This just in from Citizens at City Hall (CATCH):
City Council is gutting the Future Fund to patch the gaps in this year's budget, caused mainly by capital needs for the solid waste management master plan and the Red Hill Valley project.
The Fund was created in 2002 by mortgaging Hamilton Hydro for $137 million. $37 million was applied immediately to city projects and the rest was left to accumulate interest - another $37 million every five years - to fund future projects.
Hydro customers are on the hook for paying back that $137 million mortgage, under the presumption that the Fund would be used "to create and protect a permanent legacy for current and future generations of Hamiltonians."
Some legacy. Ciy Council has voted to clear out the fund over the next seven years, squandering the principal and abandoning the principle.
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