Comment 44300

By A Smith (anonymous) | Posted July 29, 2010 at 01:09:32

Ancopa >> Except the future fund isn't from the tax levy.

This is from...

http://www.thespec.com/article/809391

"The city raised the $137 million by asking Hamilton Hydro to borrow against its assets. That loan is being repaid by hydro users through their bills...

The other $37 million was set aside to be spent between 2002 and 2007 on high-priority projects such as restoring the Art Gallery of Hamilton, rebuilding Hughson Street downtown, contributing to the Dieppe Memorial on the Beach Strip and helping Hamilton Food Share."

...

As you can see, this future fund money is over-taxation, it's just hidden in our hydro bills. It's already failing in it's original purpose, which was...

"to preserve and manage a permanent, self-sustaining fund as a lasting legacy for current and future generations of Hamiltonians to enjoy economic prosperity, enhanced social fabric, and enhanced community life."

This is because...

"According to the city's finance staff, the actual balance at the end of 2009 was $63 million and the projected balance is $49 million at the end of 2010.

By 2013 and 2014, approved commitments, such as the 2015 Pan Am Games, will bring the balance down to about $20 million."

...

So much for self sustaining. The City has already wasted $37M on an art gallery that still requires tax subsidies to exist, a war memorial that should have been financed through voluntary donations (most soldiers volunteered to fight), a fixing of Hughson St that has produced nothing in economic benefits and a forced donation to the food bank.

If the City really feels that this Future Fund is doing good work, why not allow people to donate voluntarily? Send the Future Fund money back to the people and let them decide how many assets it should have to build. If the city isn't willing to do this, it tells me that they don't have very little confidence in their ideas.

That's likely why they sneak the money through our water bills, rather than having the class to ask if we want to share in their vision.

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