Item - 2022.RZ14.4

The TO Live - Audit Committee recommends that the Board of Directors of TO Live: 

1.  Direct that Confidential Attachments 1 and 2 to the report (February 28, 2022) from the President and Chief Executive Officer, TO Live remain confidential in their entirety because it contains financial information supplied in confidence to the Board of Directors of TO Live which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The TO Live - Audit Committee recessed its public meeting to meet in closed session to consider the item as it pertains to financial information supplied in confidence to the Board of Directors to TO Live, which if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organization. 

The purpose of this report is to update the Board on capital spending activity for fiscal 2021 as well as the potential 2022 Capital Budget reduction of $300 million in debt funding that would be proportionately allocated across all City Divisions and Agencies should the City be required to use the capital backstop to address the financial impacts arising from the pandemic.