Agenda and minutes

Minute of 19 February 2015 to be approved and signed by the Chairman

There had been circulated copies of the Minute of 19 February 2015. 

DECISION

NOTED the Minute, subject to minor amendment.

Consider report by Chief Financial Officer (Copy attached)

There had been circulated copies of a report by the Chief Financial Officer providing the year end out-turn for the Galashiels Common Good Fund for the year 2014/15 including balance sheet values at 31 March 2015 and proposed budget for 2015/16.  The Corporate Finance Manager, Lynn Mirley, highlighted the main parts of the report and referred specifically to the appendices.  Appendix 1 to the report provided the actual income and expenditure for 2014/15, which showed a surplus for the year of £5,227 against a budget surplus of £3,575 and projected out-turn for 2015/16.  Appendix 2 provided the balance sheet value to 31 March 2015.  This showed a decrease in reserves of £5,942.  Mrs Mirley explained that all fixed assets of the Common Good Funds were revalued every 5 years as part of the Council’s rolling programme.  Due to the late approval of the assets for Galashiels these assets were not revalued but would be revalued in 2015/16.  Appendix 3 to the report showed the current Net Book Value of the individual assets. Appendix 4 showed the value of the Newton Fund to 31 March 2015 which showed an increase of £569 from the total cash invested.  Dividends totalling £183 had been received from the Newton Fund during 2014/15.  Mrs Mirley answered Members’ questions which related specifically to the interest rate received on cash deposits and the valuation of individual assets.  With reference to paragraph 3 of the Minute of 4 September 2014, Members went on to discuss whether, in view of the clarification of income from the Ladhope Trust and the Newton Fund, the Sub Committee should re-commence the distribution of amounts of money in the form of grants and donations. In their deliberations Members took into account the need to retain sufficient accessible funds to service the Common Good Assets.  After careful consideration, Members unanimously agreed that grants and donations of up to £3,000 per year from the Common Good Fund should be awarded and that suitable applications be invited.  It was noted that, in line with other Common Good Funds, applications should be made only after all other avenues for funding had been explored.  In this respect the Chairman had received an enquiry on behalf of the group ‘Energise Galashiels’ who were seeking financial assistance towards set-up costs to enable the group to become established and self-supporting.  It was noted that a significant part of these initial costs related to insurance cover which was required to be in place before any activities began.  Members indicated their agreement in principle to providing a grant of up to £1,000 to ‘Energise Galashiels’ should a formal application for funding be received.  In view of the urgency of the financial assistance required it was agreed that the final decision on whether to award a grant to ‘Energise Galashiels’ be delegated to the Chief Financial Officer in consultation with the Chairman. 

DECISION

(a)        NOTED the:-

(i)            actual income and expenditure position for 2014/15 in Appendix 1;

(ii)          final balance sheet  ...  view the full minutes text for item 2.