Agenda Item Title:
A RESOLUTION ESTABLISHING A NON-PROFIT ENDOWMENT FUNDED FROM THE CITY’S VISION ACCOUNT.
Origination Group:
City Council
Origination Meeting Date:
12/16/2024
Staff Contact:
Joel Landeen
Agenda Item Summary:
On April 1st of this year, the Mayor presented the City Council with a five-year plan for allocating the funds in the City’s Vision Account from 2025 through 2029. The City Council approved a resolution adopting the proposed five-year plan on November 18th of this year. The plan did not identify any specific projects to be funded through the Vision Account and contemplated that additional resolutions would be brought forward to specify how the money allocated to the various areas in the plan would be spent. As part of the plan adopted on November 18th $3,000,000 was allocated to help fund a non-profit endowment. The attached resolution creates an endowment fund to benefit non-profit organizations in the City and authorizes the City to issue a request for proposals in order to solicit organizations that would be interested in partnering with the City to help administer the endowment fund. Once a partner organization has been identified, the City will enter into an agreement with them for management of the fund. As part of this process a board will also be established to help fund-raise and oversee the management of the fund. It is anticipated the board will be formed sometime after the organization is selected to manage the fund so that organization will be able to have input into the details of the board’s composition and duties.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
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Recommendations:
Origination Recommendation Action:
Approve