Woodstock Council will be making an $800,000 withdrawal from the Woodstock Hydro Legacy Fund Investment Income.
WOODSTOCK - Woodstock City Council has approved an $800,000 withdrawal out of the Woodstock Hydro Legacy Fund.
In November of 2015 Council passed a bylaw to approve the investment policy for the Woodstock Hydro Legacy Fund. That policy states council may only spend the investment income earned on the fund. The $800,000 withdrawal will come from the investment income.
The money will be split up 50/50: $400,000 will be going to the 2017 capital program while the other $400,000 will go to the 2017 Revenue Fund Budget.
Acting Mayor Connie Lauder says this money will be put to good use.
"I think that's really great for a community, so that we can use that money to help defray some of the costs of capital and revenue budgets so that's all good news as far as I'm concerned."
The money is set to be officially withdrawn on December 15th 2016.