Item - 2019.CT4.8

Tracking Status

  • This item was considered by the Board of Directors of TO Live on June 13, 2019 and adopted without amendment. It will be considered by City Council on July 16, 17 and 18, 2019.
  • See also EX7.28

CT4.8 - Transfer of Reserve Funds to Toronto Live Foundation

Decision Type:
ACTION
Status:
Adopted

Board Recommendations

The Board of Directors of TO Live recommends that:

 

1.  City Council approve the transfer of $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) and $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation. 

 

2.  City Council approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation.

Decision Advice and Other Information

The Board of Directors of TO Live:

 

1.  Approved the transfer of $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation.

 

2.  Approved the transfer of $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation.

 

3.  Approved an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation.

Origin

(May 27, 2019) Report from the President and Chief Executive Officer, TO Live

Summary

This report is to request funds to be transferred from TO Live's reserve funds (Toronto Centre for the Arts Stabilization Reserve Fund and Sony Centre Stabilization Reserve) to the newly incorporated "Toronto Live Foundation" as seed funding.

Background Information

(May 27, 2019) Report from the President and Chief Executive Officer, TO Live on Transfer of Reserve Funds to Toronto Live Foundation
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-133854.pdf
Attachment 1 - Toronto Live Foundation By-Law No. 2018-1
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-133855.pdf
Attachment 2 - Toronto Live Foundation Letters Patent
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-133856.pdf
Attachment 3 - Toronto Live Foundation Business Number
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-133857.pdf
Attachment 4 - Notification of Registration for Foundation
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-133858.pdf

Motions

1 - Motion to Adopt Item moved by Councillor Gary Crawford (Carried)

8a - Transfer of Reserve Funds to Toronto Live Foundation

Origin
(June 10, 2019) Letter from the Audit Committee
Summary

This report is to request funds to be transferred from TO Live's reserve funds (Toronto Centre for the Arts Stabilization Reserve Fund and Sony Centre Stabilization Reserve) to the newly incorporated "Toronto Live Foundation" as seed funding.

Background Information
(June 10, 2019) Letter from the Audit Committee on Transfer of Reserve Funds to Toronto Live Foundation
https://www.toronto.ca/legdocs/mmis/2019/ct/bgrd/backgroundfile-134449.pdf
Source: Toronto City Clerk at www.toronto.ca/council