Canowindra’s Community Bank committee has expressed disappointment at a decision by Cabonne Shire Council to turn down a request to fund a survey into the viability of establishing a community bank in the town.
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Bank committee chair Cheryl Newsom said the committee was quite disappointed when it learnt of the decision.
Cabonne’s Director of Finance and Corporate Services Luke Taberner told councillors at Cabonne’s monthly meeting the survey would cost council nearly $15,000 and funding it would require funds to be re-directed.
“It is not the usual practice for Council to fund these type of surveys and agreeing to the request could create a precedent,” Mr Taberner told Council.
Ms Newsom said the committee would be meeting again on Tuesday to discuss their next steps which will include every household in Canowindra receiving a survey in a letterbox drop during late January or early February despite Cabonne decision not to provide its support.
Councillors were told the cost of the survey will be $14,970 with $8470 spent on consultancy fees for undertaking the survey, $3500 on printing, postage and travel $3000 on survey promotion.
Canowindra Community Bank steering committee member Geoff Yeo, in a letter to Cabonne, said engaging a consultant to conduct the survey is the next step.
“This is a critical stage in the process – we need to be confident of the branch’s prospects before we call on the community to invest their capital in the business,” Mr Yeo said.
The survey, Mr Yeo said, would ensure there is a strong business case for a viable community bank in Canowindra.
“We have made excellent program so far,” he said, “with $780,000 of confirmed pledges from the community and around $12 million of real banking business on the books.”
The steering committee for the branch has set targets of $800,000 and $20 million.
The steering committee has made a similar request for funding from the NSW state government.
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