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Western Australian Treasury Corporation 2012 Annual Report - Page 24Western Australian Treasury Corporation 2012 Annual Report - Page 25
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CONTINUED CLIENT SERVICES • WA POLICE SERVICES REGIONAL RADIO NETWORK PROJECT, TOGETHER WITH ITS PROCUREMENT OF A NEW HELICOPTER AND FIXED-WING AIRCRAFT; AND • CONSTRUCTION OF THE EXPANSION OF THE SOUTHERN SEAWATER DESALINATION PLANT BY WATER CORPORATION. TREASURY SERVICES WATC CONTINUED TO FULFIL A TREASURY SERVICES ROLE FOR THE DEPARTMENT OF TREASURY IN RELATION TO THE INVESTMENT OF SURPLUS FUNDS STANDING TO THE CREDIT OF THE PUBLIC BANK ACCOUNT. THE AVERAGE DAILY BALANCE OF FUNDS INVESTED DURING 2011/12 WAS $4.585 BILLION. FINANCIAL AND COMMERCIAL ADVISORY SERVICES WATC'S FINANCIAL AND COMMERCIAL ADVISORY SERVICES BUSINESS UNIT PROVIDES THE STATE AND WESTERN AUSTRALIAN PUBLIC SECTOR ENTITIES WITH ACCESS TO HIGH-QUALITY FINANCIAL AND COMMERCIAL ADVISORY SERVICES. WATC USES COLLABORATION AND INNOVATION TO RESOLVE COMPLEX FINANCIAL PROBLEMS, WITH THE AIM OF ADDING VALUE TO ITS CLIENTS. KEY ACHIEVEMENTS AND SERVICE OFFERINGS OVER THE PAST YEAR ARE DESCRIBED BELOW. MIDLAND HEALTH CAMPUS DURING THE YEAR, WATC CONTINUED TO PROVIDE COMMERCIAL AND FINANCIAL ADVICE TO THE DEPARTMENT OF HEALTH TO SUPPORT THE DEVELOPMENT OF THE MIDLAND HEALTH CAMPUS PROJECT. THE SERVICE OFFERING INCLUDED CONTRIBUTING TO THE DEVELOPMENT OF FRAMEWORKS FOR ASSESSING VALUE FOR MONEY, DEVELOPMENT OF TENDER DOCUMENTATION AND EVALUATION OF RESPONSES. THE TENDER PROCESS HAS NOW BEEN COMPLETED AND THE STATE GOVERNMENT HAS CONFIRMED THAT MIDLAND'S NEW PUBLIC HOSPITAL WILL BE PROVIDED IN PARTNERSHIP WITH ST JOHN OF GOD HEALTH. THIS APPOINTMENT SIGNIFIED THE SUCCESSFUL COMPLETION OF A THREE-YEAR PROJECT BETWEEN WATC AND THE DEPARTMENT OF HEALTH TO PROVIDE STATE-OF-THE-ART FACILITIES, DELIVERING COST SAVINGS TO THE STATE AND ALTERNATIVE MEDICAL SERVICES TO THE PEOPLE IN THE MIDLAND AREA. WESTERN POWER IN PREPARATION FOR THE THIRD ACCESS ARRANGEMENT, WESTERN POWER PARTNERED WITH WATC TO QUANTIFY THE IMPACT OF KEY FINANCIAL RISKS (SUCH AS THE RESETTING OF THE REGULATED WEIGHTED-AVERAGE COST OF CAPITAL) ON ITS BUSINESS OVER THE LONG TERM. WATC UNDERTOOK EXTENSIVE ASSET-LIABILITY MANAGEMENT (ALM) MODELLING TO DETERMINE AN APPROPRIATE TARGET DEBT STRUCTURE THAT COULD COST- EFFECTIVELY REDUCE EARNINGS VOLATILITY. THIS IS THE SECOND TIME THAT WATC AND WESTERN POWER HAVE UNDERTAKEN THIS EXERCISE. WITH A REVISED TARGET DEBT STRUCTURE, WESTERN POWER IS EXPECTED TO REDUCE ITS EXPOSURE TO THE FINANCIAL RISK FACED BY HAVING ITS TARGET REVENUE FIXED EVERY FIVE YEARS. DEPARTMENT OF HOUSING WATC HAS BEEN WORKING WITH THE DEPARTMENT OF HOUSING TO CARRY OUT A HIGH-LEVEL BUSINESS IMPACT ANALYSIS ESTIMATING THE COST/BENEFIT OF THE ASSET TRANSFER PROGRAM, TRANSFERRING PUBLIC HOUSING PROPERTIES TO COMMUNITY HOUSING ORGANISATIONS. THIS INITIATIVE IS ONE OF 11 STATE GOVERNMENT INITIATIVES WITH A GOAL OF ACHIEVING 20,000 NEW HOMES BY 2020. WATC HAS WORKED CLOSELY WITH THE DEPARTMENT OF HOUSING FOR SEVERAL YEARS, SHARING ITS TECHNICAL EXPERTISE TO SUPPORT THE DEPARTMENT OF HOUSING'S AIM TO DEVELOP INNOVATIVE SOLUTIONS TO DELIVER AFFORDABLE HOUSING FOR LOW AND MEDIUM INCOME GROUPS. PORTS WATC CONTINUED TO STRENGTHEN ITS RELATIONSHIP WITH THE PORTS BY PROVIDING BOTH DEBT MANAGEMENT AND FINANCIAL ADVISORY SERVICES THROUGHOUT THE YEAR. MORE SPECIFICALLY, WATC WORKED WITH FREMANTLE PORTS ON THE EVALUATION OF THE ROUS HEAD MARINA DEVELOPMENT. FOR THE BROOME PORT AUTHORITY, WATC UNDERTOOK AN ANALYSIS OF ITS LEVEL OF DEBT SERVICING CAPACITY WHICH WOULD BE FINANCIALLY SUSTAINABLE AND PROVIDED FINANCIAL MODELLING TO SUPPORT BUSINESS CASE DEVELOPMENT. WATC ALSO PROVIDED FINANCIAL MODELLING AND ADVISORY SERVICES TO GERALDTON PORT AUTHORITY TO HELP EVALUATE THE OAKAJEE PORT DEVELOPMENT UNDER DIFFERENT CAPITAL STRUCTURES, LEGAL STRUCTURES, TARIFF PRICES AND FINANCING ARRANGEMENTS. WATER CORPORATION AN EARLIER ALM MODELLING EXERCISE BY WATC IDENTIFIED THAT WATER CORPORATION WOULD BENEFIT FROM ALTERING ITS DEBT STRUCTURE BY INTRODUCING A PORTION OF DEBT ALIGNED TO THE REGULATORY RESET PERIOD. ONCE APPROVED BY WATER CORPORATION'S BOARD, WATC WORKED CLOSELY WITH WATER CORPORATION STAFF TO DEVELOP AND IMPLEMENT A SUITABLE TRANSITION STRATEGY TO ACHIEVE THIS STRATEGIC GOAL. DEPARTMENT OF TREASURY WATC CONTINUED TO WORK CLOSELY WITH THE DEPARTMENT OF TREASURY, ADVISING ON A WIDE RANGE OF FINANCIAL RISK MANAGEMENT ISSUES. FOR EXAMPLE, WATC IS WORKING ON DEVELOPING INVESTMENT PROPOSALS AND GUIDELINES FOR THE INVESTMENT AND MANAGEMENT OF FUNDS IN THE RECENTLY ANNOUNCED WESTERN AUSTRALIAN FUTURE FUND. WACC FORUM IN AUGUST 2011, WATC FACILITATED A FINANCE WORKSHOP FOR ITS CLIENTS PRESENTED BY PROFESSOR STEPHEN GRAY FROM THE UNIVERSITY OF QUEENSLAND. APPROXIMATELY 100 CLIENTS ATTENDED THE ONE-DAY WORKSHOP FOCUSED ON RATES OF RETURN, PROJECT EVALUATION DISCOUNT RATES AND THE WEIGHTED-AVERAGE COST OF CAPITAL. A SECOND, MORE TECHNICALLY-ORIENTED, ONE-DAY WORKSHOP WAS ALSO PRESENTED TO A SMALLER AUDIENCE OF TECHNICAL SPECIALISTS. 22 WESTERN AUSTRALIAN TREASURY CORPORATION
OUR PEOPLE WATC'S PEOPLE MANAGEMENT STRATEGY FOCUSES ON BUILDING CAPACITY TO ENSURE THAT IT HAS A WORKFORCE AND WORK ENVIRONMENT CAPABLE OF DELIVERING WATC'S CURRENT STRATEGIC AND OPERATIONAL BUSINESS GOALS AND DEVELOPING ITS FUTURE STRATEGIC OBJECTIVES. OVERVIEW OF THE WORKFORCE WATC'S WORKFORCE POSSESSES A HIGH LEVEL OF STRATEGIC, TECHNICAL AND PROFESSIONAL CAPABILITY. IN 2011/12, WATC UNDERTOOK A SERIES OF INITIATIVES TO HELP MAINTAIN AND BUILD ITS WORKFORCE CAPABILITY, INCLUDING: • DEVELOPING ITS LEADERSHIP CAPABILITY THROUGH USE OF THE HUMAN SYNERGISTICS LEADERSHIP IMPACT AND MANAGEMENT IMPACT FEEDBACK TOOLS FOR THE EXECUTIVE AND BRANCH MANAGERS AND PROVIDING ACCESS TO TARGETED PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR EMERGING AND SENIOR LEADERS; • IMPROVING EMPLOYEE ENGAGEMENT LEVELS THROUGH ACTIVITIES SUCH AS FOCUS WORKSHOPS WITH MANAGERS AND EMPLOYEES AND FACILITATING CAREER DEVELOPMENT WORKSHOPS, LEADING TO AN INCREASE IN ITS AON HEWITT EMPLOYEE OPINION SURVEY ENGAGEMENT RATE TO 55 PER CENT; AND • SUPPORTING TECHNICAL DEVELOPMENT, PROFESSIONAL DEVELOPMENT AND TERTIARY STUDIES, INCLUDING 26 EMPLOYEES OBTAINING FINANCIAL MARKETS ACCREDITATION THROUGH THE AUSTRALIAN FINANCIAL MARKETS ASSOCIATION. WATC'S WORKFORCE NUMBERS REMAINED STABLE DURING 2011/12, WITH A TOTAL OF 67 EMPLOYEES AT 30 JUNE 2012. THE RATE OF STAFF TURNOVER (16.3 PER CENT) WAS HIGHER THAN PREVIOUS YEARS AND THIS WAS REFLECTIVE OF A RANGE OF FACTORS, INCLUDING RETIREMENTS AND EMPLOYEES RELOCATING INTERSTATE. OVERVIEW OF THE WORK ENVIRONMENT WATC'S VALUES OUTLINE THE KEY CHARACTERISTICS OF THE WORK ENVIRONMENT AND THIS IS SUPPORTED THROUGH A RANGE OF POLICIES, PROCEDURES AND INITIATIVES. WATC CONTINUED TO DEMONSTRATE ITS COMMITMENT TO APPROPRIATE WORKPLACE BEHAVIOUR PRACTICES THROUGH A SERIES OF INITIATIVES IN 2011/12. A NEW CORPORATE INDUCTION PROGRAM WAS IMPLEMENTED TO PROVIDE GREATER FOCUS ON THESE ISSUES. WATC ALSO ENGAGED THE EQUAL OPPORTUNITY COMMISSION TO DELIVER APPROPRIATE WORKPLACE BEHAVIOUR TRAINING TO ALL ITS EMPLOYEES IN SEPTEMBER 2011. WATC DID NOT HAVE ANY COMPLAINTS LODGED UNDER ITS CODE OF CONDUCT OR ANY BREACH OF STANDARD CLAIMS LODGED UNDER THE PUBLIC SECTOR STANDARDS IN HUMAN RESOURCES MANAGEMENT. WATC ALSO CONTINUED TO DEMONSTRATE ITS COMMITMENT TO CONSULTATION AND CONTINUOUS IMPROVEMENT IN THE WORKPLACE. WATC CONTINUED TO SUPPORT THE OPERATION OF THE JOINT CONSULTATIVE COMMITTEE TO REVIEW AND DISCUSS EMPLOYMENT CONDITIONS AND ISSUES. WATC PARTICIPATED IN A SECOND CYCLE OF THE AON HEWITT EMPLOYEE OPINION SURVEY TO OBTAIN FEEDBACK ON EMPLOYEE ENGAGEMENT ISSUES. WATC ALSO UNDERTOOK A SERIES OF CROSS- BRANCH PROJECTS TO ENABLE EFFICIENT AND IMPROVED OUTCOMES FOR CLIENTS. WATC'S ONGOING COMMITMENT TO PROVIDING AN INCLUSIVE ENVIRONMENT THAT IS FREE FROM BIAS AND DISCRIMINATION WAS EVIDENT DURING 2011/12. WATC ENHANCED ITS WORKFORCE DATA COLLECTION, ANALYSIS AND REPORTING CAPABILITIES, COMPLETED A COMPREHENSIVE REVIEW OF ITS HOME-BASED WORK POLICY AND ALSO CONTINUED TO IMPROVE ITS GRIEVANCE MANAGEMENT FRAMEWORK THROUGH UPDATING POLICIES AND PROVIDING REFRESHER TRAINING TO CONTACT AND GRIEVANCE OFFICERS. WATC WAS AWARDED A PLATINUM WORKSAFE CERTIFICATE OF ACHIEVEMENT IN HEALTH AND SAFETY MANAGEMENT – THE ONLY PUBLIC SECTOR ENTITY TO RECEIVE THE TOP LEVEL AWARD IN 2011. ANNUAL REPORT 2012 23 PHOTO: METROPOLITAN REDEVELOPMENT AUTHORITY
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