Committee reviews $190,000 Garston Trust appropriation for parks administered by Public Works
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Summary
Ordinance 25-086 would appropriate $190,000 from the Garston Trust to the Department of Public Works for parks purposes. Councilman Sheldon said the trust principal is about $3,675,000 and the county routinely appropriates interest earnings to parks; no committee vote was recorded on the ordinance at the meeting.
The New Castle County Council Finance Committee on June 24 heard Ordinance 25-086, a proposal to appropriate $190,000 from the Garston Trust for administration by the Department of Public Works.
"For the all 20 some years that I've been here, they've always put it in here so we get the interest off of the account, which I'm amazed it's up to $3,675,000," Councilman Sheldon said while introducing the item, explaining that the county routinely uses trust interest to fund parks as the trust's purpose directs. He said the appropriation for the year is $190,000.
Councilman Street joked that the county could invest the approximately $3,000,000 corpus in the stock market to increase returns; the comment drew a light response from colleagues. Committee staff reported there was no public comment online or in the chamber. The transcript does not show a committee vote on Ordinance 25-086 at the June 24 meeting.
If adopted, the ordinance would direct the Department of Public Works to administer the $190,000 appropriation from the Garston Trust for parks-related purposes, consistent with the trust's terms and county financial procedures.
