11-01 – Revised Ministerial Investment Order
A revised Investment Order pursuant to section 625 of the Local Government Act 1993 has been issued. The Minister for Local Government signed the
revised Order on 12 January 2011 and it was published in the NSW Government Gazette on 11 February 2011. It replaces the Order dated 31 July
2008. The revised Order is attached to this circular. Changes to the Investment Order include:
the removal of the ability to invest in the mortgage of land (part (c) of the Investment Order dated 31 July 2008)
the removal of the ability to make a deposit with the Local Government Financial Services Pty Ltd (part (f) of the order dated 31 July 2008)
the addition of “Key Considerations” in the revised Investment Order, which includes a comment that a council’s General Manager, or any other staff, with delegated authority by a council to invest in funds on behalf of the council must do so in accordance with the council’s adopted investment policy.
Councils are reminded that on 25 May 2010 the Division of Local Government issued Investment Policy Guidelines (Circular to Councils 10-11 refers). It is expected that all councils will by now have adopted an Investment Policy in accordance with the Guidelines.
Ross Woodward
Chief Executive, Local Government