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Decision Maker: Executive Councillor for Transformation
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
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.
Publication date: 14/01/2016
Date of decision: 12/10/2015