Item - 2019.EP3.6

The Board of Governors of Exhibition Place:

1.  Approved the Proposed 2020 Above the Line Capital Works State-of-Good Repair Budget (Section A and B of Summary) of $13.930 million (City Debt Target and CNEA Funding), as part of the ten-year (2020-2029) proposed program submission to the City of Toronto.

2.  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 Capital Works Program.

While the City has yet to provide the 2020 Capital Budget Process, Directions and Guidelines to all City Divisions and Agencies for 2020, Exhibition Place has prepared its 2020 Capital Works Program Submission consistent with historical submissions within the ten-year cycle program review which includes the 2020 State of Goods Repair (SOGR) of $13.820M debt target approved as part of the 2019 Capital Budget Process. The ten-year cycle review allows Exhibition Place to adjust its current program each subsequent year based on changing needs, building assessments, legislative changes, mandates and priorities. 

Although the debt target for 2020 is $13.820M the SOGR Capital Budget is based on the building assessment of $13.930M with a difference of $0.110M which will be funded by the CNEA as they have committed to covering 50 percent of capital projects for the Food Building which has a 2020 project spend of $0.220M (50 percent - $0.110M).  The total of Debt and CNEA funding meets the total program cost of $13.930M for 2020.

The total program cost of $13.930M includes the approved $2.000M cash flow for 2020 to partially fund phase 1 ($4.230M approved for 2019-2021) of the electrical underground high voltage utilities project for $16.295M over ten years (2019 to 2028).

Even with the additional funding being recommended, the Net Accumulated Backlog at the end of 2020 for the grounds stands at $30.386M.