Noticably absent from Friday’s Future Fund Board of Governors meeting is the proposal Scott Park high school project. On Thursday, Council voted in favour on a motion from Ward 4 Councillor Sam Merulla to use $7.55-million from the Hamilton Future Fund “A” to help fund the $17-million City contribution if Council votes to partner with the public school board to build a community, recreation, and seniors’ centre attached to the high school.
In May, the Future Fund voted against funding the new high school project.
The Future Fund Board is only an advisory body and Council can override their advice.
Current Fund Balance
The vision for the Future Fund was to retain $100-million of the dividend from Hamilton Hydro’s sale and use the interest to fund community initiatives.
This year, Future Fund A is forecast to drop to $22.5-million this year after Council – over the objections of the Future Fund Board – used the endowment for projects such as the stadium and McMaster Health Campus. Last year, then-General Manager of Finance Rob Rossini told Council that Future Fund A could drop as low as $10.2-million in 2014.
Future Fund ‘B’, the envelop for community investiments, was down to $4,675,261 on December 31.
The Future Fund Board, after much debate, voted to use the money in Future Fund ‘B’ to issue grants to community groups this year.
Today, those groups will make their pitches to the Board.
- Hamilton Naturalist Club – Land’s Inlet Nature Project – $24,110
- Bay Area Restoration Council– Hamilton Harbour Interactive Explorer Map – $40,000
- Village Theatre Waterdown Inc. -Technical Equipment Renewal Project – $41,574
- Glanbrook Home Support Programme Inc– Medical Equipment Loan Program – $133,216
- The Mustard Seed Co-operative Grocery Inc. – The Mustard Seed Co-op – $200,000
- Hamilton Centre for Civic Inclusion – Hamilton Youth Inclusion Program – $229,000
- Hamilton Waterfront Trust – Addition to Pier 8, 57 Discovery Drive -$250,500
- Good Shepherd Centre Hamilton– Venture Centre- $310,000
- Hamilton Executive Directors’ Aboriginal Coalition – Odrohekta “The Gathering Place”- $381,140
- St. Joseph’s Villa – New Resident Home Area – $600,000
- The Salvation Army Lawson Ministries Hamilton – Renovation of 333 King Street East – $735,000
- The Hamilton Toy Museum -The Hamilton Toy Museum – $1,117,000