It is part of a deal with the Government after former chancellor George Osborne announced a £13m package of support in March.
The City of Culture company is led by chief executive Martin Green with broadcaster Rosie Millard as its chairman. As yet, it is not known whether either will stay on after 2017.
At a recent East Riding scrutiny meeting Mr Green hinted he might move once the year had finished, admitting: “I’m a bit of a project junkie”. However, the company itself will continue to operate until 2021 to delivery a legacy programme of culture and arts activities.
City council deputy chief executive Trish Dalby said: “2017 is going to be a fantastic year but it’s not just about that year.
“It’s about another three years after that when Hull will still be the UK City of Culture.
“During that time we will be looking to change significantly how people think about arts and culture in Hull by using them as a vehicle for regeneration and transformation.”
Ms Dalby said it was too early to say whether key company figures such as Mr Green would be staying. She said: “Ultimately it will depend on personal circumstances and we have to respect that, however, I am confident that some people who have come to Hull work on 2017 will consider staying on.”
She said one the roles of the company beyond 2017 would be to continue the job of attracting arts funding to Hull. “We have already seen how it has attracted really big funders and sponsors for 2017,” she said.
“For this additional investment the council is putting in we would expect a similar return.”
Several major funders for the 2017 programme have already expressed an interest, in principle, of extending that support for Hull into the following years.
The council’s £1m allocation will sit alongside £8m from Mr Osborne’s grant for legacy work. The remaining £5m from the government grant is going towards the cost of redevelopment work at Hull New Theatre.
The 2017 company was set up in October 2014 after Hull won the bid to become the next UK City of Culture. It operates as a charity and is based in High Street.