The Fort Wayne City Council discussed just how much money the city’s Legacy Fund should keep on hand last night. Council President Russ Jehl says the discussion was spurred about due to the Legacy Fund Committee agreeing to $12.5-million in spending last week for Riverfront Development projects:

“The Legacy Committee requested further guidance on the matter. Also, the recent request for Riverfront funding will draw down the funding to the ‘corpus’ level.”

Several on the Council are in favor of preserving a “corpus”, or reserve, of $30-million in the fund to make sure future generations have a shot at it. The discussion centered on whether the corpus should be lower, or if it should even exist at all.

The Council agreed that while there’s no “magic number” to have, a limit should indeed exist, with a proposal made to form a committee to figure out just what the number should be.

No official action was taken.

You can find a link to the most current Legacy Fund statement here.