Item - 2019.EP3.5

The Board of Governors of Exhibition Place:

1.  Approved the 2020 Operating Budget attached as Appendix A to the report (May 30, 2019) from the Chief Executive Officer, Exhibition Place.

2.  Requested that City Council transfer any surplus above budget target for 2020 to the "Exhibition Place Conference Centre Reserve Fund".

3.  Directed the Chief Executive Officer to submit the 2020 Budget to the City Financial Planning Division as part of the 2020 Budget Process.

The Chief Financial Officer and Corporate Secretary, Exhibition Place gave a presentation on Proposed 2020 Operating Budget.

The City Manager has not provided the 2020 Budget Process, Directions and Guidelines yet to all City Divisions and Agencies for 2020 as of yet.  Until such direction is given the Board is following last years directive to all City Divisions and Agencies which is to submit a zero change budget year over year. 

Exhibition Place staff have developed a 2020 Operating Budget that is meeting this prior year directive and as well exceeding this by budgeting a surplus of $175,000 which is an increase of $15,000 (9 percent) over the 2019 Operating Budget.