Gun Rights

Act now to keep Legacy Fund strong What is a “legacy”? Merriam-Webster defines it as “something transmitted by or received from an ancestor or predecessor.” The citizens of Fort Wayne have such a transmission from those who have come before us in the form of the Legacy Fund, which is being rapidly depleted. If we do not act quickly, this will no longer be a legacy for future generations but a memory. In the last city election, many current elected officials campaigned on the promise to “protect” the corpus of the Legacy Fund and ensure its viability for many years to come. As the first chair of the Legacy Joint Funding Committee, we sat down to determine what kind of corpus would be necessary to ensure the long-term viability of the fund. In 2016, we agreed (not binding on either the mayor or City Council) that $30 million was the approximate figure. At the end of this year, the fund (from inception) will be projected to have generated more than $75 million in revenue. Spending has been approved at a little more than $53 million. This leads to a projected cash balance at the end of this year of slightly less than $22 million. This is far from the $30 million we talked about needing for perpetuation just a few years ago. And with less than 10 years remaining in funding from Indiana Michigan Power, the opportunity to grow the fund is decreasing. We need to act now. If […]

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