EUREKA- The headwaters fund is a source that has been funding important economic development projects in Humboldt County, but due to low returns on investments, they are now forced to scale back on future grants.
At Tuesday’s Board of Supervisors meeting the board approved 5-0 to go along with staff's recommendation to cut back on grant fund allocations for large infrastructure projects in the county.
Headwaters fund started nearly ten years ago with $18.4 million dollars and still has $17.4 million, but officials say they have loaned to the community $18 million and leveraged over $43 million dollars.
The organization will look into re-investing a portion of the headwaters fund outside of the county pool and they will also work closely with the county treasurer to develop an investment strategy.
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