Council Minutes - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 JUNE 2012FinancePolicy No. 3.2.1 - Contracts and ProcurementThis Policy is still under review.Policy No. 3.2.2 - Budget Implementation and ManagementRetain. No changePolicy No. 3.2.3 - Council Bank Accounts and PaymentsThree bank accounts added under municipal funds, being the Town of Cambridge - WembleyGolf Course Bank Account, Town of Cambridge - Parking Meter Account, Town of CambridgeBusiness On Line Saver AccountPolicy No. 3.2.4 - Significant Accounting PoliciesRetain. No change. This policy is reviewed annually in conjunction with the preparation of theannual financial report and adopted at the October Council meeting.Policy No. 3.2.5 - Investment PolicyUpdated to reflect the new investment requirements applicable as from April 2012 as per LocalGovernment (Financial Management) Amendment Regulations 2012) which states that only thefollowing types of securities may be invested in:• Interest Bearing term deposits with the Western Australian Treasury Corporation orAuthorised Deposit Taking Institutions such as Australian banks, building societies andcredit unions for a maximum of one year;• Bonds guaranteed by the Commonwealth and State or Territory Government with amaturity of less than three years.Policy No. 3.2.6 - Reserve Allocations for Future Asset ReplacementRetain. No changePolicy No. 3.2.7 - Allocation of Funds from Reserve Accounts and the Endowment LandsAccountRetain. No changePolicy No. 3.2.8 - Financial Policy for Debt RecoveryRetain. No changePolicy No. 3.2.9 - Provisional Risk ManagementRetain. No changePOLICY/STATUTORY IMPLICATIONS:There are no statutory implications related to this report.FINANCIAL IMPLICATIONS:Amendments to Investment Policy 3.2.5 restricts Council to the types of financial instruments itcan invest in and the investment terms it can invest for, which has the potential to impact oninterest earnings.H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 169
COUNCIL MINUTESTUESDAY 26 JUNE 2012STRATEGIC DIRECTION:Policies provide guidance to the Administration and Community on Council's consistentdecision which reflect the Council's Strategic Plan.COMMUNITY CONSULTATION:No community consultation is required as the review is administrative in nature.SUMMARY:The majority of the Council's policies have proven invaluable over the last two years. Onceadopted, all of the policies can be accessed through the Town's website.Each policy will remain in place until the next review in April 2014, unless circumstanceswarrant a review prior to that time.ATTACHMENTS:1. Corporate and Strategic Policies (as amended)COUNCIL DECISION:(COMMITTEE AND ADMINISTRATION RECOMMENDATION)Moved by Cr Langer, seconded by Cr CarrThat the Council's policies relating to Corporate and Strategic be retained, unchanged,amended or deleted as detailed in the above report and attachments, and the changesbe incorporated into the Council Policy Manual.Carried 9/0H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 170
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Council Minutes - Town of Cambridge

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