Item - 2019.EX6.14
Tracking Status
- City Council adopted this item on June 18 and 19, 2019 without amendments and without debate.
- This item was considered by the Executive Committee on June 6, 2019 and adopted without amendment. It will be considered by City Council on June 18 and 19, 2019.
- See also BU6.1
EX6.14 - Arena Boards of Management 2017 Operating Surpluses/Deficits Settlement
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- 5 - York South - Weston, 8 - Eglinton - Lawrence, 9 - Davenport, 13 - Toronto Centre, 15 - Don Valley West, 18 - Willowdale, 19 - Beaches - East York
City Council Decision
City Council on June 18 and 19, 2019, adopted the following:
1. City Council direct that the 2017 operating surpluses totalling $5,857 from three Arenas (William H. Bolton, Forest Hill Memorial and North Toronto Memorial) be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $126,531 for four Arenas (George Bell, McCormick Playground, Moss Park and Ted Reeve), resulting in a net operating deficit of $120,674 to be funded by the City, as illustrated in Appendix A, column (g), to the report (May 16, 2019) from the Chief Financial Officer and Treasurer.
2. City Council direct that the excess of $24,558 from the funding provision made available in the 2017 Final Year-End Operating Budget Variance report of $145,232 and the $120,674 required to settle the actual 2017 deficits be applied to the 2018 Final Year-End Operating Budget variance for the Arena Boards, as shown in the attached Appendix A, 2017 Program Summary, to the report (May 16, 2019) from the Chief Financial Officer and Treasurer.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-133632.pdf
(May 16, 2019) Report and Appendix A from the Chief Financial Officer and Treasurer on Arena Boards of Management 2017 Operating Surpluses/Deficits Settlement
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-133267.pdf
EX6.14 - Arena Boards of Management 2017 Operating Surpluses/Deficits Settlement
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 5 - York South - Weston, 8 - Eglinton - Lawrence, 9 - Davenport, 13 - Toronto Centre, 15 - Don Valley West, 18 - Willowdale, 19 - Beaches - East York
Committee Recommendations
The Executive Committee recommends that:
1. City Council direct that the 2017 operating surpluses totalling $5,857 from three Arenas (William H. Bolton, Forest Hill Memorial and North Toronto Memorial) be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $126,531 for four Arenas (George Bell, McCormick Playground, Moss Park, and Ted Reeve), resulting in a net operating deficit of $120,674 to be funded by the City, as illustrated in Appendix A, column (g), to the report (May 16, 2019) from the Chief Financial Officer and Treasurer.
2. City Council direct that the excess of $24,558 from the funding provision made available in the 2017 Final Year-End Operating Budget Variance report of $145,232 and the $120,674 required to settle the actual 2017 deficits be applied to the 2018 Final Year-End Operating Budget variance for the Arena Boards, as shown in the attached Appendix A - 2017 Program Summary to the report (May 16, 2019) from the Chief Financial Officer and Treasurer.
Origin
Summary
This report recommends settlements with the eight Arena Boards of Management of their 2017 operating surpluses and deficits based on the audited financial statements for the year ended December 31, 2017, with operating surpluses payable to the City and operating deficits funded by the City upon Council’s approval.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-133632.pdf
(May 16, 2019) Report and Appendix A from the Chief Financial Officer and Treasurer on Arena Boards of Management 2017 Operating Surpluses/Deficits Settlement
https://www.toronto.ca/legdocs/mmis/2019/ex/bgrd/backgroundfile-133267.pdf