May 22, 2012 - Six Nations Of The Grand River

GENERAL FINANCE MINUTES
MAY 22, 2012
PAGE 2
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(2) DECLARATION OF CONFLICTS OF INTEREST
No conflicts were declared
(3) DELEGATIONS
Community Development Trust Fund - Board of Trustees (Tom Darnay, Tammy Martin, Jill Hill
and Barb Harris and Rosemary Smith) were in attendance to present their annual audit and
discuss outstanding issues. The following items were noted and/or discussed:
No concerns were noted by the auditors
Revenue = $643,083 and expenditures = $940,652
Page 14 itemizes projects from last year = $755,629
Note 3 outlines specific details of investments (bonds, equities and international stocks)
New this year: format will now show fair market value of investments
Council questioned why Trust not giving out more funds to the community
Agreement states that the Trust Fund must hold on to a $10M cushion of interest from
investments. This can be changed after January 2014.
o The trustee want to consider all projects that are submitted and ensure there is
enough funding for any possible large projects
o Once investment amounts are realized more funding will be made available to the
community
Council suggested that trustees change process and consider “for profit”
Suggestion was made to add more deadlines than just June 30 th
Trust Fund will not be funding Council projects for this cycle only. They are hoping to
fund other projects that would normally score lower than Council projects as these
projects usually get scored high
If the Trust Fund were to receive additional funding they would provide more to the
community and possibly have more than 1 deadline.
GC#377/05/22/2012
Moved by Darryl Hill and seconded by Carl Hill that Six Nations Elected Council accept the
2010/11 Audited Financial Statements for Six Nations Community Development Trust as
information.
ALL IN FAVOUR
CARRIED
A document containing the parked questions and answers from a previous meeting between
Council and CDTF held on January 21, 2012 was distributed for review. The following items
were noted and/or discussed:
Councillors should not be trustees only observers
Appeal process should not include any trustees as this is a conflict, should be a third party
GC#378/05/22/2012
Moved by Wray Maracle and seconded by Carl Hill that Six Nations Elected Council accept as
information, the Community Development Trust document titled “Responses to Parked
Questions from Council Meeting January 21, 2012”.
ALL IN FAVOUR
CARRIED