The Business paper for this meeting is surprisingly short and straight-forward, with four items of business and a notice of motion, so expect a relatively tight meeting.
The most interesting items will be a report on the council’s investments, the submission of pecuniary interest returns by councillors and a notice of motion from Mayor Lara Symkowiak for the construction of a water park in Camden region.
The first two items concern two residential constructions in Oran Park where there have been some unresolved objections. See the detail on business items below.
ORD02 - A two-story dual occupancy strata subdivision at 36 Radisich Loop, Oran Park. This has come to the council due to multiple unresolved objections. The applicant has made changes to the plan as a result but there are still some concerns. The primary objections are parking, because two driveways will be needed, privacy considerations and blocking of sunlight to a neighbor’s house.
The council officers have said that all parts of the subdivision comply with regulations except for the dual driveways. However, the spacing of the driveways does still allow street parking, so they recommend approval.
ORD03 - Investment monies: The council’s investments continue to track well with just over $100m of investments focused across 13 banks, returning 3.34% pa. Around $5m of this is available on call now and another $25m will mature and become available in the next 3 months.
Investments will continue to generate above standard returns for the next few years because the council has invested in longer-term asset classes. As long as the Reserve Bank continues to cut interest rates, these longer-term assets set at earlier and higher interest rates will generate returns above the current market average.
With above market returns and an increasing rate base, the council should be in a very good financial position for some years to come. The important thing will be how this additional money is spent and/or preserved for future needs.
ORD04 - Pecuniary interest returns: Councillors will submit pecuniary interest returns from July 1, 2015 – June 30, 2016. I will make the information they contain available once I have had an opportunity to view them.
Notice of Motion – A water park for Camden: Cr Lara Symkowiak is putting forward a notice of motion for the council to explore the opportunities to build a water park in the Camden region. This will be discussed in the chambers and then, if councillors agree, it will be sent off for the Camden Council officers to investigate and report back to the council at a later date.