Item - 2022.EC28.6

The Economic and Community Development Committee recommends that:

1. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a two-year, plus possible one-year extension, Transfer Payment Agreement with the Ontario Ministry of Economic Development, Job Creation and Trade for the delivery of Enterprise Toronto programming, including funding from the Government of Ontario in the amount of $1,000,175 in each of 2022, 2023 and possibly 2024.

2. City Council increase the 2022 Approved Operating Budget for Economic Development and Culture by $1,000,175 gross, zero net, fully funded by a grant from the Government of Ontario, conditional upon conclusion of a Transfer Payment Agreement with the Ontario Ministry of Economic Development, Job Creation and Trade.

3. City Council direct the General Manager, Economic Development and Culture to include the Government of Ontario funding of $1,000,175 gross, zero net, towards the delivery of Enterprise Toronto programming in the 2023 and possibly 2024 Operating Budget submissions for Council consideration.

This report seeks City Council's authorization to enter into a two-year funding agreement plus possible one-year extension with the Ontario Ministry of Economic Development, Job Creation and Trade for Enterprise Toronto programming. Enterprise Toronto offers resources for residents and entrepreneurs wishing to start and grow a small business, and is one of 47 provincially funded Small Business Enterprise Centres across Ontario. Enterprise Toronto services are operated by the City of Toronto's Economic Development and Culture Division. The annual funding of $1,000,175 in each of 2022, 2023 and, potentially, 2024 made available through this agreement will enable the City to provide Enterprise Toronto services to small businesses and start-up companies across the city and support inclusive economic recovery and growth.