Shetland's oil money for dummies type explanation required here.
The Charitable Trust we kinda know about, its been through the press enough lately that's its skeletons have mostly all be well rattled. Its (theoretically at least) a self-sufficient (supposed to be) stand alone fund, entirely seperate from the SIC, run by a bunch of unevictable unmentionables.
The Reserve Fund is very much another type of beast though in my understanding. Correct me where I go wrong here, as I surely will, but is it or isn't it still a wholly SIC thing? Likewise, is or isn't the 'Reserve Fund' the same thing as the 'SIC's Reserves'? My understanding is that the Reserve Fund is SIC run, but that would seem at odds with it being a charity, or would it. So???? My understanding also is that the 'SIC's Reserves' is a wholly different bank account to the 'Reserve Fund'. and is most definitely wholly SIC controlled. Yes/no?
Pretty much. The Councils Reserves are entirely separate from the Charitable Trusts funds and is controlled directly by the SIC. Currently the return we receive from investing this money is used to fund services (in effect "topping up" the funding shortage from Holyrood).
So, just to be 100% clear on this. The pot of money officially known as 'The Reserve Fund' and last heard of being worth somewhere in the regions of £200 - £220+ Million, which, I understand was created from the operating profits from Sullom Voe, is the same thing as 'the Council's reserves'.
Apologies for perhaps appearing to labour the point, but the media, either don't know or don't care to make clear whether or not they are talking about one pot of money or two, when they variously refer to the 'Reserve Fund' and 'Council reserves'. Leaving us who probably should have been paying more attention sooner, unclear on just what money exists, and what name is painted on the piggy bank its in..
Edited by Ghostrider, 04 November 2017 - 04:18 PM.