,000	2,000,000	2.00%	1.02%	10/03/2022	11/03/2024	24
MyState	BBB	2,000,000	2,000,000	2.20%	1.02%	2/03/2022	3/03/2025	36
CBA	AA-	2,000,000	2,000,000	3.28%	1.02%	26/04/2022	26/04/2024	24
CBA	AA-	2,000,000	2,000,000	3.78%	1.02%	4/05/2022	6/05/2024	24
CBA	AA-	2,000,000	2,000,000	3.99%	1.02%	4/05/2022	5/05/2025	36
ING Bank	A	1,000,000	1,000,000	3.76%	0.51%	23/05/2022	23/05/2024	24
ICBC	A	2,000,000	2,000,000	3.95%	1.02%	6/06/2022	6/06/2024	24
Australian Unity	BBB+	2,000,000	2,000,000	4.15%	1.02%	8/06/2022	11/06/2024	24
Suncorp	A+	2,000,000	2,000,000	4.40%	1.02%	22/06/2022	14/12/2023	18
MyState	BBB	2,000,000	2,000,000	4.45%	1.02%	29/06/2022	28/06/2024	24
BoQ	BBB+	1,000,000	1,000,000	4.50%	0.51%	7/07/2022	7/07/2025	36
CBA	AA-	1,000,000	1,000,000	4.25%	0.51%	12/08/2022	12/08/2025	36
P&N Bank	BBB	3,000,000	3,000,000	4.55%	1.53%	29/08/2022	29/08/2025	36
Australian Military Bank	BBB+	2,000,000	2,000,000	4.55%	1.02%	2/09/2022	2/09/2025	36
P&N Bank	BBB	1,000,000	1,000,000	4.40%	0.51%	9/09/2022	9/09/2025	36
BoQ	BBB+	1,000,000	1,000,000	4.70%	0.51%	4/10/2022	4/10/2024	24
AMP	BBB	2,000,000	2,000,000	4.95%	1.02%	21/10/2022	21/10/2024	24
ICBC	A	2,000,000	2,000,000	5.20%	1.02%	21/10/2022	21/10/2025	36
AMP	BBB	1,000,000	1,000,000	4.75%	0.51%	15/11/2022	14/11/2024	24
AMP	BBB	1,000,000	1,000,000	4.80%	0.51%	21/11/2022	20/11/2025	36
P&N Bank	BBB	2,000,000	2,000,000	4.75%	1.02%	16/12/2022	16/12/2024	24
Total Medium Term Deposits		97,000,000	96,000,000	2.61%	48.82%
Floating Rate Notes - Senior Debt
Westpac	AA-	2,520,970	2,531,442	BBSW + 88	1.29%	16/05/2019	16/08/2024	63
Suncorp	A+	1,257,925	1,251,052	BBSW + 78	0.64%	30/07/2019	30/07/2024	60
ANZ	AA-	2,009,999	2,018,754	BBSW + 77	1.03%	29/08/2019	29/08/2024	60
HSBC	AA-	2,499,702	2,510,130	BBSW + 83	1.28%	27/09/2019	27/09/2024	60
ANZ	AA-	1,513,031	1,506,063	BBSW + 76	0.77%	16/01/2020	16/01/2025	60
NAB	AA-	2,016,784	2,004,679	BBSW + 77	1.02%	21/01/2020	21/01/2025	60
Newcastle Permanent	BBB	1,104,393	1,110,027	BBSW + 112	0.56%	4/02/2020	4/02/2025	60
Macquarie Bank	A+	2,006,127	2,014,778	BBSW + 84	1.02%	12/02/2020	12/02/2025	60
BOQ Covered	AAA	554,614	556,936	BBSW + 107	0.28%	14/05/2020	14/05/2025	60
Credit Suisse	A+	1,296,858	1,303,850	BBSW + 115	0.66%	26/05/2020	26/05/2023	36
UBS	A+	1,504,665	1,497,295	BBSW + 87	0.76%	30/07/2020	30/07/2025	60
Bank of China Australia	A	1,505,698	1,498,379	BBSW + 78	0.76%	27/10/2020	27/10/2023	36
CBA	AA-	1,994,254	1,983,760	BBSW + 70	1.01%	14/01/2022	14/01/2027	60
Rabobank	A+	1,990,707	1,980,814	BBSW + 73	1.01%	27/01/2022	27/01/2027	60
Newcastle Permanent	BBB	979,483	985,446	BBSW + 100	0.50%	10/02/2022	10/02/2027	60
NAB	AA-	2,383,343	2,396,019	BBSW + 72	1.22%	25/02/2022	25/02/2027	60
Bendigo-Adelaide	BBB+	1,650,894	1,657,965	BBSW + 98	0.84%	17/03/2022	17/03/2025	36
ANZ	AA-	2,008,927	2,016,232	BBSW + 97	1.03%	12/05/2022	12/05/2027	60
NAB	AA-	1,711,195	1,719,405	BBSW + 90	0.87%	30/05/2022	30/05/2025	36
Suncorp	A+	904,609	908,512	BBSW + 93	0.46%	22/08/2022	22/08/2025	36
ANZ	AA-	2,537,889	2,547,979	BBSW + 120	1.30%	4/11/2022	4/11/2027	60
NAB	AA-	2,530,202	2,543,180	BBSW + 120	1.29%	25/11/2022	25/11/2027	60
Suncorp	A+	1,106,366	1,114,086	BBSW + 125	0.57%	14/12/2022	14/12/2027	60
CBA	AA-	0	2,010,977	BBSW + 115	1.02%	13/01/2023	13/01/2028	60
Total Floating Rate Notes - Senior Debt		39,588,636	41,667,759		21.19%
Fixed Rate Bonds
ING Covered	AAA	657,555	669,597	1.10%	0.34%	19/08/2021	19/08/2026	60
Northern Territory Treasury	AA-	3,000,000	3,000,000	1.00%	1.53%	24/08/2021	16/12/2024	40
Northern Territory Treasury	AA-	3,000,000	3,000,000	1.50%	1.53%	24/08/2021	15/12/2026	64
BoQ	BBB+	1,692,716	1,733,944	2.10%	0.88%	27/10/2021	27/10/2026	60
Northern Territory Treasury	AA-	2,000,000	2,000,000	1.50%	1.02%	6/08/2021	15/12/2026	64
Northern Territory Treasury	AA-	1,000,000	1,000,000	1.50%	0.51%	14/07/2021	15/12/2026	65
Northern Territory Treasury	AA-	2,000,000	2,000,000	1.30%	1.02%	29/04/2021	15/06/2026	61
Northern Territory Treasury	AA-	2,000,000	2,000,000	1.00%	1.02%	30/11/2020	15/12/2025	60
Northern Territory Treasury	AA-	1,000,000	1,000,000	1.00%	0.51%	20/11/2020	15/12/2025	61
Northern Territory Treasury	AA-	2,000,000	2,000,000	1.00%	1.02%	21/10/2020	15/12/2025	62
Total Fixed Rate Bonds		18,350,271	18,403,541	1.30%	9.36%
Managed Funds
NSW Tcorp	NR	1,740,050	1,804,898	3.73%	0.92%	17/03/2014	1/11/2028	175
Total Managed Funds		1,740,050	1,804,898	3.73%	0.92%
TOTAL CASH ASSETS, CASH EQUIVALENTS & INVESTMENTS		196,320,388	196,631,867		100.00%
LESS: RIVERINA REGIONAL LIBRARY (RRL) CASH AT BANK		2,743,792	2,713,323
TOTAL WWCC CASH ASSETS, CASH EQUIVALENTS & INVESTMENTS		193,576,595	193,918,545

 

 

 

Council’s investment portfolio is dominated by Term Deposits, equating to approximately 53% of the portfolio across a broad range of counterparties. Cash equates to 16%, with Floating Rate Notes (FRNs) around 21%, fixed rate bonds around 9% and growth funds around 1% of the portfolio.

 

 

Council’s investment portfolio is well diversified in complying assets across the entire credit spectrum. It is also well diversified from a rating perspective. Credit quality is diversified and is predominately invested amongst the investment grade Authorised Deposit-Taking Institutions (ADIs) (being BBB- or higher), with a smaller allocation to unrated ADIs.

 

All investments are within the defined Policy limits, as outlined in the Rating Allocation chart below:

 

Investment Portfolio Balance

 

Council’s investment portfolio balance has increased slightly over the past month, up from $193.58M to $193.92M.

 

 

Monthly Investment Movements

 

Redemptions/Sales – Council redeemed the following investment security during January 2023:

 

 

New Investments – Council purchased the following investment securities during January 2023:

 

 

Rollovers – Council did not rollover any investment securities during January 2023.

 

 

 

Monthly Investment Performance

 

Interest/growth/capital gains/(losses) for the month totalled $643,530, which compares favourably with the budget for the period of $131,951 - outperforming budget for the month by $511,579.

 

Council’s outperformance to budget for January is mainly due to better than budgeted returns on Councils investment portfolio. This is a result of the ongoing movements in the cash rate made by the Reserve Bank of Australia, with the latest increase in early February 2023 bringing the cash rate to 3.35% from a record low of 0.10% in April 2022.

 

Council experienced a positive return on its NSW T-Corp Managed Fund for the month of January, with the fund retur