Municipal and Domain Endowment Funds

Closed 12 Sep 2016

Opened 30 Aug 2016

Contact

Nicolas Wells

Strategic Property Unit Manager

07 9585857

Overview

Municipal and Domain Endowment Funds

The Council is changing the Municipal and Domain Endowment Funds Policy to enable these funds to be applied to a broader range of “municipal purposes” including consideration of wider public benefits which are consistent with the Council’s strategic plans.

Why your views matter

The Municipal and Domain Endowment Funds Policy will allow the funds to be managed by Hamilton Properties Limited – a Council Controlled Trading Organisation (CCTO).  The assets of the funds (approximately $52 million) and the decision-making authority will also be transferred to Hamilton Properties Limited.

The Policy sets out the Council’s principles for the endowment funds.  They are:

  1. The capital must be preserved to comply with the common law principles of endowment
  2. Endowment Funds must be used for municipal and domain purposes
  3. Investment must aim to increase returns from the Endowment Funds and must return a dividend to Council that is equivalent to the average cost of Council’s debt over the first three-year period of each 10-Year Plan.

These principles must be met by the Hamilton Properties Limited and will be included in Hamilton Properties Limited’s Statement of Intent and the contract between Hamilton Properties Limited and Council.
 

NOTE:
1:  Please be aware when providing personal information that all submissions are part of the public consultation process and as such may be reproduced and included in Council public documents such as Council agendas and minutes. These documents are available on Councils website.
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