Whithorn and Wigtown Common Good Fund Sub Committee Minutes

Date:
Thursday 26 April 2018
Time:
6:30pm
Place:
South Machars Community Centre

Attendance Details

Members:
Graham Nicol (Chairman)-Mid Galloway and Wigtown West
Katie Hagmann-Mid Galloway and Wigtown West
Jim McColm-Mid Galloway and Wigtown West
William McCartney-Community Council Representative
Officials:
Graeme McKie - Ward Officer
Apologies:
David Inglis - Mid Galloway and Wigtown West
John Wilson - Community Council Representative
Item Number Item/Description Action
PUBLIC
1 SEDERUNT AND APOLOGIES

3 Members and 1 Community Representative present.

 
2 DECLARATIONS OF INTEREST

NONE declared.

 
3 WHITHORN AND WIGTOWN COMMON GOOD FUNDS - FORECAST OUTTURN 2017/18, FINANCIAL PLAN 2018/19 AND INVESTMENT UPDATE - REPORT BY DIRECTOR COMMUNITIES.

Decision

 

NOTED

3.1     that Whithorn Common Good Fund currently had a capital balance of £38,000 invested as detailed in paragraph 3.9 of the report;

3.2     the Forecast Outturn 2017/18 and the Financial Plan 2018/19 for Whithorn Common Good Fund as detailed in Appendix 1 to the report;

3.3     the free funds of the Whithorn Common Good Fund were £3,119 as detailed in paragraph 3.10 of the report;

3.4     that the estimated free income available for disbursement in financial year 2018/19 for the Whithorn Common Good Fund was £1,610 as detailed in paragraph 3.10 of the report;

3.5     that Wigtown Common Good Fund currently had a capital balance of £9,000 invested as detailed at paragraph 3.10 of the report;

3.6     the Forecast Outturn 2017/18 and the Financial Plan 2018/19 for Wigtown Common Good Fund as detailed in Appendix 2 to the report;

3.7     the free funds of the Wigtown Common Good Fund were £10,756 as detailed in paragraph 3.13 of the report;

3.8     that the estimated free income available for disbursement in financial year 2018/19 for the Wigtown Common Good Fund was £200 as detailed in paragraph 3.13 of the report;

3.9     AGREED to request further information from Finance on the previous investment of £12,000 with Scottish Widows from the Wigtown Common Good Fund including investment return;
3.10    DEFERRED the option to seek external advice on investment options for Whithorn and Wigtown Common Good Funds for further information to be provided by Finance on the current investments for Common Good Funds across Dumfries and Galloway, including information on the return from investments, fees and cost of external advice;

3.11    REQUESTED that an additional meeting of Whithorn and Wigtown Common Good Funds Sub Committee be held to consider the investment options and that this should take place as soon as practical; and

3.12    FURTHER REQUESTED that a Finance Officer attends and that the additional meeting of Whithorn and Wigtown Common Good Funds Sub Committee be held at 2pm in Wigtown County Buildings to allow this to happen.

Head of Finance and Procurement, , Committee Administrator - Wigtown
4 ANY OTHER BUSINESS DEEMED URGENT BY THE CHAIRMAN DUE TO THE NEED FOR A DECISION

Decision

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