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3 • POSTED ON November 20, 2009 The City of Ottawa announced today that it will receive a $10.9-million payment from the City of Ottawa Endowment Fund, which will be directed towards the City’s capital program.
The City of Ottawa announced today that it will receive a $10.9-million payment from the City of Ottawa Endowment Fund, which will be directed towards the City’s capital program. Council established the City’s Endowment Fund in 2005 with $200 million from the proceeds of the refinancing of Hydro Ottawa. With this dividend distribution, the original amount invested remains intact and continues to grow. Endowment Fund investments are in strict compliance with the special investment regulations, which were granted by the Province of Ontario specifically for Ottawa’s Endowment Fund and are designed to provide enhanced longer-term investment returns. In accordance with Council's approved investment policy, the $10.9-million Fund dividend will be used to support the City's capital program. “With the announcement of this significant injection of funds into the City’s capital program, we can continue to address the gap between what we have spent on infrastructure in the past and what we need to invest to maintain and safeguard our City assets,” said Larry O’Brien, Mayor of Ottawa. “The impressive performance of the Endowment Fund is a positive sign that the investment strategy adopted by Council for the Fund will provide attractive overall longer-term returns,” said Marian Simulik, City Treasurer. The City of Ottawa Endowment Fund is managed externally by investment managers.
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