By John Boivin
Higher power revenues have turned into a windfall for the people of Southeastern BC.
The Columbia Basin Trust says it was able to pump millions of dollars more into the regional economy last year because of new power agreements and the expansion of one of the dams on the system.
The CBT says it distributed “a milestone” $31 million in benefits to local communities and groups last year, on revenues of $48 million. The year before, it provided $22 million on revenues of $29 million.
The Columbia Basin Trust was created the mid-1990s to ensure residents of the region saw some benefit from the hydro dams that were built in the area decades before. It was started with an initial investment from the province of $295 million – $45 million of that was allocated as an endowment for economic and social development.
The trust supports a wide range of activities in the basin area, in activities as diverse as agriculture, the arts, to developing local Internet access and other business. The goal is to build social, economic and environmental well-being in the region.
Officials say the payoff will likely continue.
“We expect significant growth again this year, providing a solid financial foundation to do more to support communities and residents to address priorities that collectively, help this region thrive,” said CBT CEO Neil Muth.
Detail’s of the Trust’s performance last year can be found here.