11 June 2015 Finance Committee Minutes
Finance & Audit Sub-Committee Meeting
11 June 2015, 12.00noon
Present: Graham McDonald (Chair), Chris Disspain, Kartic Srinivasan, Stuart Benjamin, Joe Manariti, Jo Lim, John Higgins (Nexia Australia), Jacki O'Sullivan (Minutes)
Apologies: Josh Rowe
1. Continuous Disclosure
- There were no matters to be disclosed.
2. Previous Minutes
- The Committee noted the 15 April 2015 minutes which had been Committee and Board approved via email and published.
3. Financial Statements
- The May 2015 accounts were circulated via email for Committee review prior to the meeting. The accounts were summarised as follows:
- Total cash and investments - $9.635m (includes US$ Bank accounts, Term Deposits and Investments).
- Net Assets - $11m
- Budget vs. YTD variances were reviewed with no major issues noted.
4. Expenditure above $50K
5. Draft 2015/16 Budget
- An updated 2015/16 budget was circulated to the committee which now include final May numbers.
- The Committee discussed and agreed to reduce the projected investment income from $360k to $300k. JH will update and send the final version to the CEO.
- The Committee agreed the final version should now be submitted to the Board with a recommendation to approve at the June meeting.
6. Investment Portfolio
- A separate minute was circulated to the Committee regarding auDA’s Bond and Term Deposit Investments which included a summary and items for Board approval.
- It was agreed the Committee would recommend to the Board at the June meeting:
- to increase the investment in Bond Funds from $2m to $3.5m, comprising additional Bond investment amounts of UBS Australian Bond Fund $300,000, UBS Diversified Fixed Interest Fund $200,000, PIMCO Australian Focus Fund $270,000, PIMCO Australian Bond Fund -$137,000 (reduction) and the new investment to PIMCO Diversified Fixed Interest Fund $600,000
- to increase the Term Deposit investments from $3M to $5.5M, and to consider investment amounts above the $250K Government Guarantee limit.
- Regarding the Term Deposits, it was agreed JH would provide a full list of the current term deposits and when they are due to roll and a 'Money Market' list of institutions suitable for investment of amounts above the $250K Government Guarantee limit to the CEO for circulation to the Board.
7. Outstanding Action Items
- There were no outstanding action items.
8. Any other business
- There was no other business
- CD – circulate May accounts, final 2015-16 budget, Minute re; investments to Board for June meeting
- JH/CD – JH provide list of current term deposits & list of 'Money Market' Institutions to CD for circulation to the Board
- GMCD/JOS – update 15 April 2015 Minutes
10. Next Meeting
- Wednesday 12 August 2015 at 11.00am via teleconference.