KALAMAZOO, MI (WKZO AM/FM) — Kalamazoo’s Foundation for Excellence has taken a hit on the stock market along with the rest of the nation, and it may mean the city won’t get enough from the foundation to finance “aspirational” projects next year.
These projects include summer youth programs, affordable housing incentives, home repairs for seniors and lead abatement for kids, shared prosperity initiatives, and other programs.
Just last week, commissioners approved part of the spending for this summer’s program, and commissioner Chris Preadel says it’s one of the budget items he is proudest of.
“You do the math. You know, in terms of R.O.I. investment in our young people, there is no bigger investment we can make for the success in our future than investing in our young people,” said Preadel
Commissioners say 3400 kids were kept busy and out of trouble last summer thanks to the programs. They went onto say also that aspirational funding also promotes economic vitality, fixes sidewalks and upgrades parks and neighborhoods.
As they consider using ARPA dollars to fund some of the programs with leftover covid relief funding, commissioners are remaining hopeful that the stock market will rebound.
They say either way there would still be money from the Foundation to fund lower property tax rates for homeowners along with some money for aspirational projects, but less than the $15.4-million they plan to spend this year.
reporting from John McNeill
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