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Tobacco Settlement Endowment

In January, 2000, the Board of Supervisors approved the creation of a Tobacco Settlement Endowment Fund, in order to set aside a portion of Tobacco Settlement revenue for the future. The Board approved placing 20% of Tobacco Settlement revenues in the Endowment Fund, beginning with the Year 2000 payments, and continuing for a period of 12 years. The principal and interest of the endowment will not be used during this 12 year period.

As of June 2002, the balance of the Tobacco Settlement Endowment Fund is approximately $2,811,000. The balance of the Endowment Fund is projected to be approximately $3,955,000 at the close of June 2003.

 

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Page last updated September 25, 2002 .
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