2021 Proposed Capital Works Budget as Part of Ten-Year (2021-2030) Program

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The decision

2020-10-26 · Board of Governors of Exhibition Place · adopted

As filed

The Board of Governors of Exhibition Place: 1. Approved the Proposed 2021 Above the Line Capital Works State-of- Good Repair Budget (Sections A and B) of Appendix A to the report (October 9, 2020) from the Chief Executive Officer, Exhibition Place of $5.430 million, funded by City Debt, as part of the ten-year (2021-2030) proposed program submission to the City of Toronto. 2. Approved the carry forward of $6.339 million unspent 2020 Capital projects funding initially cancelled due to COVID-19 to years 2021/2022, as recommended by the City.

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3. Directed the Chief Executive Officer, Exhibition Place to submit the 2021 Budget and any changes or directions by the Board to the City Financial Planning Division as part of the 2021 Budget Process.

On the agenda

As the city filed it

This report details the proposed 2021 Capital Works Program as part of a ten-year program submission to the City of Toronto. The City practice has recently changed from a set budget based on debt target to a budget based on entity capacity to spend and overall City affordability based approach for a ten-year cycle, although detailed review for each year is completed on an annual basis. This review procedure allows Exhibition Place to adjust its current program each subsequent year based on changing needs, building assessments, legislative changes, mandates, and priorities.

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The City of Toronto has provided a 2021 Budget Process with a submission due date of September 15, 2020 for the Capital Program. Due to the budget submission schedule mandated by the City, this proposed program will be submitted to the City Financial Planning Division by the due date of September 15, 2020 with the understanding that the Board reserves the right to make changes to its content and Exhibition Place will be notifying the City of any changes or directions made by the Board. In accordance with City guidelines for capacity to spend, overall City affordability, building assessments and SOGR priority, a total of $5.430 million is recommended for the 2021 Capital Budget, all funded by Debt. In April 2020 the City Manager's Office looked at options to reduce its growing costs due to the COVID-19 situation, and one of the efforts the City considered was the reduction and/or cancellation of 2020 Capital projects. In accordance with the City directive and budget reduction guidelines, a $6.435 million overall reduction was made to Exhibition Place Capital projects for 2020 (see June 10, 2020 report to Board). However, the City recently recommended that any unspent portion of those cancelled 2020 projects can now be carried forward to future years. Details of the 2020 unspent carry forward to 2021/2022 in the amount of $6.339 million and is included in Appendix 'A'. Only $6.123 million of this amount is carry forward to 2021, and the remaining $0.216 million for the Food Building to 2022. The total cash flow for Above the Line Capital Program 2021 (Parts A & B in Appendix 'A'), including the new 2021 projects of $5.430 million, and the City recommended carry forward of 2020 cancelled projects into 2021 of $6.123 million, and is therefore $11.553 million. Even with the additional funding being recommended, and the $2.640 million Capital Constraints for 2021 (Part C of the Appendix 'A') the Net Accumulated Backlog at the end of 2021 for Exhibition Place stands at $38.410 million.

Staff recommended

The Chief Executive Officer, Exhibition Place recommends that: 1. The Board approve the Proposed 2021 Above the Line Capital Works State-of- Good Repair Budget (Sections A and B of Appendix 'A') of $5.430 million, funded by City Debt, as part of the ten-year (2021-2030) proposed program submission to the City of Toronto. 2. The Board approve the carry forward of $6.339 million unspent 2020 Capital projects funding initially cancelled due to COVID-19 to years 2021/2022, as recommended by the City.

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3. The Board direct the Chief Executive Officer to submit the 2021 Budget and any changes or directions by the Board to the City Financial Planning Division as part of the 2021 Budget Process.

On the record

The item as the City filed it