Wednesday, November 13, 2013

Markets Take a Bite Out of KMTS Prosperity Trust Fund

Tough financial markets are having an impact on the KMTS Prosperity Trust Fund.

The most recent financial report from the city shows the trust has earned just 1.26 percent so far this year.

The city says it needs to generate at least three percent to generate 1.1 million dollars, which is their annual target to reduce property taxes.

Councillor Rod McKay says its fortunate the city is making three percent on loans made for renovations at the Paterson Medical clinic and the Kenora Fire Hall.

Mayor Dave Canfield says the stock markets seem to be turning around and is optimistic they will see some improvements in their investments.