Agenda item

(Copy attached)

          There had been circulated copies of a report by the Chief Financial Officer setting out details of transactions on the Selkirk Common Good Fund for the 9 months to 31 December 2014 and projecting revenue income and expenditure for 2014/15 and balance sheet values at 31 March 2015.  The Corporate Finance Manager highlighted the main points of the report and answered Members’ questions.  Appendix 1 to the report provided a projected Income and Expenditure position, which showed a projected deficit of £11,497 for the year.  The projected Balance Sheet to 31 March 2015, Appendix 2 to the report, indicated a projected increase in the Capital Reserve of £327, arising from unrealised movement on the Newton Fund investment and a cash balance at this date of £52,046.  Further appendices to the report showed the current position of the investment in the Newton fund and a summary of the property portfolio.  The fixed assets shown on the Balance Sheet were due for revaluation from 1 April 2014.  The Council’s Estates Section was currently finalising these and the final year-end Balance Sheet would be adjusted to reflect these revaluations.  Members noted that income of £3,000 had been added in respect of anticipated payment from Selkirk Flood Protection Scheme in respect of loss of trees along the river bank downstream from Victoria Park.  The Capital Reserve was invested in the Newton Fund which was anticipated to fully return the projected annual budgeted income of £3,200.  With regard to grants and other donations the report indicated that a total of £5,250 had been paid during the financial year up to 31 December 2014 with £4,390 approved and not yet paid.  It was agreed that the circumstances be investigated around the grants approved but not yet taken up.  In response to further questions from Members the Corporate Finance Manager advised that a breakdown of costs could be provided annually with the out-turn report and that a report would also be forthcoming on a review of the Central Support Charge applied to the Common Good Funds.  It was noted that, in accordance with the management agreement, the annual grant to the Selkirk Hill Management Group was subject to the submission of a report and annual accounts.  Members asked for a formal visit to the hill to be organised and, following the group’s AGM in April, for an update report to be brought to the next meeting. 

          DECISION

(a)       AGREED:-

(i)              the projected out-turn in Appendix 1 to the report as the revised budget for 2014/15; 

(ii)               to investigate circumstances around grants approved but not yet paid;

(iii)      that the out-turn report include a breakdown of costs relating to property; and

(iv)      that a formal visit to Selkirk Hill be organised and that an update report  from the Selkirk Hill Management Group to be brought to the next meeting             

(b)       NOTED:-

(i)            the projected Balance Sheet, summary of property portfolio and current position of the investment in the Newton Fund as detailed in Appendices 2, 3 and 4 to the report; and

(ii)            that the results of a review being carried out on the Central Support Charge would be brought to a future meeting.