The Leader introduced the report of the Managing Director (previously circulated) seeking approval to allocate resources from the Futures Fund to further assist the Darlington Credit Union in its work to improve the financial wellbeing of the community.
RESOLVED – (a) That a one-off payment of £50,000 be made to the Darlington Credit Union in return for a deferred shareholding to strengthen capital balances.
(b) That the Managing
Director, in consultation with the Cabinet Member for Housing,
Health and Partnerships, be given delegated power to draw up a
funding agreement to secure the objectives and protect the
interests of the Council.
REASONS – (a) Cabinet is a signatory to the goals of One Darlington, Perfectly Placed, as a statement of intent to narrow inequalities and protect the most vulnerable in our community.
(b) The financial hardship faced by many people in Darlington is rising and there was public support for the Council in taking steps to alleviate the problems households face. ?????