Decision details

Consider options, agree preferred approach and approve recommendations for any associated revenue and capital investment.

Matter for Decision

The report discussed the proposed approach to further support and promote the services offered by Credit Unions in Cambridge.

 

Decisions of Executive Councillor for Finance and Resources

 

     i.        Agreed the two stage approach outlined in section 3.9a and 3.9b of the Officer’s report.

    ii.        Noted the allocation of funding from the Shared Prosperity Fund to meet the costs outlined in paragraph 4a of the Officer’s report.  For the capital element of the project a full business case would be developed and presented to the Capital Programme Board for approval, delivery and inclusion on the Capital Plan.  

 

Reason for the Decision

As set out in the Officer’s report.

 

Any Alternative Options Considered and Rejected

Not applicable.

 

Scrutiny Considerations

 

The Committee received a report from the Head of Communities, Arts and Recreation.

 

The Committee made the following comments in response to the report:

     i.        Welcomed the project and expressed the hope that the project worked well.

    ii.        Questioned whether there were any problems in recruiting volunteers.

   iii.        Questioned how the Council’s progress with the scheme would be measured.

  iv.        Questioned whether there could be a pop up shop for the Credit Union service.

 

In response to Members’ questions the Head of Communities, Arts and Recreation said the following:

     i.        The Council was currently working with the Cambridge Council for Voluntary Service (CCVS) to recruit volunteers to assist with the project.  The back stop position would be to employ people.

    ii.        There was a target for 2000 new savers over a 3 year period. The Council would promote Credit Unions as a bank for everyone.   

   iii.        Confirmed that the Social Inclusion Officer would provide a pop up shop style service for the credit union. 

 

In response to Members’ questions the Executive Councillor said the following:

    i.          Peterborough had 1000 people sign up to a credit union.

  ii.          Emphasized that credit unions provided a useful purpose.

 iii.          Described a jam jar account, which may be useful for some savers following the introduction of universal credit. In a ‘jam jar’ account, once money is paid into the account money gets siphoned off to pay for what the individual needs.

iv.          Credit Unions provide a very basic service which people take for granted.  

 

The Committee unanimously resolved to endorse the recommendations.

 

The Executive Councillor approved the recommendation.

 

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted):

 

Not applicable.