Presentation to Extraordinary General Meeting, Thursday 10th November 2020, Rydalmere

SU NSW Treasurer, speaker notes

Presentation to Extraordinary General Meeting, Thursday 10^th November 2020, Rydalmere

 

Purpose of EGM: To share with members the prime reasons for why the SU NSW Board unanimously decided to not merge with other States and Territories in formation of SUA.

Brief from chair: Two Powerpoint slides, ten-minute maximum

My contribution: Stewardship

Other speakers: Legal (10 minutes), Strategic (10 minutes)

Interpretation of brief: Focus on two prime stewardship aspects that led to decision to not participate in merger.

 

Slide 1: highest level financial concern

 

 Speak to:

 - An unresolved matter as to COVID19 funding which potentially overstates the FY21 surplus by approximately $3.8M. SU NSW could not analytically support the value of Jobkeeper receipts and no response to an expressed concern was forthcoming from National.

- Such that the accumulated 4 year surplus amounts to breakeven – an uncomfortable result given all the uncertainities.

- That SU NSW queried FY25 with the aim of including it for members particularly as Chaplaincy is not subject any current Commonwealth Government advance estimates at this time.

- That further: financial reserves are earmarked for purpose such that the combined balance sheet need be read carefully as to a distinction between those reserves that are dedicated to a particular purpose and those that are not. The SUA Board had committed to ensuring that monies were used for purpose. As such there was a question as to the success of the amalgamation as to the availability of free float monies to fund national initiatives.

 

Slide 2: The risk matrix

 Speak to:

- In introducing the matrix: speak to how it is traffic light coded such that red shaded risks need to be approached with great caution.

- how some risks were rated as almost certain and were to be subject discussion after SU NSW committed to the Transformation Agreement.

- how SU NSW advocated for dialogue as to risk and received the response that such dialogue would only arise once the Transformation Agreement was signed.

- how working parties have formed to discuss a variety of matters including the risks.

- how the SU NSW Board was ultimately of the view that dialogue on risk had not been sound nor timely.