The Hamilton Future Fund from the beginning

                        Dedication of the Dieppe Veterans' Memorial Park and Cairn - 2003

Chronology of the utilization of the Hamilton Future Fund 

          March 19, 2002

• Based on recommendations from the Community Trust Panel, City Council endorses the establishment of a separate and permanent community trust fund (the Hamilton Future Fund) to be used to focus on key areas of investment in the city.
• Council approves a split-fund model, protecting $100,000,000, as a legacy and $37,000.000 to be strategically invested over five years. The report recommends a list of projects totaling $37,024,000 for funding from the Hamilton Future Fund (HFF). These projects include:
  - Urban Development Bank
  - Downtown Street Revitalization Programs
  - Business Tax Reductions 2002-2003
  - Airport Lands Servicing
  - Career Development Resource Centre
  - City Housing 
  - Housing Hamilton Innovations Fund
  - Opportunity Fund
  - Art Gallery of Hamilton 2002-2004
  - Dieppe Memorial Park
  - Scenic Waterfall Program
  - Heritage Curatorial Centre
  - McMaster Biotechnology Incubator
  - Giant’s Rib Discovery Centre
  - YWCA 2002-2004
  - Skateboard Park
  - Powerline Trail
  - Waterfront Trail Extension
• May 27, 2003
• Council utilizes $2,500,000 of the HFF for claw-back reductions.
  
  July 9, 2003
• Council directs staff to prepare a report addressing the requirement of organizations receiving funds from the HFF, to provide a status of the funds, and to submit an accounting of how those monies are spent and the resulting benefits to the relevant organizations at the completion of the project.
  
  October 29, 2003 
• Council and the Board of Governors approve the funding of $50,000 as a one-time contribution from the HFF for the Hamilton Physician Recruitment Program.
  
  March 26, 2004
• Council allocates $4,000,000 annual interest revenue generated from the HFF, to fund the Business Tax Reduction Program.
• Council directs staff to prepare a report for Council and the HFF Board of Governors detailing Hamilton Future Fund Reserve funding options and capital budget impacts with regards to the City’s Capital Affordability Deficit for 2005-2007.
  
  April 7, 2004
• Council directs staff to report on financial options/alternatives available to assist a Creative Arts funding request, and to include in the report funds in the HFF that have not yet been allocated.
  
  April 14, 2004
• Council approves funding for the re-instatement of the Hamilton Homemakers and Nurses Services Program.
  
  April 21, 2004
• Council approves the utilization of $1,500,000 of the HFF to reduce business taxes by lowering tax claw-backs
  
  April 1, 2005
• Council borrows $15,236,000 from the HFF reserve to fund Waste capital projects in the 2004 City Budget.
• a total of $84,500,000 from the HFF reserve is earmarked as loans to the City over the next seven years, thus committing the HFF reserve to a total loan of $99,800,000.
• of the $84,500,000 from the HFF reserve, the amount of $37,453,000 is committed to the 2005 City of Hamilton Capital Budget Program.
  
  The amortization period for each loan-draw equals 15 years.  Interest on funds drawn to be compounded semi-annually with principle and interest paid at the end of each calendar year. For the calendar years 2005 and 2006, loan repayments are based on 50 percent of the principle on amounts drawn, and on 100 percent of the interest.
  
  Beginning in the calendar year of 2007, 100 percent of the required amortized principle and interest on amounts drawn to be paid at the end of each calendar year. The interest rate on the first draw to be 4 percent (which is 75 basis points below the City’s current 10-year debenture rate). For each subsequent HFF loan-draw the interest rate used to be 75 basis points below the City’s 15-year debenture rate at the time of draw.  
  
  April 26, 2005
• Council directs staff to explore viability that, in any crisis identified by a City department, funds be allocated from the HFF.
  
  March 21, 2005
• The Board of Governors recommends and Council approves the allocation of $60,000 from the HFF to the Trees Across Hamilton Project.
• The Board of Governors recommends and Council approves the allocation of $120,000 from the HFF for the Hamilton Cenotaph Restoration Project.
  
  May 17, 2005
• At Council’s request, the Board of Governors approves funding from the HFF in the amount of $35,000 towards a proposed marketing plan by the Industry Education Council to promote local education with respect to workforce development.
  
  November 15, 2005
• The Board of Governors recommends to Council that a funding request from the Art Gallery of Hamilton for $260,000 to cover a shortfall in their 2005 budget be allocated from the HFF.
  
  April 3, 2006
• The HFF Board of Governors recommends denying a request from the Art Gallery of Hamilton for an additional $260,000 from the Fund. Subsequently, Council approves the request.
• The Board of Governors recommends the allocation of $1,000,000 towards the City's Business Tax Reduction Plan.
  
  August 9, 2006