Issue - meetings

Members considered the report detailing the current position of investment transaction for the period – 9 June 2012 to 20 November 2012.

Decision:

Members agreed to note the report and statement and noted the balance of income available at 28 November 2012.

Members reviewed the statement and noted the balance of income available until the end of the financial year. 

Discussion ensued between Members in regards to the use of the £20,000.00 which has been placed on deposit following the repayment of the historical loan to Argyll and Bute Council.

Motion:

1)      That over the next 3 years, where there is a shortfall in annual income available for the Common Good Fund to distribute, the capital may be drawn and distributed as funding for key events and festivals which bring economic benefits to the area.

2)      That the funds available may be used as a limited ‘smoothing fund’ in the following circumstances: Where the Common Good Fund does not have sufficient funding available at a given application round to meet all the intended awards it may decide, in exceptional circumstances, to advance funding from the Deposit Account so that the awards may be paid in full, without delay. This is only to be agreed on the basis that the sum of any advanced funds must be repaid in full at the next application round to the deposit account.

Moved by Councillor Donald Kelly, seconded by Councillor John Semple.

Decision:

The Motion was carried by 2 votes to 1 and the Committee resolved accordingly.

It was agreed by all parties to note that Councillor Colville’s dissent lay with part (1) of the Motion, but that he was in agreement  with part (2).

It was agreed that a Minute of Agreement should be drafted as to the use of the monies held within the Deposit Account and that this should be held alongside the Terms of Reference for the Campbeltown Common Good Fund.  It was also noted that no report from the Head of Strategic Finance (as per Minute of 23 December) was now required.

Members reviewed the statement and noted the balance of imcome available until the end of the financial year.