Item - 2020.EP9.16

The Board of Governors of Exhibition Place:

1.  Approved the proposed revised 2020 Capital Works State-of-Good Repair Budget of $11.465 million, as part of the ten-year (2020-2029) proposed program submission to the City of Toronto, as shown on Appendix A of the report (November 28, 2019) from the Chief Executive Officer, Exhibition Place.

2.  Directed the Chief Executive Officer to submit the 2020 revised Capital Works Budget to the City Financial Planning Division as part of the 2020 Budget Process.

At its meeting of June 13, 2019 the Board approved without amendment the 2020 Capital Works Budget as part of the ten-year (2020-2029) Program. At that time the City was undergoing a budget modernisation process and the City Manager had not provided the 2020 Budget Process, Directions and Guidelines yet to City Divisions and Agencies for its 2020 submissions and the City Budget Submission was consistent with historical submissions within the ten-year cycle which includes the 2020 State of Good Repair ("SOGR") of $13.820 million. 

In November 2019 the City Manager Office communicated the 2020-2029 Capital Budget instructions and submission guidelines to all City Programs and Agencies. The City Manager request to Exhibition Place was for the Capital Works Budget and Plan Submission to reflect the organization's capacity to spend and complete its projects. Previously, as directed by the City the Exhibition Place Capital Works Budget was prepared based on a specific debt target level for each of the 10 year program which debt level is no longer assigned commencing in 2020.

The revised 2020 - 2029 Exhibition Place Capital Works Budget has been developed with the City Financial Planning staff based on the November 2019 instructions and guidelines and meets and meets the City Manager directive which includes the revised 2020 SOGR of $11.465 million.