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←Board of Directors of TO Live · 2019-06-13 · 2019.CT4.8

The filed record

Transfer of Reserve Funds to Toronto Live Foundation

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The decision

2019-06-13 · Board of Directors of TO Live · adopted

As filed

The Board of Directors of TO Live recommends that: 1. City Council 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. 2. City Council approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million

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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.

On the agenda

As the city filed it

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.

Staff recommended

The President and Chief Executive Officer, TO Live recommends that the Board of Directors of TO Live: 1. Approve the transfer of $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation. 2. Approve the transfer of $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.

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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.

    On the record

    The item as the City filed it

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