On 11 June Hawick Common Good Sub Committee reviewed the financial outturn of 2024/25 and considered the budget for 2025/26, along with the forecast income and expenditure for future years.
Due to significant investments in the Common Good assets and substantial grant payments, the fund has fewer resources available than in previous years. To ensure the fund expenditure does not exceed its income, the committee has agreed to set the total grant budget at £25,000 for the next three financial years. Additionally, grant approvals will be limited to a maximum of £3,000 to manage the budget effectively.
During the meeting, grants totalling £9,758 were approved for four organisations, leaving a balance of £15,242 available for grants to be issued up to the end of March 2028.
It is anticipated that the grant budget will return to approximately £35,000 per annum at that time.
The Trustees will continue to monitor the financial position of the Fund and should the overall position change, these decisions will be revisited.