Treasury Management

Power to Borrow - Annual Borrowing Programme

Authority to approve any new borrowing raised or to be repaid in terms of the annual Borrowing Programme approved by the Council within Policy limits and to execute any necessary documentation in accordance with the Council's annual plan/long term plan and as described in the Treasury Management Policy approved by the Council.

Restriction:  This power cannot be sub-delegated

Authority to approve any new borrowing raised in terms of the annual Borrowing Programme, up to a maximum daily level of $50,000,000 and to execute any necessary documentation in accordance with the Council's annual plan/long term plan and as described in the Treasury Management Policy approved by the Council.

Restriction:  This power cannot be sub-delegated

Authority to approve any new borrowing raised in terms of the annual Borrowing Programme, up to a maximum daily level of $20,000,000 and to execute any necessary documentation in accordance with the Council's annual plan/long term plan and as described in the Treasury Management Policy approved by the Council.

Restrictions:   This power cannot be sub-delegated

Treasury Investment/Liquidation of Treasury Investment

Authority to approve any investment or liquidation of any investment within policy limits that meets the criteria laid down by the Council in terms of the Treasury Management Policy and to execute any necessary documentation in accordance with the Council's long-term plan and as described in the Treasury Management Policy approved by the Council.

Restriction:  This power cannot be sub-delegated

Authority to approve any investment or liquidation of any investment that meets the criteria laid down by the Council in terms of the Treasury Management Policy, up to a maximum daily limit of $50,000,000 and to execute any necessary documentation in accordance with the Council's long-term plan and as described in the Treasury Management Policy approved by the Council.

Restriction:  This power cannot be sub-delegated

Authority to approve any investment or liquidation of any investment that meets the criteria laid down by the Council in terms of the Treasury Management Policy, up to a maximum daily limit of $20,000,000, and to execute any necessary documentation in accordance with the Council's long-term plan and as described in the Treasury Management Policy approved by the Council.

Restriction: This power cannot be sub-delegated

Derivative Contracts - other Treasury Investments

Authority to approve any single transaction or series of related transactions, within policy limits, in accordance with the Council's  long-term plan and as described in the Treasury Management Policy approved by the Council.

Restrictions: 

a.  The aggregate derivative exposure to any single counterparty must be within the maximum exposure limit set out in Appendix III of the Treasury Management Policy.

b.  This power cannot be sub-delegated

Authority to approve any single transaction or series of related transactions, resulting in a daily notional amount of not more than $50,000,000 in accordance with the Council's long-term plan and as described in the Treasury Management Policy approved by the Council.

Restrictions: 

a.  The aggregate derivative exposure to any single counterparty must be within the maximum exposre limit set out in Appendix III of the Treasury Management Policy.

b.  This power cannot be sub-delegated

Authority to approve any single transaction or series of related transactions, resulting in a daily notional amount of not more than $20,000,000 in accordance with the Council's long-term plan and as described in the Treasury Management Policy approved by the Council.

Restrictions: 

a.  The aggregate derivative exposure to any single counterparty must be within the maximum exposure limit set out in Appendix III of the Treasury Management Policy.

b.  This power cannot be sub-delegated

General Treasury Policy Delegations

Authority to exercise the powers set out below in accordance with the existing level of overall indebtedness applying at any point in time and the requirements of, and to enable efficient implementation of, the Treasury Management Policy.

(a) Ensure compliance with policy

(b) Undertake a review of the policy every 3 years

Restrictions: These powers cannot be sub-delegated

Authority to approve for payment, contracted interest and fees incurred on borrowings already contracted and approved according to Treasury Policy up to $10,000,000 per payment.

Restriction: This power cannot be sub-delegated

Authority to approve for payment, contracted interest and fees incurred on borrowings already contracted and approved according to Treasury Policy up to $5,000,000 per payment.

Restriction: This power cannot be sub-delegated

General Treasury Policy Delegations

Authority to exercise the powers set out below in accordance with the existing level of overall indebtedness applying at any point in time and the requirements of, and to enable efficient implementation of, the Treasury Management Policy.

(a)  Approve cheque/electronic signatory positions

(b) Approve the refinancing of existing debt 

(c) Approve interest rate risk management activity

(d) Manage funding maturities

(e)  Open/close bank accounts

Restrictions: These powers cannot be sub-delegated

General Treasury Policy Delegations

Authority to exercise the powers set out below in accordance with the existing level of overall indebtedness applying at any point in time and the requirements of, and to enable efficient implementation of, the Treasury Management Policy.

(a) Approve any related borrowing management activity

(b) Adjust borrowing interest rate risk profiles within stated risk control limits

Restrictions: These powers cannot be sub-delegated