Hamilton Future Fund Board of Governors for September 6, 2013

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.

2013 Grants

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.