Annual Report on City's Loan and Loan Guarantee Portfolios

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2019-04-16 · Toronto City Council · adopted

As filed

City Council on April 16 and 17, 2019, adopted the following: 1. City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts. 2. City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting on May 5, 6 and 7, 2015.

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Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer is now public and can be accessed under Background Information (City Council).

On the agenda

As the city filed it

This report provides an annual update on the City's loan and loan guarantee portfolios. The City currently guarantees three operating lines of credit and eight capital loan guarantees under Council approved policies for line of credit and loan guarantees for cultural and community-based organizations. In addition to the guarantees, the City currently has outstanding a total of seven direct loans: six to City agencies and corporations, plus one to an external organization.

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All loans and guarantees are in good standing with one having completed a repayment settlement plan in 2018 and now requires action on the final outstanding balance. This report recommends writing off the outstanding balance of $250,000 owing on a loan made to the Just for Laughs, as the terms of a Council adopted loan settlement agreement have been satisfied.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts. 2. City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April

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8, 2015) from the Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting of May 5, 6, 7, 2015.

Considered

2019-04-09 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts. 2. City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April 8, 2015) from the
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Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting on May 5, 6 and 7, 2015.
2019-04-16 · Toronto City Council · adopted

On the record

The item as the City filed it