Monday, September 14, 2015

Legacy Corporation Update part of Council Session for Monday night

Prince Rupert residents may learn a bit more on the latest developments of the City owned Legacy Corporation at this evenings City Council session.

With the City noting on its website that an update and public question period regarding Legacy has been provided for tonight,  as part of the Committee of the Whole portion of this evening's Council efforts.

The notice of the Legacy Corporation overview, was tucked away into the Agenda for the Committee of the Whole Session for this evening, posted to the City's website on Friday.

That notice outlines for the public that tonight's session will provide for the Annual Information Meeting related to Prince Rupert Legacy Incorporated.

The handling of business related
to the City owned Lot 444 on Tuck Inlet
is the main focus for Legacy
Corporation affairs
Along with an update on the Audited Financial Statements and Corporate Activities, there will be an opportunity for the public to offer comment, note concerns, or ask questions, that they many have about the work of Prince Rupert Legacy Inc.

The financial statement as of December 31st is included as part of the Agenda, that financial review delivered through the Statement of Income, shows that the Net Income for the nine months ending December 31st listed as $17,951,598.00.

With the majority of the expenses related to the operations of the Legacy Corporation along the lines of professional and office expenses, coming to a total of $56,760 for the year ending December 31, 2014.

For the most part, 2014 was the start up phase of the new Civic instrument, with the real activity related to the Legacy Corporation not taking place until this year.

Since the start of 2015, the City has been using funds from the Legacy Corporation to provide for a number of projects and programs related to anticipated major growth in the community. Included in those projects was the increase to the Mayor's salary approved by Council back in May of this year.

The City's background page related to the Legacy Corporation can be reviewed here.

However in recent months, there have not been much in the way of updates or other notes related to the activities of that Corporation provided to that page.

Our archives of items related to the City controlled Legacy corporation can be reviewed here.

For more items related to City Council discussions see our Council archive.

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