Whithorn and Wigtown Common Good Fund Sub Committee Minutes

Date:
Thursday 25 September 2014
Time:
6:00pm
Place:
South Machars Community Centre

Attendance Details

Members:
Alistair Geddes (Chairman) - Mid Galloway
Jim McColm (Vice-Chairman) - Mid Galloway
Graham Nicol - Mid Galloway
Kirsty Currie - Community Council Representative
Officials:
Wilma McKeown - Area Committee Administrator Wigtown
Apologies:
William McCartney - Community Council Representative
Nic Walker - Community Council Representative
John Wilson - Community Council Representative
Item Number Item/Description Action
PUBLIC
1 SEDERUNT AND APOLOGIES

3 Members and 1 Community Council Representative Present.

 
2 DECLARATIONS OF INTEREST

NONE declared.

 
3 WHITHORN COMMON GOOD FUND - MONITORING TO 31 AUGUST 2014 - REPORT BY HEAD OF FINANCE.

Decision

 

NOTED

3.1     that receipts and expenditure to date were in line with the forecast outturn;

3.2     that a grant of £500 had been paid; and

3.3     the forecast suggested that further grants totalling £1,192 could be made.

 
4 WIGTOWN COMMON GOOD FUND - MONITORING TO 31 AUGUST 2014 - REPORT BY HEAD OF FINANCE.

Decision

 

NOTED

4.1     that receipts and expenditure to date were in line with the forecast outturn;

4.2     that no grants had been paid; and

4.3     the forecast suggested that further grants totalling £46 could be made.

 
5 INVESTMENT REPORT - REPORT BY HEAD OF FINANCE.

Decision

 

NOTED

5.1     Members' concern that they had taken this decision regarding investment at their meeting held on 26 September 2013 but that this decision had not been implemented at that time:

AGREED

5.2     to hold an early meeting of this Sub-Committee and request that the Head of Finance or his representative should attend to explain how decisions of this Sub-Committee are actioned.

5.3     the investment proposal and funds should be invested as follows:

 

5.3.1     Whithorn Common Good Fund - £18,000 to Aldermore Bank and £20,000 to be reinvested in another UK Bank other than the Royal Bank of Scotland; and

5.3.2     Wigtown Common Good Fund - £5,000 to Aldermore Bank and £4,500 to be reinvested in another UK Bank other than the Royal Bank of Scotland;

 

5.4     that all funds would be invested for a period of 2 years in the first instance and all money laundering documentation required should be finalised at the next meeting.

Finance Officer - Stephen, Head of Finance

6 ANY OTHER BUSINESS DEEMED URGENT BY THE CHAIRMAN DUE TO THE NEED FOR A DECISION

NOTED that there was no business deemed urgent by the Chairman due to the need for a decision.

 

Action Details

ItemDetail
5 Action by Head of Finance - The required information will be provided for submission for the appropriate Committee.

Action by Finance Officer - Stephen - Report made to Wigtownshire Area Committee on 5 November.
Insufficient capital and poor interest rates offered by all banks means that changing banks will achieve only a very small incraese in income