Community Foundation Requests Establishment of Special Fund

Wednesday, February 15, 2006 07:06 PM

The Prince George Community Foundation is calling on City Council to set aside $100 thousand dollars a year for five years for a {Pince George endowment fund to benefit all residents. The request also asks for $25,000 a year for five years for administrative support.

Community Foundation President Les Waldie says he is not suggesting the funds come from taxation ""We are suggesting funds could come from gaming revenue or from Terasen, and every dollar set aside by the City would be matched by funds raised from another source."

Waldie reminded Council the funds received from donors are invested and it is the earnings that are returned to the community, so the principle is never touched.

Councilor Don Zurowski said this kind of item doesn't belong in the budget process and he wants it deferred to Administration to see what kind of options can be developed to have this item linked with Terasen Gas funds, or gaming. "It doesn't belong in the budget process because it doesn't involve tax dollars, nor does it have an urgency" says Zurowski. His Council colleagues agree and the matter is being sent to Administration to see what funding streams can be used.

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