Richmond’s finance committee approved a spending limits policy for its new, $3 million “Council Community Initiatives” account, at the suggestion of finance director Jerry Chong.
Council may not spend more than half of the money in one year. Each year two per cent of casino revenues (about $400,000 at the current pace) will go to the account, which may fund community programs or one-time events.
The cap is a policy only and can be changed by council at any time.
