Agenda item

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

There had been circulated copies of a report by the Acting Chief Financial Officer which provided details of income and expenditure for the Selkirk Common Good Fund for the year 2022/23 including balance sheet values as at 31 March 2023, a full year projected out-turn for 2023/24 and projected balance sheet values as at 31 March 2024. Appendix 1 to the report provided the actual income and expenditure position for 2022/23. That showed a projected surplus of £46,456 for the year, which was better than the previously reported surplus on 13 February 2023 because of an increase in income due to the payment from Scottish Water for temporary occupation at South Common Farm. The projected balance sheet value as at 31 March 2023 was provided in Appendix 2 to the report, which showed a projected decrease in reserves of £124,750.  A breakdown of the property portfolio showing actual rental income and projected net return for 2022/23 was provided in Appendix 3a, and a breakdown of the property portfolio showing actual property expenditure for 2022/23 was provided in Appendix 3b. A breakdown of the property portfolio showing projected property valuations at 31 March 2023 was provided in Appendix 4 to the report.  Appendix 5 showed to the value of the Aegon Asset Management Investment Fund to 31 December 2023.  The Acting Chief Financial Officer, Mrs Suzy Douglas, presented the report and highlighted that a budget of £20,650 had been set for grants, of which £16,845 had been paid out.  Mrs Douglas confirmed that the revaluation charge was not a cash transaction and represented an accounting adjustment.  In response to a question regarding whether the income from South Common related to Scottish Water would be received annually, the Solicitor explained that some land had been sold and the Estates Surveyor explained that the money had been received by the Common Good due to Common Good owned land being occupied whilst works were carried out.  In response to a question regarding the lack of listed values for movable assets, Mrs Douglas undertook to investigate whether it would be possible to have items valued and those values included in the accounts. Members highlighted that it was important to know the value of the assets in case of insurance claims.  In response to a question regarding fluctuations to predicted values, especially of farms, Mrs Douglas undertook to investigate the presentation of the accounts and provide an update via email. 

DECISION

(a)          AGREED:-

(i)            the projected income and expenditure for 2023/24 in Appendix 1 to the report as the revised budget for 2023/24, subject to the Acting Chief Financial Officer providing an explanation of the presentation of the figures; and

(ii)          that the Acting Chief Financial Officer and Solicitor would explore the valuation and insurance of moveable assets.

(b)       NOTED:-

(i)         the actual income and expenditure for 2022/23 in Appendix 1 to the report;

(ii)        the projected balance sheet value as at 31 March 2023 in Appendix 2 to the report; and

(iii)       the summary of the property portfolio in Appendices 3a, 3b and 4; and

(iv)       the current position of the Aegon Asset Management Investment Fund in Appendix 5 to the report