The funds have their origins in the 11th century, when the first burghs were established by royal charters that granted them certain lands, rights and privileges.

The income of a Common Good Fund is required to be used for the benefit of the inhabitants of the burgh to which they belong.

[1] The Community Empowerment (Scotland) Act 2015 required all councils to establish and maintain a register of property which is held by the authority as part of the common good.

It was created as a result of Robert the Bruce granting the city's Great Charter in 1319, after they sheltered him during his days of outlaw.

As a result of the finances generated from the forest, the Common Good Fund was created to benefit the people of the city.