Agenda and minutes

Consider Minute of the Meeting held on 2 March 2023 for approval and signature by the Chair. (Copy attached.)

The Minute of the Meeting of the Galashiels Common Good Fund Sub-Committee held on 2 March 2023 had been circulated. 

DECISION

APPROVED for signature by the Chairman.

Consider report by Acting Chief Financial Officer. (Copy attached.)

There had been circulated copies of a report by the Acting Chief Financial Officer which provided the details of the income and expenditure for the Galashiels Common Good Fund for the year 2022/23, including balance sheet values at 31 March 2023, a full year projected out-turn for 2023/24 and projected balance sheet as at 31 March 2024.  Appendix 1 to the report provided the actual income and expenditure position for 2022/23.  That showed a projected surplus of £1,882, which was better than the previously reported surplus on 2 March 2023 as a result of an increase to the interest rate.  Appendix 2 to the report provided a projected balance sheet value as at 31 March 2023, and showed a projected decrease in reserves of £92,561.  Appendix 3a provided a breakdown of the property portfolio, and showed actual rental income and net return for 2022/3, whereas Appendix 3b to the report provided a breakdown of the property portfolio and showed actual property expenditure for 2022/23. A breakdown of the property portfolio, showing actual property valuations at 31 March 2023 was provided in Appendix 4 to the report.  The value of the Aegon Asset Management Investment Fund to 31 March 2023 was provided in Appendix 5 to the report.  The Acting Chief Financial Officer, Ms Suzy Douglas, presented the report and highlighted that the Central Support Charge for 2023/24 was set in the budget at 2%, but would not be confirmed until a pay award had been agreed for 23/24. Ms Douglas stressed that it was important to view the returns of the Aegon Investment Fund over the long term.

            DECISION

AGREED:-

(a)       to note the projected income and expenditure for 2022/23 in Appendix 1 to the report as the revised budget for 2022/23;

(b)       the proposed budget for 2023/24 as shown in Appendix 1 to the report;

(c)       to note the projected balance sheet value as at 31 March 2023 Appendix 2 to the report;

(d)       to note the summary of the property portfolio in appendices 3 and 4 to the report; and

(e)       to note the current position of the Aegon Asset Management Investment Fund in Appendix 5 to the report.

Consider update Estates Surveyor.

The Interim Estates Strategy Manager, Ms Jo Stewart, provided an update on plans to extract the timber located at the Ladhope Golf Club.  Ms Stewart explained that a meeting was due to be held on Monday, 19 June 2023 with the Golf Course and the proposed Woodland Consultant.  The outcome of the meeting was expected to finalise the process for extraction, agree timelines and allow financial figures to be updated.  It was hoped that an agreed programme for extraction would be agreed by the end of the summer.  The Estates department had received notification from colleagues in Environmental Health that the property at 47 Ladhope Crescent had been experiencing outflows, possibly related to a septic tank leak.  The matter was under investigation by Environmental Health to determine the origin of the outflow, and whether it originated from the Golf Course.  In response to a question regarding planting at Bank Street Gardens, and whether it would be possible for the Common Good to fund additional planting in line with recently published guidance Ms Jo Stewart undertook to investigate the matter with Neighbourhood Services.  Regarding the condition of Leebrae Park, Ms Stewart undertook to discuss the condition of the park, including its general disrepair and grass cutting regime, with Neighbourhood Services.

DECISION

AGREED:-

(a)        note the update on woodland extraction; and

(b)       that the Interim Estates Strategy Manager would contact Neighbourhood Services regarding:-

(i)         the planting options available to the Common Good at Bank Street Gardens; and

(ii)        the condition of Leebrae Park, including grass cutting and general disrepair.