Whereas the Island Coastal Economic Trust will initiate its dissolution in 2023, and local governments, and First Nations across the Vancouver Island, Sunshine Coast, and surrounding rural, islands, and inlet communities face immeasurable economic challenges with a need for locally accountable, self-determined finance: Therefore be it resolved that UBCM formally request the provincial government make a generational investment in the renewal and transformation of Island Coastal Economic Trust into a permanent, Environmental, Social and Governance ESG focused, First Nations- and local government-led, fund focused on building sustainable, resilient communities for generations to come.
Ministry of Jobs, Economic Development and Innovation Government acknowledges the Provincially funded support that the Island Coastal Economic Trust ICET has delivered to the island and coastal region, as well as the relationships built over time and the impact of the organization within communities. The Province also understands and appreciates the importance of local voices in the shaping of regional economic decision-making and project funding. The Ministry of Jobs, Economic Development and Innovation JEDI is aware of the projected wind-down of the Trust and is in discussions with ICET regarding its request for further funding. ICET submitted a business case to JEDI on September 22, 2022 to accompany the request for recapitalization. The Ministry is currently in the process of reviewing the proposal.