City moves legacy funds
Five City of Kamloops legacy reserve funds are now being managed by the Kamloops Foundation instead of the city itself.
Because the city must operate under the Community Charter, it’s not allowed to make certain kinds of investments that would be open to the Kamloops Foundation, assistant finance director Doug Stewart said.
Because the foundation can take more risks, it can improve return on the city’s funds.
The legacy reserves transfered to the foundation are: The Canada Games Legacy, the Sports Legacy, the 2006 BC Summer Games Legacy, the Arts Legacy and the Art Gallery Reserve. All but the latter are used to fund annual granting programs, while interest in the gallery reserve helps fund operations at the Kamloops Art Gallery.
The balance of the five funds is just over $1.5 million combined.