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Falekaupule Trust Fund Distribution
Sun 20 of Nov, 2005 [20:46 UTC] (23 reads)

The Board of Directors of the Falekaupule Trust Fund is pleased to announce a distribution from the fund to Falekaupule of $1.909 million for the financial year ended 30 September 2005. The funds from the distribution will be available to Falekaupule for 2006. The distribution is the first for four years and exceeds the only other distribution from the Fund of $0.813 million made in 2001.

During the 2004/05 financial year the value of the fund increased by a total of A$2.79 million or 13.7%. Since December 2004, the Fund has adopted an almost identical structure to that of the Tuvalu Trust Fund and is expected to move in line with it in the future.

The available distribution will be allocated to Falekaupule in accordance with the Distribution Formula as agreed by the October 2005 Leaders Summit, once amendments to the Trust Deed are approved by Parliament.

The distribution from the Fund may be used to support island development projects and community activities as provided for in the Trust Deed.

The Leaders Summit agreed to the establishment of a Reserve Account to act as a form of stabilisation account for future years. Detailed operating arrangements of the Reserve Account are currently under consideration by the Board.

 

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