Thursday, May 12, 2022

Returns since March 2017 peaked at 4% in July 2019 and have dropped to -0.5% in March 2022.

The amount invested has grown from less than $200million to over $250million.

4% of $200million = $8million

-0.5% of $250million = -$1.25million. 

Investment Report on Council Agenda 10 May 2022 

"Item No: C0522(1) Item 20

Subject: Investment Report at 31 March 2022

Prepared By: Daryl Jackson - Chief Financial Officer

Authorised By: Beau-Jane De Costa - Acting Director Corporate

RECOMMENDATION That Council receive and note the report.


BACKGROUND

A monthly investment report is provided to Council detailing the investment portfolio in terms of performance, percentage exposure of total portfolio, maturity date and changes in market value. 

The monthly investment report includes details of the current proportion of investments that are non-fossil fuel investments and include details of progress in meeting the prevailing performance benchmark in respect of non-fossil fuel investments.

The investing of Council’s funds at the most favourable return available to it at the time whilst having due consideration of risk and security for that investment type and ensuring that its liquidity requirements are being met while exercising the power to invest, consideration is to be given to the preservation of capital, liquidity, and the return on investment. 

Preservation of capital is the principal objective of the investment portfolio. Investments are placed in a manner that seeks to ensure security and safeguarding the investment portfolio. This includes managing credit and interest rate risk within identified thresholds and parameters.

Council determined to proactively invest in a non-fossil fuel investment portfolio. 

Legislative Requirements

All investments are to comply with the following: 

§ Local Government Act 1993;

§ Local Government (General) Regulation 2021;

§ Ministerial Investment Order dated 17 February 2011;

§ Local Government Code of Accounting Practice and Financial Reporting;

§ Australian Accounting Standards; and

§ Division of Local Government Investment Policy Guidelines May 2010

Council’s Socially Responsible Investments consist of Green Term Deposits from otherwise fossil fuel lending banks, such as CBA and Westpac and also long dated bond issues from a range of institutions and government agencies. These investments provide targeted funding to a wide range of green and socially responsible projects and initiatives. Council also utilises these investments to remain within the credit rating policy guidelines imposed by the NSW TCorp loan covenant requirements.

Council’s portfolio is in full compliance with the NSW TCorp requirements while continuing to adhere to Council’s socially responsible investment goals. 

DISCUSSION

Council’s investments are held in various investment categories which are listed in the table below. Council’s investment portfolio size is $253.2m. "...

https://innerwest.infocouncil.biz/Open/2022/05/C_10052022_AGN_3943_AT_WEB.htm (viewed 12 May 2022)

 

 


Wednesday, May 11, 2022

Vale Betty Mason - NOM 10 May 2022

Passed Unanimously!

Tom Cochrane: 

"Betty Mason (nee Cochrane) made a sustained contribution to retaining and improving the quality of the urban landscape in the Municipality, particularly, but not limited to, Annandale. She remained effective in this area for an extraordinary period of over 40 years.  A modest recognition of her extraordinary role will be entirely appropriate, and I urge support for the motion.

In saying more to this I’d like to emphasise how much Betty Mason loved this part of Sydney, and how durable and effective her work in the Inner West has been. I cannot think of anyone who had her particular blend of enjoyment of the built environment and the character of Annandale, Glebe, Leichhardt and the other localities here on the one hand, and commitment to appropriate actions to maintain and ensure its character and quality for the future.

I lived and worked in the Inner West when younger and saw up close that she had a day to day commitment. She was particularly effective in preventing the district from being cut up by overhead freeway construction in the 1970s, and in seeing balance and good sense prevail in limiting the potential harm of unrestrained development, and balancing and improving land use for recreational purposes.

What’s more, she did this in her characteristically pleasant, quiet but persistent way. She had no interest in fame or stature and her consistent and uncomplicated tenacity over decades has left a legacy for present and future generations.

It would be good to see that legacy acknowledged. I should mention that her close family is willing to offer a financial contribution to an agreed Historical Marker.

Thank you for your consideration."

Listen to Tom Cochrane https://youtu.be/ubxdX3dLZVI?t=2185

Quote from Movers and Shakers of the Leichhardt Municipality

In 2004, Betty was identified as a Mover and Shaker in the Leichhardt Municipality - and the publication by that name included an interview with Betty Mason, Community activist and environmental campaigner:

"In the 1970s I  became interested in the local community. An application went before Council to demolish two historic houses in Johnston Street, Annandale: Oybin and Roselle to be replaced by 8 story buildings. Other societies and associations were being formed in Sydney and we formed the Annandale Association to save these historic homes. The media became aware that we were cleaning up Oybin as it was in disrepair. The story was covered and Oybin was saved. Roselle was demolished but the height of the new building was lowered. The Association went on to save many houses in the Annandale area.
 

My interest now is in the environment and my philosophy is that we are all part of the world. Everything is connected; a tree, a person, an insect,. I don' think, as human beings, we have the right to destroy a forest. Everything should be respected. Mankind can use these precious resources with respect and care, not wastefully.

I work now as a volunteer for the Total Environment Centre. This was the first centre of its kind in Australia. Campaigning for the more sensible use of resources such as water, electricity and forests"- Interview: Davidia Peters.

Message from Jeff Angel, Total Environment Centre 


SUPPORT FOR BETTY MASON HISTORICAL MARKER

For 15 years Betty Mason was a much valued volunteer at Total Environment Centre. Groups like TEC rely on volunteers and her contribution was diverse and substantial.

Her organisational skills came to the fore such as with our TEC Walks program – an exciting, innovative and informative itinerary of day walks in and around Sydney – including in the Inner West - that kept staff, supporters and the general public in touch with the precious heritage and natural assets of the city.

When we needed to take action, she assisted with rallies and regularly helped in the office.

Betty was always diplomatic and quietly supportive. We will be eternally grateful for her passion for the environment and our urban heritage.


Jeff Angel

Director, TEC

9 May 2022

 Listen to debate: https://www.youtube.com/watch?v=ubxdX3dLZVI&t=2185s

Item No:         C0522(1) Item 21

Subject:         Notice of Motion: Vale Betty Mason           

From:             Councillor Marghanita Da Cruz  

 

Motion:

That Council work with Betty Mason’s family and friends to install a Historical Marker, in an appropriate location, acknowledging Betty’s contribution to Annandale.

 

 Background

 Betty Mason campaigned effectively to save much of the heritage of Annandale in the Leichhardt Municipality as well as improving the area with tree planting and parks.

  

Betty Mason co-founded the Annandale Association in 1969 when the “witches” houses were threatened with demolition, and worked with the National Trust to protect historic buildings in the area. The Association also defended Annandale from the expressways, which were planned to run through the suburb.

 

A resident action group was formed with Betty as secretary,  Jeffrey Miles, a Sydney barrister who would later become Chief Justice of the ACT, anthropologist Nick Peterson and his wife Ros,  and history student Alan Roberts. Objectives for the new Annandale Association were thrashed out at the Masons’ home.

Betty served as the Secretary of the Annandale Association from its inception until her passing in 2021. The Association guided popular walks, prepared “A plan for Annandale” and later published the Annandale Amble.

Alan Roberts later chose the creation of Annandale as a suburb for his history thesis. Betty assisted with the thesis by examining the certificates of title for every one of the many hundreds (perhaps thousands) of lots and then typed up the thesis.


A patchwork quilt was presented to Betty in recognition of her contribution to the community. Making the quilt was a secret project. Maureen, the “ring leader”, organised her husband to photograph a number of Annandale landmarks. The photographs were dropped in letterboxes across Annandale. Each of the women who received a photograph created a picture patch which Maureen collected and sewed to a green backing fabric. Betty described the quilt as “the creation of a number of local women”.

The panels were

1.   Annandale Association 10th Anniversary for Betty from her friends in Annandale ;

2.   The Abbey, Johnston Street Annandale;

3.   Annandale House Gates, in the Grounds of Annandale Public School;

4.   Kennilworth and Claremont (Witches houses), Johnston Street;

5.   289 Annandale Street;

6.   Annandale Post Office;

7.   Meeting of the Annandale Association, in the upstairs hall of the Annandale Chamber;

8.   Hunter Baillie Church;

9.   Haledon, 181 Annandale Street (oldest house in the group);

10. Betty holding the quilt presented to her on the 10th anniversary of the Association. Made in secret, the quilt featured 19 panels  based on sketches by fabric designer Jill Carne. Photo Nick Lloyd, Annandale Association President in 1979.Rocky outcrop, Northern End of Annandale Street;Beale’s Piano Factory;

 

11. Piper Street Park;

12. Horse Trough at North Annandale Public School;

13. Goodmans Buildings (corner Johnston Street and Parramatta Road);

14. Aqueduct ;

15. Annandale Council Chambers (now neighbourhood centre);

16. Two of a Group of three Terraces Johnston Street, near intersection with Reserve St;

17. Josie, the Poet's House - a villa with stables in the backyard, where her husband Freddy kept trotters; and

18. A Corner Shop in Annandale

In 2010 Betty donated the quilt to the Local History Section of the Leichhardt (now Inner West) Library.

“Historical Marker - Commissioned to enhance understanding of the unique history and identity of people and events associated with the location. May include steel fabrication, engraved or pressed metal, based on 20 year + tenure.” - Inner West Memorial planting and plaques in parks and open spaces policy, viewed 25 April 2022, https://www.innerwest.nsw.gov.au/ArticleDocuments/954/Memorial%20planting%20and%20plaques%20in%20parks%20and%20open%20space%20policy.pdf.aspx

Officer’s Comments:

 

No further comments were required for this Notice of Motion.

ATTACHMENTS

Nil.



Agenda Council Meeting

10 May 2022

Monday, May 9, 2022

Streetscape Maintenance Council Meeting 10 May 2022



Council Meeting

10 May 2022

 

Item No:         C0522(1) Item 8

Subject:         Streetscape Maintenance Service Standard

Prepared By:      Lachlan Broadbent - Manager Parks and Streetscape Operations 

Authorised By:  Cathy Edwards-Davis - Director Infrastructure

 

 

 

RECOMMENDATION

 

That Council:

 

1.    Endorse the inhouse service delivery of the parks and verge mowing programs within the former Ashfield Council area; and

 

2.    Increase the service standard for verge maintenance to a 20 working day cycle from October to March and a 40 day working cycle from April to September

 

 

 

 

DISCUSSION

On the 25 June 2019, Council adopted the following streetscape service levels across the Inner West:

 

1.   Adopt a service standard for street sweeping of seven days per week for mainstreets;

2.   Retain the existing service standard for street sweeping of a 40 working day cycle for residential streets;

3.   Adopt option 4 – extending a full verge mowing service in the former Ashfield LGA and rescind the Mowing of Verges Policy of the former Ashfield Council;

4.   Adopt a service standard for verge maintenance of a 20 working day cycle from November to March and a 40 day working cycle from April to October.

In addition to the above, on the 9 February 2021, Council adopted a planned quarterly high-pressure cleaning service to all main street town centres between 3 am and 6am using in-house staff with residual capacity dedicated to reactive works, parks playground and hotspot mowing activities.

 

In August 2019, Council called tenders for the park and streetscapes mowing services for the former Ashfield Council area. A contractor was engaged to deliver the service from 1 November 2019.

 

Following a period of providing assistance and operational advice to the contractor, their contract was terminated in February 2021, as they failed to meet their obligations under the contract. Staff and the contractor believe that they had underestimated the cost of the service and they could not meet the service standards or schedule of works as set out in the contract.

 

From January 2021, Council’s Streetscape Operations staff have been trialing the inhouse delivery of the verge mowing service in the former Ashfield Council area to meet the service standards set by Council.

 

 

At the November Ordinary Meeting Council resolved that a report be brought back to the March 2022 Ordinary Council Meeting on service standards for grass verge mowing including considerations on how the sustainable streets program will contribute to this.

 

A separate policy is being developed on Council’s verge planting program and it is envisaged  that this will not impact on the current service standards for some time.

 

There have been a number of challenges in delivering the summer service standards for verge mowing over the past summer due to increased wet days,  Covid -19 impacts and the recruitment of staff for the summer mowing months has been more difficult than previously experienced. Council has responded by redirecting staff onto verge mowing and allowing existing crews to work additional hours.

 

In January 2022, an independent consultant was engaged to undertake a review of Council’s Streetscape and Parks operations for the Inner West service delivery model to be delivered by Council staff and to ensure Council’s services are being provided in the most effective and efficient manner possible, to ensure appropriate service standards for an inner city area   and to represent value for the ratepayer.  The outcome has confirmed the necessary increase in budget required for this work as well as an increase in  the summer service levels by an additional month. 

 

Increased Service Delivery Standards

 

It is proposed to undertake an inhouse delivery of the parks and streetscape mowing service, in the former Ashfield Council area.

 

The service standard for the entire Inner West Council area for verge mowing would be a 20 day cycle in Summer, from October to March and a 40 day cycle in Winter, from April to September.   This increases the Summer verge mowing by one additional month (October).  Further, Council staff would monitor the seasonal weather patterns and employ the Summer casual staff to suit the peak seasonal conditions.

 

For the parks and sporting ground mowing, the service level is in accordance with the Inner West Open Space Presentation Standards for Park and Sporting Grounds prioritised service levels.

 

This requires an additional 12 permanent FTE inhouse staff.  The 12 FTE will be divided between the verge mowing and park mowing services. To meet the seasonal demands, one additional casual agency staff would be employed for the Summer period.

 

This would cost approximately $489,820 per annum additional to the current parks and streetscape operational budget and has been allocated in the draft 2022/23 budget which is currently on exhibition. 

 

It is envisaged that with the additional month of summer service levels would provide better coverage for the longer growing season. 

FINANCIAL IMPLICATIONS

 

 

This will result in an additional $489,820 cost to Council per annum which has been included in the draft 2022/23 budget.

 https://innerwest.infocouncil.biz/Open/2022/05/C_10052022_AGN_3943_AT_WEB.htm

 

Streetscape Operations Service Reve (Inner West Council Meeting at Leichhardt) 25 June 2019

https://perambuler.ramin.com.au/2020/06/streetscape-operations-service-reve.html

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