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Corporate and Financial Committee Meeting Update

Corporate and Financial Committee Meeting Update

A meeting of Christchurch City Council’s Corporate and Financial Committee was held today.

The Committee considered a large number of staff reports including: the Earthquake Financial Report for May 2012, the Corporate Finance Report for the period ended 30 June 2012 and a number of Council Controlled Organisations (CCO) reports.

Committee Chair Helen Broughton welcomed members of the public who attended the meeting including a deputation by the trustees of the Rod Donald Banks Peninsula Trust and representatives of Port Hills residents, who are affected by rock-fall issues.

“Today was a significant milestone, as it was the return of the Finance Committee after an absence of eight years, due to the Council’s reintroduction of standing committees,” she says.

Council committees make recommendations to the full Council for final decisions. A summary of today's meeting is outlined below - the agenda is online.

The Committee recommended the Council receive reports on the Earthquake Financial Report for May 2012 and Corporate Finance Report for period ended 30 June 2012. These staff reports highlighted the following:
• The Earthquake Financial Report provides an update to the Council on financial matters relating to the earthquakes as at 31 May 2012. Rebuild costs of $38.9 million were incurred in May, which include Stronger Christchurch Infrastructure Rebuild Team (SCIRT) costs of $24.9 million. Read the full report online for further information.
• The Corporate Finance Report provides an update to the Council on key financial and treasury matters for the period ending 30 June 2012. The report notes that Council staff are working with the Canterbury Earthquake Recovery Authority (CERA) to finalise details of the reimbursement by the Crown for emergency earthquake response and recovery costs. Read the full report online for further information.

The Committee recommended the Council receive the following reports:
• 2011 Annual Reports for the Council Controlled Organisations (CCOS) Civic Building Limited, VBase Limited, World Buskers Festival Trust, Tuam Limited, Christchurch Agency for Energy Trust, Rod Donald Banks Peninsula Trust, Riccarton Bush Trust, Mayor’s Welfare Fund Charitable Trust.
• Half-yearly reports for Rod Donald Banks Peninsula Trust, Christchurch Agency for Energy Trust, Riccarton Bush Trust, VBase Limited and Civic Building Limited for the period to 31 December 2011.
• Draft Statement of Intent for the Council Controlled Organisation (CCOS) Rod Donald Banks Peninsula Trust for the year ending 30 June 2013.

ENDS

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