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From YouTube: City of Gold Coast Governance, Administration & Finance Committee Meeting - 31 August 2022
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A
Councillor
hamel
so
we'll
we'll
bat
on
there's
not
a
lot
today,
but
I
actually
did
101
star
6.1
to
ask
a
question:
are
there
any
conflicts
of
interest
excellent?
Would
somebody
like
to
move
the
start
item
move
councillor
young
second
and
council
mcdonald,
all
in
favor
carried?
Thank
you
so
6.1.
A
So
jack,
you
just
had
a
question
which
I
was
hoping
you
could
answer,
and
it's
in
regards
to
page
22
and
clearly
the
city
currently
has
a
not
in
substantial
amount
of
cash
on
hand
and
clearly
the
report
indicates
that
interest
income
is
going
to
be
increasing
above
budget
over
the
next
12
months.
Correct.
I
was
just
wondering
if
you
could
refresh
me
as
to
what
the
constraints
the
city
has
in
regards
to
where
it
can
invest
those
cash
funds.
Yeah.
B
Sure
so,
on
page
26
of
the
report
right
down
the
bottom
there's
a
footnote
that
talks
about
cash
assets,
including
investments
and
the
reserves
that
comprise
of
that
cash,
so
you'll
see
there.
We've
got
infrastructure
charges
reserved
so
345
million,
which
will
be
for
future
eligib.
The
investment
fund
reserve
of
110,
which
will
be
for
economic
development
initiatives
and
then
the
gold
coast,
water
and
waste
reserves
are
211.6
million,
with
the
balance
being
effect.
Oh
there's
a
strategic
priorities
reserve
as
well
of
118.9
million
and
the
balance
being
your
equity.
Your
retained,
surplus,
yeah.
A
B
No,
so
we
we,
actually,
our
investment
policy,
allows
us
to
to
invest
across
various
financial
institutions
so,
depending
on
their
credit
rating,
there's
we
spread,
spread
the
risk
across
multiple
financial
institutions,
but
depending
on
their
credit
rating,
so
we've
got
money
invested
with
westpac
with
commonwealth
bank
yesterday,
with
the
with
the
increase
of
of
rates
that
have
come
in
last
week,
we
we
put
about
50
million
with
with
westpac
at
for
two
years
at
4.5
per
annum,
so
that
was
a
good
result
for
the
city.
A
C
B
Look
that
there's
unders
and
overs.
So
if
we
go
borrow
money
and
we
don't
charge
yes,
yes,
that's
a
great
question.
So
when
we
go
on
borrow
money,
if
like
we
have
to
look
at
our
liquidity
and
our
cash
flow
requirements,
so
there's
a
large
amount
of
expenditure
towards
december,
which
we
factor
in
we
need
to
factor
in
the
the
weekly
payroll
and
all
of
our
creditor
payments.
So
we
make
sure
that
we've
got
enough
cash
on
hand
to
meet
our
commitments
and
whatever
surplus
to
requirements.
B
We
we
invest
and
at
the
moment
where
we're
really
trying
to
be
proactive
in
this
space,
get
us
get
the
highest
interest
rate
that
we
can
we've
even
done
some
more
sophisticated
cash
flow
modeling
to
look
at
okay.
We
we
know
that
there's
going
to
be
a
large
amount
of
capital
that
goes
out
in
december,
but
hey
we
can
go
and
invest
at
a
higher
rate
for
three
months,
so
we've
we've
actually
just
locked
away
some
money
for
three
months,
as
opposed
to
one
or
two
years,
yeah.
A
So
and
clearly
I
don't
have
a
problem
with
us
doing
that,
so
the
arbitrage,
I
don't
think,
is
necessarily
the
business
we're
in
either
because,
ultimately,
so
the
fundamental
question
was:
how
do
we
manage
the
risk
of
those
cash
reserves
and,
if
we're
spreading
it
across
australia
in
financial
institutions,
yes
and
chasing
return
based
on
time
and
rate,
that's
fine.
B
A
Yeah-
and
I
think
that
so
is
it
25
million,
or
something
like
that,
we
were
looking
to
get
in
interest
this
year
yeah.
So
I
think
the
challenge
is
just
managing
the
difference
between
the
that
little
bit
more
income
and
whether
or
not
it
provides
us
with
any
more
exposure
or
risk,
because
I
think
it
was
probably
six
or
seven
years
ago
that
from
memory
it
was
the
macquarie
bank
that
had
some
issues
with
some
of
its
instruments
that
it
was
using.
So
I
I
suppose
I
was
just
cautious
in
that
space.
D
Thank
you
and
I
suppose
question
is
any
of
our
loans
that
we've
got
at
the
moment.
What
is
the
say,
an
average
rate
of
those
particular
loans.
Obviously
different
loans
would
have
different
variables
and
the
second
part
of
the
question
would
be:
if
we
have
cash,
are
we
able
to
pay
down
those
loans,
but
if
ever
needed
redraw
back
out
or
is
once
a
loan
paid?
It's
that's
maintains
that
particular
limit.
B
Okay,
so
when
we
draw
through
the
chair
when,
when
we
draw
down
a
loan,
it's
a
fixed
rate
at
the
time
of
borrowing,
so
the
current
qtc
borrowings
rate
is
approximately
four
percent
and
we
drew
down
116
million
dollars
in
on
the
15th
of
june.
A
And
darren
sorry,
council.
Take.
We
basically
only
draw
once
a
year
which
is
right
at
the
end
of
the
financial
year.
B
Yeah
and
that
was
at
4.6
at
the
time
the
the
rates
are
moving
quite
a
bit
at
the
moment
and
we're
proactively
monitoring
that.
So
we
are
going
to
be
doing
a
review
of
our
debt
to
to
look
at
whether,
like
you
suggested
whether
it's
worth
using
some
of
our
cash
to
pay
down
the
debt.
But
there
are
going
to
be
break
costs
and
things
like
that.
That
need
to
be
considered
in
those
decisions.
A
And
cancer
starter,
I
think
traditionally
it's
been
the
break
cost.
That's
prevented
us
from
doing
that,
so
that
so
queensland
treasury,
for
example,
doesn't
operate
a
offset
account
like
a
like.
You
might
have
with
your
home
loan,
unfortunately,
but
but
the
city
does
have
now
which
we
established
a
couple
years
ago,
a
line
of
credit
for
100
million.
B
A
Yeah
and
when
you
say
cash
on
hand,
you
mean
like
free
cash
as
opposed
to
the
billion
dollars.
Yes,
that's
correct,
right,
yeah
councils,
I'm
happy
to
move
it
second
councillor
gates
all
in
favor
carrick
and
I
forgot
to
start,
but
I'm
going
to
move
6.2,
because
the
retirement
of
a
policy
is
a
good
idea.