Item - 2019.EX4.7
Tracking Status
- City Council adopted this item on April 16, 2019 without amendments and without debate.
- This item was considered by the Executive Committee on April 9, 2019 and adopted without amendment. It will be considered by City Council on April 16, 2019.
- See also 2015.EX5.14
EX4.7 - Annual Report on City's Loan and Loan Guarantee Portfolios
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on April 16 and 17, 2019, adopted the following:
1. City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts.
2. City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting on May 5, 6 and 7, 2015.
Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer is now public and can be accessed under Background Information (City Council).
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-131212.pdf
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2019/cc/bgrd/backgroundfile-132406.pdf
EX4.7 - Annual Report on City's Loan and Loan Guarantee Portfolios
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts.
2. City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting on May 5, 6 and 7, 2015.
Origin
Summary
This report provides an annual update on the City's loan and loan guarantee portfolios.
The City currently guarantees three operating lines of credit and eight capital loan guarantees under Council approved policies for line of credit and loan guarantees for cultural and community-based organizations. In addition to the guarantees, the City currently has outstanding a total of seven direct loans: six to City agencies and corporations, plus one to an external organization. All loans and guarantees are in good standing with one having completed a repayment settlement plan in 2018 and now requires action on the final outstanding balance.
This report recommends writing off the outstanding balance of $250,000 owing on a loan made to the Just for Laughs, as the terms of a Council adopted loan settlement agreement have been satisfied.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-131212.pdf