Economic Development Corporation records highest revenue ever

The Six Nations of the Grand River Economic Development Corporation recorded its highest annual revenue ever, raking in $42.2 million in 2022, a whopping $20 million higher than the revenues recorded in 2021.

On-reserve businesses brought in $22.1 million of that total.

Off-reserve economic generation was $18.5 million, which includes $11.1 million from the Niagara Region Wind Farm.

The corporation also transferred $4.3 million to its Economic Development Trust last year as well, of which $3.3 million will be transferred to Six Nations of the Grand River Elected Council.

A portion of trust funds is handed out to community organizations annually, who apply to the board for a portion of the funds and have to undergo a rigorous approval process to receive any money.

SNGRDC held its annual general meeting on May 24 where it released its annual audited financial statements and celebrated its achievements over the past year, including:
-The construction of a washroom, pavilion, and glamping units at Chiefswood Park

-Ongoing development of the Oneida Energy Storage project, including provincial directive to advance the project

-A new Joint Venture partnership with QM Environmental

-Maintained more than $5 million liquidity (value of assets that can be turned into cash)

And by 2022, SNGRDC had transferred a cumulative total of $21.9 million to the economic development trust.

SNGRDC says it plans to continue further improvements at Chiefswood Park, the relocation of A6N (a Six Nations contractor) to Oneida Business Park, progressing the bid on the Hagersville Battery project in partnership with Boralex, and other further investment in economic interests.

The annual financial statements show that the corporation grew its assets by $3 million from 2021 to 2022.

Expenses also grew from $16 million to $27 million, the majority of which was in the form of salaries and benefits. They spent just over $7 million on salaries in 2021 and $16.4 million in 2022.

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