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Table 2: Up-Front Multi-Year Funding
Program activity: Community Economic Planning,Development & Adjustment
Name of recipient: Primrose Lake Economic Development Corporation
Start date: March 30, 2007
End date: N/A
Description: Create a community-controlled trust fund for economic diversification
| Total Funding | Prior Years' Funding | Planned Funding 2009-10 |
Planned Funding 2010-11 |
Planned Funding 2011-12 |
|---|---|---|---|---|
| 15,000 | 15,000 | 0 | 0 | 0 |
Summary of annual plans of recipient: The focus of the Primrose Lake Economic Development Corporation (PLEDCO) in its first year of operation has been: (i) to establish its governance structure and (ii) to implement the elders program component of the PLEDCO agreement with the Saskatchewan government.
The performance expectations of the PLEDCO are to establish separate funds for income generated by the trust fund and to either re-invest the funds or disburse the funds towards economic development or economic infrastructure projects. On an annual basis, it is expected that approximately $600,000 - $1,000,000 in income will be generated by the trust fund. During the 2007/08 fiscal year, the Primrose Lake Economic Development Trust earned $157,143. Of this, $150,000 was used to cover operating costs. The remaining funds were allocated to the Canada Economic Development Account and the Canada Economic Infrastructure Account. Additional sources of revenues are being sought for the 2008/09 fiscal year. The Corporation expects to receive its first income disbursement in April 2009. Projects associated with oilsands, oil and gas, or forestry development could be anticipated in 2009-2010 and 2010-2011 although these projects have yet to be identified.
Planned evaluation(s): The performance of the PLEDCO is monitored on a regular basis by WD. An evaluation by the recipient is anticipated in 2011-2012.
Planned audit(s): The audited financial statements were received in 2008, consistent with the agreement between Canada and the PLEDCO. There are no audits planned at this time.
URL of recipient site: None available