Net return $54M, against $9M principal loss

A statement has been published in the Peninsula News forum section on Monday, January 24, that stated "Gosford Council's latest investment portfolio has matured bringing the losses to an incredible $38 million dollars".

Gosford Council has an investment portfolio that has various maturity dates extending to March 2017.

The maturity dates are summarised in Council's Investment Reports and listed in the Investment Register on Council's web site.

The net return on investments for this investment portfolio since 2002 is $53.7 million.

This represents a solid average return of 5.4 per cent over this period.

Council has realised principal losses to December 2010 are $9.6 million, not the $38 million as stated in the Peninsula News Forum section.

The global financial crisis has caused realised principal losses across a whole spectrum of entities, including superannuation funds, councils, commercial businesses and not-for-profit organisations.

All investments made by Council are in accordance with Ministerial Investment Orders, Division of Local Government Circulars and legislative and regulatory requirements.

Email, 7 Feb 2011 Nic Pasternatsky, Gosford Council