Agenda and minutes

CHAIRMAN

1.         In the absence of Councillor Weatherston the meeting was chaired by Councillor Mountford.

Minute of Meeting of 7 December 2016 to be agreed and signed.   (Copy attached.)

MINUTE

1.            There had been circulated copies of the Minute of the Kelso Common Good Fund Sub-Committee held on 7 December 2016. 

DECISION

AGREED to note the Minutes for signature by the Chairman.

UPDATE – PINNACLEHILL WOODLANDS

2.         With reference to paragraph 4 of the Minute of 7 December 2016, it was reported that    

     the work had yet to be undertaken.

DECISION

NOTED.

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

1.            There had been circulated copies of a report by the Chief Financial Officer which provided the income and expenditure for the Kelso Common Good for 9 months to 31 December 2016 and full year projected out-turn for 2016/17 and projected balance sheet values as at 31 March 2017.    Appendix I provided the projected income and expenditure for 2016/17 which showed a deficit of £3,368 for 2016/17.  Appendix 2 provided the projected balance sheet value to 31 March 2016 and projected a decrease in reserves of £45,868.  Appendix 3 provided a breakdown of the property portfolio showing projected depreciation charges.  Appendix 4 showed the value of the Newton Fund to 31 December 2016.  Members expressed concern about the Newton Fund performance over Quarters 3 and 4 in 2016.  The Capital and Investments Manager explained that the Newton Fund was being monitored very closely and there would be a visit to the Newton Offices in March 2017 to ascertain what their plan would be moving forward.

            DECISION

(a)   NOTED:-

(i)            the projected Balance Sheet value to 31 March 2017 in Appendix 2 of the report;

(ii)          the summary of the property portfolio in Appendix 3 of the report; and

(iii)         the current position of the investment in the Newton Fund in Appendix 4 of the report.

(b)   AGREED the projected Income and Expenditure for 2016/17 contained in Appendix I to the report.

            The meeting closed at 5.50 p.m.