The Public GalleryToronto

←Executive Committee · 2019-07-04 · 2019.EX7.28

The filed record

Transfer of Reserve Funds to Toronto Live Foundation

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

2019-07-16 · Toronto City Council · adopted

As filed

City Council on July 16, 17 and 18, 2019, adopted the following: 1. City Council approve an in-year Budget adjustment to increase the Approved 2019 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) for the purpose of providing a one-time seed grant to the Toronto Live Foundation, conditional upon both the establishment of a Memorandum of Understanding and the execution of a grant agreement, approved by the Board of Directors of TO Live, with terms satisfactory to the City Manager and provided to the City upon completion.

Show the rest of As filed, 897 more characters as filed

2. City Council direct that the Memorandum of Understanding between the Board of Directors of TO Live and the Toronto Live Foundation required in Part 1 above formally outline the roles and responsibilities, independence, governance, process for determining fundraising priorities, terms of donations, sponsorships and naming rights, and administrative support provided by TO Live to the Toronto Live Foundation. 3. City Council direct that the grant agreement between the Board of Directors of TO Live and the Toronto Live Foundation required in Part 1 above outline transparency and accountability provisions that include the purpose of the grant, reporting timeline and criteria, consistency with City goals and with TO Live mandate under Municipal Code Chapter 23, Civic Theatres, evaluation criteria and process, and information concerning the grant that will be made available to the public.

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 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

Show the rest of Staff recommended, 235 more characters as filed

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.

Considered

  • 2019-07-04 · Executive Committee · amended

    Decision as filed

    The Executive Committe recommends that: 1. City Council 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) for the purpose of providing a one-time seed grant to the Toronto Live Foundation, conditional upon both the establishment of a Memorandum of Understanding and the execution of a grant agreement, approved by the Board of Directors of TO Live, with terms satisfactory to the City Manager and provided to the City upon completion.

    Show the rest of Decision as filed, 917 more characters as filed

    2. City Council direct that the Memorandum of Understanding between the Board of Directors of TO Live and the Toronto Live Foundation required in Recommendation 1 above formally outline the roles and responsibilities, independence, governance, process for determining fundraising priorities, terms of donations, sponsorships and naming rights, and administrative support provided by TO Live to the Toronto Live Foundation. 3. City Council direct that the grant agreement between the Board of Directors of TO Live and the Toronto Live Foundation required in Recommendation 1 above outline transparency and accountability provisions that include the purpose of the grant, reporting timeline and criteria, consistency with City goals and with TO Live mandate under Municipal Code Chapter 23, Civic Theatres, evaluation criteria and process, and information concerning the grant that will be made available to the public.

  • 2019-07-16 · Toronto City Council · adopted

On the record

The item as the City filed it

More from this meeting

The whole meeting