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Post by shadow on Mar 6, 2017 10:22:18 GMT
As members are aware the Development Fund is ring fenced in accordance with Resolution 1 passed at the 2008 AGM :-
AGM 2008 23/10/2008
Resolution 1
THAT: The Development Fund funds are to be used for the sole purpose of procuring, development and building of ground and stadium, to be used by the club, and that those funds are not to be used for any other purpose (apart from expenses incurred in the administration of the fund) without the prior consent of members using clause 55 of the rules.
For - 92% Against - 8%
Supporters have so far raised a significant amount within the DF this season towards the further development of the ground. The current total stands at £72,392.
This should go a long way towards the capital input required if the PTC bid is successful and assuming it hasn't been spent on operational areas such as salaries. It should therefore be sat in the DF bank account less minimal expenses such as holiday voucher prizes.
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Post by fcum on Mar 6, 2017 12:56:56 GMT
How would you justify allocating the development fund balance to the PTC capital contribution rather than any of our upcoming other ground related commitments? If the council loan and the loan stock all related to the building of the ground then is there an argument the development fund could be used to meet these some of these commitments? I know the 'plan' was to generate trading surpluses to repay the borrowing but the (non-matchday) income and overall expenditure projections (without the notion of PTC funding) have proved to be rather ambitious.
Additionally, presumably we still need to negotiate with the council whether the main stand has to be completed in the short term so there may be a lot of competing priorities for the cash in the development fund.
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Post by shadow on Mar 6, 2017 14:07:33 GMT
I agree, a lot of competition for the funds such as the Main Stand, SMRE, handrails, tarmac surfacing etc.
However, it would be a struggle to fit "servicing of loans" in the very precisely worded DF resolution above. At least the Board will be able to decide how to allocate the approximate net figure of £70,000 to any of those projects around the ground. They must be content with the wording of the resolution as a change to it wasn't included in any of the MV's or resolutions from them for the General Meeting.
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Post by merchant on Mar 6, 2017 16:46:01 GMT
Someone's definitely laying the ground work for something here. Something about to break about salaries and possible misuse of the DF fund?
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Post by mufcum on Mar 6, 2017 16:46:43 GMT
I'm probably going to get shot down again but here goes. Why is there only £18,500 in the DF if we've raised £70,000 this season in it?
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