Transparency & Empowerment in Local Government
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- Bartholomew Fitzgerald
- 3 years ago
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From this document you will learn the answers to the following questions:
In what year did WATC launch its educational article series?
In what state was the Treasury Corporation of New South Wales located?
Who did WATC support?
Transcription
1 Transparency & Empowerment in Local Government How WATC assists in the complex world of finance 4 August 2016 Richard McKenzie Head of Client Debt Finance and Investments
2 Introduction presentation will cover WATC who we are How WATC s service to local government supports good financial governance Recent initiatives aimed at conveying complex financial issues / indicators to a broad audience improving transparency & facilitating empowerment! 2
3 Western Australian Treasury Corporation (WATC) WATC established as the central borrowing authority for the State by the Western Australian Treasury Corporation Act WATC borrows funds in domestic and overseas markets for lending to over 160 State Government and Local Government Authorities in WA. WATC manages over $40 billion of debt on behalf of its client base. Credit Ratings Rating Agency Long-Term Short-Term Outlook Standard & Poor s AA+ A-1+ Negative Moody s Investors Service Aa2 Prime-1 Stable WATC provides advisory, investment, and foreign exchange services to the WA public sector. 3
4 WATC Client Focused Vision To be recognised as the best at providing financial solutions for the benefit of the Western Australian public sector Natural alignment to supporting clients needs but with an overarching responsibility to do so with transparency, integrity and professionalism. 4
5 Western Australian Treasury Corporation Client Focused Branches 5
6 Foreign Exchange Transaction and Advisory Service If LG purchase a capital good that has imported content it has FX exposure! 6
7 WATC Client Debt Finance & Investments Providing efficient and cost-effective lending service to local government for many years More recently Launch of local government educational article series in January 2016 Indicative Additional Debt Capacity calculator in support of the objective to promote the responsible use of debt finance 7
8 Educational article series goals Transparency: Summarise complex issues on interest rate markets and how they relate directly to loans offered by WATC to local government Empowerment: Support effective communication with councils to help facilitate informed decision making in doing so debunk common misconceptions relating to the use of debt finance 8
9 Australian interest rate market and linkages to WATC loans to local government LG loans are generally aligned to WATC 10 year rate not the Cash Rate 9
10 Appropriate debt policy / use of debt finance by local government Prudent borrowing by LG to finance community infrastructure is an appropriate debt policy its not unlike borrowing within ones means for housing 10
11 WATC Advisory Service financial & commercial advice tailored for the needs of local government Asset and Project Financing Business Case Modelling Investment Analysis and Advice Corporate Finance Financial Risk Modelling and Simulation Cost of Capital Analysis Financial Risk Management General Financial Analysis, Modelling and Advice Debt Structure Analysis Asset-Liability Management Modelling 11
12 Financial Health Indicator for Local Government Background: WATC was engaged by DLGC to undertake a Financial Sustainability Analysis of metropolitan local governments. Seven financial ratios that constitute the reporting requirement required by WA local government regulation provided a basis for assessing financial sustainability. 12
13 Financial Sustainability A local government will be financially sustainable over the long term when it is able to generate sufficient funds to provide levels of service and infrastructure agreed with its community. 1 1 Treasury Corporation of New South Wales: Financial Sustainability of the New South Wales Local Government Sector: Findings, Recommendations and Analysis, April 2013 p5 13
14 Financial Health Indicator Development Explaining financial information to non-financial people is complex! Not even the so-called experts agree or see same big picture No one solution fits all BUT Presentation needs to be meaningful, intuitive and easy to understand TO Lead community and decision makers to ask the right questions AND Must consider the past, present and future 14
15 Raw Statutory Financial Ratios Source: City of Busselton, Annual Report 15
16 But standardise and summarise in a picture 7. Own Source Revenue Coverage Ratio 6. Operating Surplus Ratio 1. Current Ratio Asset Consumption Ratio 3. Asset Renewal Ratio 5. Debt Service Cover Ratio 4. Asset Sustainability Ratio 16
17 Spider (Radar) Chart: New presentation and interpretation style Bigger is generally better The rounder the better The closer you are to the centre in any area the bigger the potential problem 17
18 Which is better? What questions might you ask? 18
19 Financial Health Indicator Combines scores on standardised individual ratios (weighted for importance) Produces an aggregate indicator score out of 100 A score of 70 being the benchmark 19
20 MyCouncil Website Transparency Financial Health Indicator (FHI) & spiderweb charts derived from historical data provided by local government to DLGC in accordance with the regulation 20
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23 FHI on MyCouncil Website Empowerment Encourages questions from the community on the FHI / radar charts and comparisons but is based on historical performance SO Implies FHI needs to be considered in longer term planning provide a framework for councils to have proactive dialogue 23
24 WATC s response to aid our local government clients: The Financial Health Indicator Calculator WATC produced a FHI Calculator Excel model to assist local government financial planning & reporting, and long-term financial management download at: Toolbox.aspx Enables user to forecast changes to financial position over the full 10-year period of long-term financial plan or focus on shorter or single periods 24
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26 The FHI Calculator the model An Excel Model One year FHI calculation Up to 10 year forward FHI calculation Provides aggregate FHI result (e.g. 86), and SpiderWeb Diagrams (Radar Charts) Financial Health Indicator 86 26
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29 100 Financial Health Indicator
30 In Summary, the Financial Health Indicator Calculator Provides a resource for your Financial Team to present: Expected financial health in future periods Impact on financial health from modifying financial or asset plans, and / or plans to address weaker aspects potentially in response to dialogue with community BUT MOST IMPORTANTLY Provides an intuitive framework empowering Executive / Council to ask relevant questions! 30
31 Questions? Thank you.
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