Arena Boards of Management 2018 Operating Surpluses / Deficits Settlement

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The decision

2020-10-08 · Budget Committee · adopted

As filed

The Budget Committee recommends that: 1. City Council direct that the 2018 operating surpluses totaling $86,659 from three Arenas (Forest Hill Memorial, North Toronto Memorial and Ted Reeve) be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $183,074 for four Arenas (George Bell, William H. Bolton, McCormick Playground, and Moss Park), resulting in a net operating deficit of $96,415 to be funded by the City, as described in Appendix A, column (g), to the report (September 24, 2020) from the Chief Financial Officer and Treasurer.

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2. City Council direct that the excess of $100,143 between the funding provision in the 2018 Final Year-End Operating Budget Variance report of $196,558 and the $96,415 required to settle the actual 2018 deficits be applied to the 2019 Final Year-End Operating Budget variance for the Arena Boards, as shown in the attached Appendix A - 2018 Program Summary, as attached to the report (September 24, 2020) from the Chief Financial Officer and Treasurer.

On the agenda

As the city filed it

This report recommends settlements with the eight Arena Boards of Management (Arenas) of their 2018 cash-based operating surpluses and deficits for the year ended December 31, 2018, with operating surpluses payable to the City and operating deficits funded by the City upon Council's approval. City Staff report annually on the Arena Boards operating surpluses and deficits once their respective Boards financial statements have been audited and approved by City Council.

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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 2018 Settlement reports were delayed due to delays in completing the 2018 audits, and further delayed by the impact of COVID-19 on the City's priorities.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council direct that the 2018 operating surpluses totaling $86,659 from three Arenas (Forest Hill Memorial, North Toronto Memorial and Ted Reeve) be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $183,074 for four Arenas (George Bell, William H. Bolton, McCormick Playground, and Moss Park), resulting in a net operating deficit of $96,415 to be funded by the City, as described in Appendix A, column (g), of the report.

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On the record

The item as the City filed it