Agenda and minutes

Minute of meeting held on 13 December 2017 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of 13 December 2017.

DECISION

NOTED for signature by the Chairman.

Minute of Special meeting held on 2 February 2018 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the Special Meeting of 2 February 2018.

DECISION

NOTED for signature by the Chairman.

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

3.1       There had been circulated copies of the income and expenditure for the nine months to 31 December 2017, including the full year projected outturn for 2017/18 and projected balance sheet values as at 31 March 2018.  Ms Robb highlighted the main points of the report and appendices.Appendix 1 to the report provided the projected Income and Expenditure position for 2017/18, showing a projected surplus of £1,645 for the year.  Appendix 2 to the report detailed the projected Balance Sheet value as at 31 March 2018 and showed a projected decrease in the reserves of £9,848.  The breakdown of the property portfolio showing the actual rental income and property expenditure was shown in Appendix 3.  Appendix 4 provided details of investments externally managed in the Newton Fund and the value of the Fund to 31 December 2017.  The report explained that the projected outturn included an estimate for the interest receivable on cash deposited with Scottish Borders Council however, as the amount was dependent on interest rates and the average cash revenue balance invested over the full year, this would not show as an actual income until 31 March 2018.  It was also noted that the proposed budget was based on a distribution of 2.4% and that this would be subject to the overall performance of the Newton Fund.  With reference to property expenditure, costs to carry out external pointing at Lauderhill Farmhouse and for the replacement of kitchen doors and worktops at the property were estimated at £2,700.  No further property expenditure was anticipated and following discussion, it was agreed that the property costs budget be reduced to £5,000 from £10,000.  Members noted that the Balance Sheet showed a projected Cash Balance of £25,814 at 31 March 2018.

3.2       Ms Robb summarised the performance of the Newton Fund in the quarter to 31 December 2017, explaining that the return was 0.4% against a 1.1% benchmark figure and that for the second consecutive quarter, the 5 year annualised return was also below benchmark.  Ms Robb advised Members that following the procurement exercise undertaken by SBC in November 2017, Kames Capital had been appointed as the new Fund Manager for Common Good and Trust Funds investments.  The transfer of the full balance of investments from Newton to Kames had now been carried out and Members would receive further updated information in the next financial monitoring report.

DECISION

(a)     NOTED:-

          (i)      the projected balance sheet value as at 31 March 2018 in Appendix 2;

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

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

(b)     AGREED:-

          (i)      the projected income and expenditure for 2017/18 in Appendix 1; and

          (ii)     the Property Costs budget be reduced to £5,000 from £10,000.

Consider Application by Lauder in Bloom to carry out works at the Piggery Field.  (Copy attached).

There had been circulated a copy of an Application on behalf of Lauder in Bloom to plant trees and shrubs on both sides of the Lauder Burn for 70 metres at the Piggery Field.  The Borders Tree Planting Grant (BTPG) Application required agreement by the Landowner (Lauder Common Good) to enable the project to progress.  Following discussion, it was agreed that in principle, authorisation be granted to proceed with the work as detailed in the BTPG Application and that the form would be signed on behalf of Lauder Common Good Fund by the Estates Manager/Principal Solicitor.  Lauder in Bloom would be required to submit an Application for Financial Assistance in respect of any identified gap in funding and this would be considered by the Lauder Common Good Fund Sub-Committee in due course.

DECISION

AGREED that:-

(a)     in principle, authorisation be granted to Lauder in Bloom to proceed with the work as detailed in the Borders Tree Planting Grant Application; and

(b)     Lauder in Bloom would submit an Application for Financial Assistance in respect of any identified gap in funding and that this would be considered by the Lauder Common Good Fund Sub-Committee in due course.

Before proceeding with the private business, the following motion should be approved:-

"That under Section 50A(4) of the Local Government (Scotland) Act 1973 the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 6 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 contained in the following items on the ground that they involved the likely disclosure of exempt information as defined in paragraphs 6 and 8 of the part 1 of Schedule 7A to the Act.

SUMMARY OF PRIVATE BUSINESS

Private Section of Minute of Special meeting held on 2 February 2018 to be noted and signed by the Chairman. (Copy attached).

The Sub-Committee noted the Private Minute of the Special meeting of 2 February 2018.