Agenda item

Consider report by Chief Financial Officer (copy attached).

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 9 months to 31 December 2015, full year projected out-turn for 2015/16 and projected balance sheet values to 31 March 2016.  Appendix I to the report provided detail of income and expenditure for the 2015/16 financial year.  With reference to paragraph 2 (c) (i) of the Minute of 1 December 2015, this showed a projected surplus of £15,131 for the year, a movement from the £3,669 deficit reported in December 2015 due to revised property cost projections. This projected net position for the year assumed full expenditure of the grants and donations budget of which £7,500 remained to be allocated. A projected Balance Sheet, shown in Appendix 2, indicated a projected decrease in the reserves of £61,227. Appendix 3 provided a breakdown of the property portfolio which showed actual Income and Expenditure to 31 December 2015.  With regard to the Newton Investment the report advised that there was a small but positive return in the Newton Fund of 1.3% for the quarter despite market volatility.  Appendix 4 showed the performance of the Newton Fund since inception.  In relation to Shawpark Road Development site, the Estates Surveyor reported that part of the site had been sold and Elected Members sought clarification of what the site consisted of, the legal position and whether SBHA were receiving a rental for the garages on the site.  There was considerable discussion about the Green Hut, what was stored within it, whether the costs contained in the budget were for repairs to the guttering or guttering replacements and the concrete ramp which had been costed, but not yet completed.  The income received in relation to the Green Hut property was a ‘notional’ income with no cash being received and should be off-set by a notional grant from the grants budget and that this should be reflected in the outturn report as the year end.  Councillor Davidson suggested that the Green Hut would be a suitable location if a bicycle recycling service was to be offered.  In view of the matters raised, it was agreed that a report on all aspects of the Green Hut be prepared by the Estates Surveyor and brought to the next meeting.      

DECISION

(a)          AGREED:-

(i)            the projected Income and Expenditure for 2015/16 detailed in Appendix 1 as the revised budget for 2015/16;

(ii)          that the Property Maintenance Officer ensure that the concrete ramp required for the Green Hut be completed by 31 March 2016 or an alternative  contractor would be sought;

(iii)         that the Estates Surveyor draw together a report on all aspects of the Green Hut for the next meeting;

(iv)         that a report on Shawpark Road Development site, in terms of what the site consisted of, the legal position and whether SBHA were receiving a rental for the garages on the site be prepared by the Estates Surveyor for the next meeting;

(v)          that as the income received in relation to the Green Hut property was a ‘notional’ income with no cash being received, this should be off-set by a notional grant from the grants budget and this be reflected in the outturn report at the year end; and

(vi)         that the grant application from Selkirk Lights Group , previously approved in October 2015 now be paid.

(b)          NOTED:-

(i)            the projected Balance Sheet value to 31 March 2016 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