Wasco County is People - Not a Hedge Fund

Scott Hege said, “If we spent the $15 million today, the $15 million would be gone.” That is false. Investing money in Wasco County communities does not make money disappear. Investing money in our awesome county makes money grow. It makes Wasco County stronger. Spending money on Wasco County today helps our towns, neighborhoods, & farms thrive now & in the future. A dollar invested in Wasco County public schools today could save the county over $10; a dollar invested in Wasco County public health today could save about $14, (Pew.org 07/08/2025). Investing money in Wasco County communities today both adds to our quality of life now and is a great return on investment in the future. It’s a win win!
‘Endowment concept’, ‘investment earnings’, ‘long-term investment portfolio’, ‘renewable endowment’, 'draw down model', ‘percent of interest earnings’, ‘utilize theoretically infinitely’ ‘magic is compound interest’, ‘forever money’...sounds like someone has a gambling problem.
Sounds like if the 15 year ‘theoretically infinite’, magical gamble doesn’t pay off, Wasco County will be screwed.
Now, we are finally getting the millions we loaned (via tax breaks) Google (a $4 trillion corp.) only to see it be funneled into a bank’s investment portfolio for another 15 years? What are we even doing here, folks? Is Wasco County just a vehicle for money to flow between Google, banks & their ‘long-term investment portfolios’? (By the way, does that investment portfolio include AI data centers?) I confess, I could be completely off base. I am open to a no nonsense explanation as to why the $15 million should grow in a bank & not in our county. Wasco County commissioners appear to want to rush this decision. Why? Surely, a ‘once in a lifetime’ endowment is worth a few months of community engagement before a decision is made.
Wasco County was sold out to the water sucking & utility poaching eyesore that is Six Google Data Centers. The $15 million payment is a great opportunity to help right a wrong. We deserve better than the ‘magic’ of a theoretical return in the year 2041.
Wasco County is people - not a hedge fund.

-Suzanne Steffen, Mosier, Ore.

Editor’s Note - Google currently has 5 data center sites in The Dalles. Two are not currently operational but will be in years to come.

The endowment County Commissioners are considering would remain under local control, with county officials and citizens providing oversight and direction to Wasco County Finance Director Mike Middleton and the county's investment process. During August’s discussion, county officials said Wasco County already has an investment committee and works with financial professionals to manage public investments.

One of the primary tools available to Oregon local governments is the Oregon Local Government Investment Pool, or LGIP, which allows counties, cities, school districts and other eligible public entities to pool money in the Oregon Short Term Fund managed by the Oregon State Treasury. About 1,000 local governments participate. The state says its investment priorities, in order, are preservation of principal, liquidity and yield. The fund invests primarily in high-quality, short-term fixed-income securities and is not invested in the stock market.

The LGIP is currently paying 4% interest, according to the Oregon State Treasury, although the rate changes with market conditions. The rate was as high as 5.3% in July 2024 before gradually declining to its current level.