The fund was established after the region's earthquakes and attracted about $8m in donations.
A report recommended the council approve $200,000 in funding for the Christchurch YMCA, which was planning to convert its quake-damaged stadium into a youth arts centre and community theatre.
The YMCA was hoping for double that amount but the mayoral fund had less than $400,000 left.
The report also recommended allocating more than $22,500 to help a charitable trust relocate from its quake-damaged building to a new site.
The fund had helped more than 50 community projects since 2011.