Coast council faces ‘challenging’ year
From local democracy reporter Brendon McMahon:
The West Coast Regional Council faces "another very challenging year," according to Risk and Assurance Committee chairman Frank Dooley.
The committee met on Tuesday for five-and-a-half hours as it received an update on the council's investment portfolio, got a closed door briefing on the draft 2022 annual report, endorsed a health and safety charter and teased out a schedule of workshops for the forthcoming annual plan.
The council also has received tens of millions of dollars for 'shovel ready' projects and other publicly funded infrastructure projects to clear and show progress on in the coming year.
Councillors workshopped the 2022 annual report for about three hours
and it will be adopted next week at the first formal council meeting of the year.
Dooley thanked council staff for their work to get it over the line and under pressure.
"It's really comforting to know we're going to be able to sign-off next week. I know it's six weeks behind our statutory deadline, but there's nothing we can do about it."
An earlier briefing by council investment portfolio advisers J B Were explained the rationale of having a diversified portfolio both domestically and internationally.
Dooley said the presentation was good from a risk perspective and explained the benefits of a diversified portfolio, although the council had a responsibility "to keep oversight".
He had asked management to also present a profile of the council's liabilities in the coming months.
The council had previously been briefed mid-year on liabilities, currently $12.25m.
J B Were advisers told the council the focus was on spreading risk, over-riding the tendency for investors to just focus on returns, hence a diverse portfolio held by the council.
The past three years had been particularly challenging with inflationary pressure in the international and domestic economy but the portfolio had rendered a "reasonable" return of 11.5% in that period; the performance benchmark was 6%.
Returns should be better over the next year, advisers said.
In the past, the regional council has used the investment portfolio to subsidise its activities in lieu of rates — with the average drawdown, until two years ago, being $350,000 every six months, or $2.8m in total.
*Public interest journalism funded through NZ On Air
Poll: Should we be giving the green light to new mining projects? 💰🌲
The Environmental Protection Authority announced this week that a proposed mine in Central Otago (near Cromwell) is about to enter its fast-track assessment process. A final decision could come within six months, and if it’s approved, construction might start as early as mid-2026.
We want to know: Should mining projects like this move ahead?
Keen to dig deeper? Mike White has the scoop.
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53.4% Yes
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46.6% No
A riddle to start the festive season 🌲🎁🌟
I'm a fruit. If you take away my first letter, I'm a crime. If you take away my first two letters, I'm an animal. If you take away my first and last letter, I'm a form of music. What am I?
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
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Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
‘Tis the season to not get scammed ...
As Christmas gift shopping moves increasingly online, scammers are ramping up their activity across the country.
Dunedin’s Investigation Support Unit is seeing more and more people fall victim to scams and other fraudulent activity, particularly on Facebook Marketplace.
There are a few ways to avoid the scams and keep yourself safe doing online trades this holiday season, says Southern District Service Delivery Manager Senior Sergeant Dalton.
🔒 “A good first step when looking to purchase something on Marketplace is to check when the seller’s Facebook profile was created. If it’s very recent, there is a higher risk that they have just created this account for a one-off fake item.”
🔒 Another important step is to make sure the seller’s profile name and bank account name match up. “We’re seeing a lot of scammers claiming their bank account name is different because it belongs to their partner or family member - that’s a huge red flag."
🔒 “When you’re selling, never trust a screenshot anyone sends you showing that payment has been made. Check your own bank account to make sure a payment has gone through."
🔒 “Quite frankly, it’s best for all parties to agree to pay, or be paid, for items in cash and in-person. Ideally in a public place with CCTV coverage."
🔒 "If you’re buying a car, check Carjam.co.nz to see if it’s stolen or if there’s money owed on it.”
A reminder: Suspicious activity can be reported on 105
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