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Senior Center Endowment Interest Income extended by two years

(Riverton, Wyo.) - The City of Riverton and the Board of the Riverton Senior Citizens and Community Center have come to an agreement on extending the life of the center's endowment income. While the corpus of the endowment of $880,000 will remain untouched, the agreement reached between the parties will ensure that interest income from the endowment will last at least two more years. After that, the center will have to find other funding sources for its operation and maintenance. Councilor Holly Jibben led the negotiations with the Senior Center and reported Tuesday that the city will be direct billed for the center's electric and natural gas usage, while the city will not charge the center for water, sewer and santitation charges. That will save the Center $30,000 per year for the next two years. There is only $65,000 left in interest income from the endowment, as the center has been using those funds for operational expenses. "This change will be effective June 1st," Jibben said. "We will address the entire endowment fund again in January of 2017 as the agreement can only be changed in odd number years." #county10 #news