Healthy returns on Inverness Common Good Fund (08/02/13)

Members of The Highland Council’s City of Inverness Area Committee have been advised that Inverness Common Good Fund is performing well, despite the challenging economic climate.

The Fund is valued at £32,700,000.  Over the past year the property held by the Fund, valued at £21,472,000, has generated interest of £2 million.  Shares valued at £8,850,000 have paid record dividends of £230,000. This income has helped the Fund invest in major projects and assist local groups and charities.

Recent beneficiaries have been the Archie Foundation, which was awarded £150,000 towards their target of £1 million for a children’s ward at Raigmore Hospital.  £150,000 was granted to the next phase of Inshes District Park and £95,000 towards a new skate park at the Bught Park

£1 million has been earmarked for the Streetscape works associated with the River Ness Flood Scheme, in particular streetscape works.

In April, reports will be presented to the Committee to discuss a major refurbishment of the Town House and to present options for the future of a Common Good Fund property at 1-5 Church Street.

Councillor Ian Brown, Leader of The Highland Council’s City of Inverness Area Committee said:  “The Inverness Common Good Fund is a hugely important economic driver for the city and Inverness area.  Thanks to prudent management of the Fund we have assets of £32.7 million with excellent returns on our property and shares portfolios, which we re-invest on local projects and grants to local groups and charities.”

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