[ELECTRON] Risk to the (Glasgow) Common Good Fund 1.30pm Wednesday 24th Feb Glasgow City Chambers

[Bob]

1.30pm Wednesday 24th Feb Glasgow City Chambers

Next Wednesday 24th Feb, you could pop in and listen to the Finance and
Audit Scrutiny committee where Councilor Nina Baker will be putting a
detailed paper with some amendments to how the CGF assets are managed and
how the budget is spent. It starts at 13.30. Anyone can attend.

"The current risk to the CGF assets comes not so much from C&SG but far
more from the new ALEO, City Property (Glasgow) LLP, to which the
council will be transferring the rights to the income from hundreds of
income-generating properties in exchange for £120m."



Finance and Audit Scrutiny Committee - Wednesday 24 February, 2010 13:30
Get full document here: http://tinyurl.com/ybflvrb

Excerpt:

2. Use of Common Good Fund
2.1 The Common Good is the ancient patrimony of the former burghs with
additions whic have taken place from time to time. The most concise
statement of the administration of the Common Good Fund is contained in a
judgement by Lord Kyllachy – “The Common Good is corporate property and
falls as such to be administered by the Council – and applied by them for
the benefit of the community in such manner as, and using reasonable
judgement as, they think proper”. It is an indispensable qualification
of any object to which the Common Good can be legally applied that it
should be one in which the general public of Glasgow City Council, as
distinct from the general public of any other locality, is interested.


2.2 Currently the Common Good Fund primarily meets the cost of civic
ceremonies and hospitality. However the funds could reasonably be applied
to a wide range of uses as long as they meet the criteria outlined in 2.1.
The budget has been prepared on the basis of use in 2009-10 however
comments are invited on its use in 2010-11

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