Wasco County Eyes Endowment to Manage SIP Funds
Wasco County in Oregon is considering establishing an endowment and resiliency fund to manage its one-time cash infusions from large businesses, including Google's Strategic Investment Program (SIP) funds.
The county has received $15 million in project fund balances, tax abatement revenue, SIP funds, and investment earnings over the past few years, ranking at the top of its revenue sources. To build interest, the county proposes to secure these funds into a long-term investment portfolio set aside for 15 years with no disbursements.
After July 1, 2041, the county can appropriate up to 75% of interest earnings into its budget for capital improvements, economic development projects, matching grants, and loans. At least 25% must be put toward the fund's principal to combat inflation.