The Oregon legislature passed the budget bill that would skim money from many of the state’s non-general fund assets in order to try and balance the budget. Bob Hicks has an excellent recap here.
It’s one of the bone-headed decisions that will haunt us for years to come. Why? Well, when Oregon Symphony president Elaine Calder was asked why the orchestra’s endowment couldn’t be raided to balance our budget, she pointed out that that money was given for very specific purposes by the donors, and if the orchestra were to play footsy with that money [my term], then the orchestra would lose the trust of its donors, and it would make raising money in future endowment fund drives a very difficult proposition indeed.
So who will give money to the OCT now? I’ll think long and hard before I do. It’s a great idea, but perhaps it should be taken private so the state can keep its mitts off of this desperately needed funding source.
And yes, Senator Mararet Carter, I am one of those “whiners”. And damn proud of it, too.