Item - 2024.EX16.9

The Executive Committee recommends that:

1. City Council direct the 2022 operating surpluses of five of the Community Centres (Community Centre 55, Central Eglinton Community Centre, Scadding Court Community Centre, Swansea Town Hall Community Centre and Waterfront Community Centre) totalling $228,451 be paid to the City of Toronto and the City of Toronto provide four Community Centres (Applegrove Community Centre, Cecil Street Community Centre, Eastview Neighbourhood Community Centre, and Ralph Thornton Community Centre) with supplementary grants to fund the operating deficits totalling $123,464, resulting in a net operating surplus of $104,987 to be received by the City.

On an annual basis, the City of Toronto receives the audited financial statements from 10 community centres which collectively are known as the City's Association of Community Centres (AOCCs). The audited financial statements assist the City to determine whether operating grant payments need to be provided to or clawed back from the AOCCs to settle their operating deficits or surpluses. The audited financial statements are based on the Public Sector Accounting Board (PSAB) requirements for government not-for-profit entities while the operating deficits or surpluses align with the modified cash basis of accounting.

This report recommends settlement with the Association of Community Centres for 2022 based on their audited financial results as of December 31, 2022. 

While normally the prior year end settlement reports for both Association of Community Centres and Arena Boards are submitted together to Council in the following year, the 2022 settlement reports were delayed due to delays in completing the 2022 audits for the Arena Boards. City staff will present the 2023 Settlement Reports at the first opportunity to the City Council for consideration and approval.