Colusa Mayor Greg Ponciano, at the council’s June 18 regular meeting, appointed Councilmen Tom Reische and Josh Hill to serve on the committee.
“I am- hoping between finance (director) and the ad hoc, we can come up with sort of a strategy for the cannabis funds moving down the road to get the most bang for the buck,” Ponciano said.
Because the cannabis fund is restricted revenue, the use of the money the city has made off of developer agreements with cannabis manufacturing companies would need to go to the City Council for action before they are spent.
According to Finance Director Toni Benson, the projected cannabis fund balance by June 2020 is approximately $506,000.
Colusa has several cannabis businesses operating in the city, and several more in development, officials said, including plans for potential multi-function cannabis campus on East Clay Street.
Manufacturing companies are currently under construction at the Colusa Industrial Park and Bridge Street.
Ponciano said he anticipates the cannabis industry to continue to provide the city with needed revenue, as other economic opportunities have failed to materialize. ■