The filed record
Transfer of Reserve Funds to Toronto Live Foundation
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The decision
2019-06-10 · TO Live - Audit Committee · adopted
As filed
The Audit Committee recommends that the Board of Directors of TO Live: 1. Approve the transfer $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation. 2. Approve the transfer $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 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 $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation. 2. Approve the transfer $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.
Show the rest of Staff recommended, 630 more characters as filed
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
More from this meeting
- Chief Executive Officer's General Status Update - Supplementary Report on Hospitality Organization to Occupy Space within the Sony CentreFiled record
- 2018 Audited Financial Results ReportFiled record
- TO Live - Results of 2019 Follow-up Review of Previous Audit Recommendations Made to Sony Centre for the Performing ArtsFiled record
- 2019 First Quarter Financial Results and CommentaryFiled record
- 2020 BudgetFiled record
- Reallocation of State of Good Repair Capital FundingFiled record