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Council hears plan to split broad "Investing in Hanover" fund and consider perpetual fund for proceeds
Summary
Treasurer Yelena Savick proposed dividing the broad Investing in Hanover reserve into specific strategic reserves and discussed creating a perpetual fund to use interest income (example: $500,000/year) to offset ongoing costs; council asked staff to bring a detailed plan.
During the reserves discussion Councilor Brandon Cable asked whether proceeds from a sale (referred to in the meeting as the "sale of Ontario") would affect the asset-management plan. Treasurer Yelena Savick said the figures are not finalized but described a perpetual-fund option: keep the principal intact and use interest to offset ongoing needs. "If we put it into a perpetual fund, get $500,000 a year, assuming we don't touch the principal, that 500,000 could be used to offset whatever asset management needs arise," she said.
Savick also explained her intent to split the broad "Investing in Hanover" reserve into more targeted categories—growth infrastructure, growth studies and strategic programs—so council can determine whether balances are sufficient for specific commitments, such as the West Grama boundary payment that currently flows through Investing in Hanover. She said staff will propose specific allocations and implementation details in the next council report.
Council expressed support for more granular tracking and clearer governance for external requests (for example, airport runway funding). Staff will return with policy details for any perpetual fund and proposed splits of the Investing in Hanover reserve.
