Friday February 28th 2025
Written by Local Democracy Reporter, Paul Kelly
A funding body set up to benefit the people of Peebles is to seek a loan of £190k from Scottish Borders Council.
Peebles Common Good Fund is currently forecast to be overspent by around £200k at the end of this month.
The fund essentially acts as a charitable fund for the “common good” of the local population in overseeing land, buildings, and investments to financially benefit residents.
When members of the fund’s sub-committee met on Wednesday it was agreed that the local authority be asked to provide the Common Good fund with a £190,000 loan to be repaid with interest over a seven year period.
Members were told that factors outwith the fund’s control had resulted in the deficit, including the costs of supporting tenants during the pandemic, rising energy costs, building maintenance costs, covering costs at Jedderfield Farm, installation of lighting at Victoria Park and reduced income from the Corn Exchange building.
The cost-savings also mean there will be a six-month freeze on giving out discretionary grants. But members agreed to continue support for Peebles Men’s Shed, Tweeddale Youth Action and the town’s golf club.
It also emerged that the fund, as part of a decision made at full council last week, will now be able to introduce fees for the use of Common Good properties and land, including sports pitches, which will raise additional income.
Councillor Robin Tatler, independent for Tweeddale East, said: “We have got a deficit and it would be very easy for us to look at that deficit and say, well we could just take that out of the money that we invest, because we have got a large lump of money, why don’t we do that?
“Well, the reason that we don’t do that is that we need to protect our assets for the future.
“There has been a fair bit of discussion about who owns the Common Good, well we don’t own the Common Good.
“We are the custodians of the Common Good, we look after it for the next generation and this loan will protect those assets and it will put the Common Good on a stable footing for the future.”
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