Harbour Solutions Project

Halifax Community Liaison Committee Meeting Tuesday, June 26 , 2007

George Dixon Community Recreation Centre

Present:

Craig Walkington, Anne Perry, Alvena Cain, Owida Downey, Delaine Clyne, Clark Cromwell, and Shazza Laframboise

Absent:

Bryan Darrell and Kristian Curran

Guests:

Mark van de Wiel, Greater Halifax Partnership (GHP)

Call to Order - The meeting was called to order at 6:03 pm.

Review of Notes from Previous Meeting(s):

a.	Meeting of 19 June 2007. Moved - Shazza / Seconded - Clark - Carried

Review of CIF Board Selection Sub-Committee Activities. Craig advised that all applicants had been contacted by phone on 22 June. Craig said that the applicants had also been sent letters. The applicants were advised in the letter that the first CIF Board meeting would be held on 10 July 2007.

Entrenching the CLC Vision in the CIF Board Mandate. The CLC members briefly reviewed the draft Memorandum of Association (MOA) and there was discussion regarding the number of terms that a CIF Board member could serve. It was agreed that Mark and Craig would contact a detailed review of the draft MOA.

CIF Board - Greater Halifax Partnership Memorandum of Understanding. Mark said that there is a need to prepare and approve a Memorandum of Understanding (MOU) between the new CIF Board and the Greater Halifax Partnership. This MOU will outline such areas as CIF Board oversight, GHP support, and reporting. This MOU will be presented to the CIF Board for review and approval.

Aspotogan Heritage Trust. Mark spoke about his discussions with Kathy Gamache, Executive Director of the Aspotogan Heritage Trust (AHT). This trust has similar objectives as the new CIF Board. Mark said that the AHT has taken a number of steps to secure the future of their capital and see that it gains a decent level of returns. The following are some of the measures taken by the AHT:

	Their board controls the management decisions of the capital
	There are no public members of the society
	They have created a separate legal entity which holds the capital. This is a partial protection for the capital against legal action, which is most likely to be against the 'operations' entity, Aspotogan Heritage Trust, the entity in public view
	They have created a legally binding agreement called a 'declaration of trust' which limits any future board's ability to get access to more than 15% of the capital fund. This is to strike a balance between protection for the long term and flexibility to take on projects
	Operations cash is withdrawn from the capital fund (and from this entity holding the fund) quarterly based on a 3 year rolling average rate of return. They try to budget so that only the returns are withdrawn for operations, the other half remains in the capital fund for growth
	This 'declaration of trust' also limits the boards ability to borrow funds against the capital (security)
	The capital fund is managed by an investment firm in Halifax and they achieve an average rate of return between 8 and 9 percent. The investment firm meets with the board quarterly to discuss performance and required investment decisions such as re-balancing

With regard to communications, the AHT is very open and transparent. They attend all functions they support and try to attend most general community functions as well. They mail out newsletters to everyone in their geographic area, which include financial statements. These newsletters are also sent to public places for passers-by to pick up. They hold a public gathering every year, which is a social event, but where more information about the AHT is openly displayed and available to all.

This information regarding the AHT will be presented to the new CIF Board for consideration in setting up the governance structure.

Other Issues:

a.	CIF Board Retreat - Clark suggested that the new CIF Board hold a retreat to brainstorm the governance structure and ideas for using the $1million. He suggested that the CLC members be allowed to attend the meeting. Mark and Craig said they would investigate how this retreat could be funded.
b.	CLC Final Report - Craig asked Delaine if she would update the CLC Interim Report so that it can be tabled and approved as the final report of the Halifax CLC. Delaine said that she would prepare the report.
c.	Transfer of $1million CIF Fund - Owida asked when the $1million would be transferred to the new CIF Board. Mark and Craig said that there are a number of requirements (governance structure) that must be satisfied before HRM would transfer the funds. Craig said that he would determine exactly what the requirements are and report at the next meeting.

Next Meeting Date –6:00pm, Tuesday, 10 July 2007 in the Multipurpose Room at the George Dixon Centre.

The meeting adjourned at 6:53pm.

Return to Halifax CLC 2007 Meeting Minutes Page