Wasco County Considers Creating Endowment from Google Payments Revenue

The Wasco County Commission in Oregon will hold a public hearing to discuss creating an endowment that would set aside up to $15 million from Google Payments revenue. The fund, known as the Wasco County Community Endowment and Resiliency Fund, would be used for future county work starting in 2041.

According to the proposal, the initial $15 million would come from the County Project Fund. Future revenues from Strategic Investment Program agreements, tax-abatement agreements, and other one-time revenues designated by commissioners would also be deposited into the fund. The initial fund could not be spent until July 1, 2041.

County officials estimate that the fund could eventually produce between $2.5 million and $4.5 million annually in usable earnings after maturity. They pointed to future infrastructure needs as one reason to build a long-term financial reserve, citing an estimated $8 million local match needed for $71.9 million in critical bridge repairs.

However, some residents have raised concerns about the proposal. Tygh Valley resident and Wasco County Commission Position 1 candidate Lisa Gambee argues that the ordinance understates the amount of future money that would ultimately become restricted. She proposes splitting future revenues between a long-term fund and a separate Special Investment Fund that could pay for bridges, community infrastructure, and economic-development needs before the endowment matures.

The county also seeks funding to replace four aging underground fuel tanks operated by Wasco County Public Works. The tanks are more than 30 years old and create an increasing risk of leaking or seepage.