Item - 2019.RZ2.4
Tracking Status
- This item was considered by the TO Live - Audit Committee on June 10, 2019 and adopted without amendment. It will be considered by City Council on June 18 and 19, 2019.
RZ2.4 - Transfer of Reserve Funds to Toronto Live Foundation
- Decision Type:
- ACTION
- Status:
- Adopted
Committee Recommendations
The Audit Committee recommends that the Board of Directors of TO Live:
1. Approve the transfer $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation.
2. Approve the transfer $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation.
3. 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.
4. Request City Council to 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.
5. Request City Council to 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.
Origin
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
https://www.toronto.ca/legdocs/mmis/2019/rz/bgrd/backgroundfile-133580.pdf
Attachment 1 - Toronto Live Foundation ByLaw No 2018-1
https://www.toronto.ca/legdocs/mmis/2019/rz/bgrd/backgroundfile-133581.pdf
Attachment 2 - Toronto Live Foundation Letters Patent
https://www.toronto.ca/legdocs/mmis/2019/rz/bgrd/backgroundfile-133582.pdf
Attachment 3 - Toronto Live Foundation Business Number
https://www.toronto.ca/legdocs/mmis/2019/rz/bgrd/backgroundfile-133583.pdf
Attachment 4 - Notification of Registration for Foundation
https://www.toronto.ca/legdocs/mmis/2019/rz/bgrd/backgroundfile-133584.pdf