Residents of Porthleven will be asked to pay an extra £10,000 in their combined council tax bills next year – but not before they are given more detail in how the money will be spent and why.

This was a condition of Porthleven Town Council when members agreed to allocate £10,000 of its budget next year and in future budgets to fund the continued upkeep of the Bickford-Smith Institute.

It is at the request of the working party responsible for the overseeing major repairs on the institute and clock tower, with the group also looking at the future use of the iconic building that Porthleven is recognised all over the world.

Councillors heard in a letter from the working party that setting aside £10,000 to the project each year would show the backing of the council and help attract further grant funding.

The letter read: “It is estimated the building will require at least £25,000 per year to build a pot of money to enable work to carry out.

“The £10,000 may not be used each year, but it will build up and enable work to be carried out when it is needed. Without a contribution we will not be successful in funding.”

Members were told by town clerk Corrie Thomson that provided the government did not put a cap on the town council precept increase – the amount of money it receives from the overall council tax collected by Cornwall Council – it would be possible to include this amount in the budget.

The remaining £15,000 of the estimated yearly cost of repairs would come from the future use of the building, whether that was as a holiday let or other business.

Councillor Alan Jorgensen said: “If successful, that should ensure the future of the institute.”

He calculated it as an extra £6.50 per household every year.

Councillor Mike Toy agreed: “That’s the problem – there’s been no pot of gold to do the maintenance.”

However, while fellow member Mark Adair said he understood the reasons for the budget allocation “completely,” he added: “I think needs to become more important to define what the use of the building will be. If people are asked to pay more, they’re going to say, ‘What is it going to be for?’

“We’re asking people to pay money for what is really an unknown. The Bickford-Smith Institute [Working Party] do need to come public on what’s happening.”

Members stated that a condition of their agreeing to the budget allocation was that more information needed to be available for April 2019 – the start of the financial year when the new budget would come into force.