Agenda and minutes

Minute of 14 February 2018 to be approved (copy attached).

There had been circulated copies of the Minute of 14 February 2018.

DECISION

APPROVED the Minute for signature by the Chairman.

Consider report by Chief Financial Officer (copy attached).

2.1       There had been circulated copies of a report by the Chief Financial Officer providing the details of income and expenditure for the Selkirk Common Good Fund for the year 2017/18 including balance sheet values as at 31 March 2018 and proposed budget for 2018/19. Senior Finance Officer, John Yallop, highlighted the main points of the report and appendices.  Appendix I to the report, provided detail on income and expenditure for the 2017/18 which showed a surplus of £24,688. Additional dividend income and lower than anticipated property expenditure was off-set by costs associated with the investment fund transfer to Kames Capital and lower than anticipated rental income, resulting in variance of £1,292 to the surplus of £25,982 reported at the 14 February 2018 meeting. Appendix 2 provided a projected Balance Sheet as at 31 March 2018.  It showed a decrease in the reserves of £40,787.  An addition amounting to £20,392 had been made to the fixed assets in the year to 31 March 2018, representing the work carried out replacing stone pillars at Selkirk Victoria Hall. A breakdown of the property portfolio and details of the annual rental income by individual property was shown in Appendix 3 to the report.  Actual rental income received was £13,065 lower than anticipated due to a lease termination by Electricity Network Solutions at Smedheugh Farm and agreed short term rent reductions at 26 and 28 Market Place.  With regard to non-property related income, dividends from Newton until the point of disinvestment amounting to £4,367 were included as well as the first monthly dividend from Kames Capital amounting to £730.  Mr Yallop went on to give an update on the current position with regard to the Kames Capital PLC Investment as detailed in Appendix 4 to the report. The disinvestment from the Newton Fund and opening of the Kames Capital account was at a time of market volatility resulting in a negative impact on the market value of the Newton Fund and a realised loss on investment of £3,062.  Unfortunately, due to the increase in market volatility which started in February, the value of the Kames Fund fell by 0.3% as at 31 March 2018, resulting in an unrealised loss at this time of £588. 

2.2    Mr Yallop referred to the projected budget figures for 2018/19 and drew attention to certain elements, referring to the projected surplus for the financial year 2018/19 of £29,133.  With regard to non-property related income he explained that the projected budget for 2018/19 included a full year estimate of the Kames dividend amounting to £11,568, reflecting the fact that Kames had historically generated, and also targeted dividend income in the region of 5% of total investment. This return had been reflected in the monthly dividends received in the first two months of the new financial year. In accordance with the agreed Scottish Borders Council budget for 2018/19 there would be no grant from the Council to offset the Central Support Charge to Common Good Funds. Members discussed the budget for  ...  view the full minutes text for item 2.

Consider verbal update by Estates Surveyor.

The Chairman welcomed to the meeting Estates Surveyor Annabelle Scott, who in future would be responsible for property matters relating to Selkirk Common Good. With reference to paragraph 3 of the Minute of 28 November 2017, the Estates Strategy Surveyor, Norrie Curtis, gave a verbal update. He advised that the fencing work at Linglie Farm had been completed.  With regard to work required at the Green Hut, the adjacent property owners had been contacted regarding access to the hut for maintenance work.  The Property Officer was obtaining quotes to replace guttering and the encroaching trees would be cut back in the Autumn.  Ms Scott was progressing discussions with the tenant of South Common and Scottish Water regarding the proposal by Scottish Water to build a new water storage facility on Selkirk Hill and, as Scottish Water wished to start the work in November 2018, she expected to be able to bring a report to the next meeting.  The Chairman asked her to also enquire about the intention of Scottish Water in relation to their two existing structures which would be redundant once the new storage facility was in place.  Ms Scott would also be pursuing quotes for electrical wiring at Smedheugh Farm and be looking at other required building repairs at Smedheugh to which attention had been drawn.

DECISION

NOTED the update.

Consider application from Selkirk Silver Band (copy of application and accounts attached).

There had been circulated copies of an application for financial assistance on behalf of Selkirk Silver Band.  The application gave details of activities with which the band was involved, including the many events and functions surrounding Selkirk Common Riding, Lauder Common Riding, Musselburgh Fancy Dress Parade, Selkirk 7s, Scott’s Selkirk and entertainment around Selkirk on New Year’s Day.  At the recent Scottish Brass Band Championships in Perth the band gained promotion into the 2^nd section and had been invited to compete in the National Brass Band Championships in Cheltenham in September.  In addition to representing Selkirk, the band was the only representative at the finals from the Borders.  The total estimated cost for the band to compete at the finals was £7,300. A grant of approximately £1,500 was requested towards that cost. The Chairman congratulated the band on its success and in the discussion that followed the application received unanimous support from Members.

            DECISION

            AGREED to grant £1,500 to Selkirk Silver Band towards the cost of competing at the National Brass Band Championships in September.

That under Section 50A(4) of the Local Government (Scotland) Act 1973 the public be excluded from the meeting for the following item of business on the grounds that it involves the likely disclosure of exempt information as defined in the relevant Paragraphs  of Part 1 of Schedule 7A to the aforementioned Act.”

                   DECISION

AGREED under Section 50A(4) of the Local Government (Scotland) Act 1973 to exclude the public from the meeting during consideration of the business detailed in the Appendix to this Minute on the grounds that it involved the likely disclosure of exempt information as defined in Paragraph 6 of Part I of Schedule 7A to the Act.

SUMMARY OF PRIVATE BUSINESS

Private Minute of 14 February 2018 to be approved.

The private section of the Minute of 14 February 2018 was approved.

Under Section 50B(4)(b) of the Local Government (Scotland) Act 1973, the Chairman was of the opinion that the items dealt with in the following paragraphs should be considered at the meeting as a matter of urgency, in view of the need to make an early decision.

7.1       PROPERTY

            Councillor Penman raised a matter relating to a project to refurbish the lantern on the outer wall of the Town Hall.

Note: The meeting returned to public business

7.2       PROPERTY

            It was agreed that the railings outside the Victoria Hall needed repainting, with the suggestion these should be painted the dark blue shade used in other parts of the town.

            AGREED that the Estates Surveyor obtain quotes for repainting the railings at the Victoria Hall.