The Christchurch Foundation will be receiving less Christchurch City Council funding moving forward.
The Council has a legal obligation under a Support Agreement signed in December 2018 to pay the Christchurch Foundation up to $600,000 a year, through until 30 June 2023.
However, following the findings of an independent review, the Council asked the Foundation earlier this year to find more external funding so that it could reduce its reliance on ratepayer funding.
The Foundation has succeeded in securing more third party funding, which will enable the Council to reduce its funding support by as much as $650,000 over the next two years.
“It is pleasing to see the Foundation become less reliant on the Council as we approach the end of the Support Agreement,’’ says Councillor Sam MacDonald, Deputy Chair of the Council’s Finance and Performance Committee.
“With the Council finances under immense pressure, it is great we have been able to bank a saving on behalf of ratepayers, without limiting the ability of the Foundation’s future operations.’’
The Christchurch Foundation was set up in 2017 to actively collect, manage and distribute funds for a wide range of activities and projects that provide betterment for Christchurch.