A councillor has claimed eight common good funds are being deprived of thousands of pounds by a delay to an investment strategy.
Gavin Logan, who is part of the council’s Common Good Investment Working Group (CGIWG), said his former Conservative colleague Carolyn Riddell-Carre successfully proposed a motion to track down better interest returns in 2009.
Mr Logan added: “There has been a great deal of work done but as yet the CGIWG has not had an opportunity to consider using the strategy. Over the last three and a half years I have brought the subject up in the council and privately, and have only told that progress is being made.
“I do not consider these delays acceptable. If you take a dividend yield of three and a half per cent, this is costing Peebles Common Good Fund up to £1,000 a month, or over £10,000 a year.
“It should be noted that funds in other towns such as Galashiels, Selkirk and Hawick, are similarly being neglected.
“It also should be noted that if inflation is taken into account the purchasing power of the funds will have fallen.”
Responding at the council’s full meeting last week, SBC leader David Parker said he was puzzled by Mr Logan’s comments. He noted the Tweeddale member is part of a review panel set up by the CGIWG to identify the best investment fund from a shortlist currently being drawn up by external adviser AON Hewitt.
Mr Parker said: “There was always going to be significant amount of work that needed to be done but you (Councillor Logan) agreed the process. It seems churlish for you to complain today.”
The leader added: “It is understood the shortlist is nearing completion and is expected by the end of this month.”
Mr Logan’s comments echo those of former SBC leader Drew Tulley last year, who said the authority should “hang its heads in shame” over the lack of process.