Photo: SUMAInvest

A first-of-its-kind program in the province is aiming to help small Saskatchewan municipalities grow their resources.

Adam Hicks is the Director of Finance for SUMAInvest, a partnership between the Saskatchewan Urban Municipalities Association and the Saskatchewan Community Foundation. He says currently, most small municipalities are either saving operating cash in their chequeing account or short-term GIC’s.

“SUMA Invest offers all municipalities an opportunity to join a portfolio where they can invest some of their longer-term reserves that they don’t need short term. It gives them an opportunity to join other municipalities in a portfolio to hopefully help them earn a little bit extra for whatever projects they are looking to invest in.”

Several examples include sidewalks, rink maintenance, park upgrades, or sewer infrastructure.

He says there are always risks involved with investing, but this opportunity is meant for long-term investments.

“This is not for a municipality that wants to put $50,000 away for a year, for example. This is more about municipalities that have some cash on hand in their reserves that they don’t need for five or more years.”

Hicks says minimums have been reduced to $10,000 allowing even the smallest villages to take part, and the program has zero lock-in period.

“This is not a for-profit based program. This is a charitable type of program. It is run by Saskatchewan people, built by Saskatchewan people, for Saskatchewan people. It is about keeping money loclaly here in Saskatchewan, and helping municipalities earn a little bit more than they could on their own.”

SUMAInvest.ca has all the information for municipal leaders wanting to join the program.