2021 Operating Budget

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The decision

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

As filed

The Board of Governors of Exhibition Place: 1. Approved the 2021 Operating Budget attached as Appendix A to the report (October 9, 2020) from the Chief Executive Officer, Exhibition Place. 2. Requested that City Council transfer any surplus above budget target for 2021 to the "Exhibition Place Conference Centre Reserve Fund". 3. Directed the Chief Executive Officer, Exhibition Place to submit the 2021 Budget to the City

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Financial Planning Division as part of the 2021 Budget Process, with a cover letter identifying the preliminary status, the zero-based change assumption responding to the City instructions, and comments to advise that the board will be considering a revised budget the coming months which may have material changes.

On the agenda

As the city filed it

On August 7th, the City Manager's Office provided the preliminary 2020 Budget Process, Directions, and Guidelines for all City Divisions and Agencies for 2020 which is subject to change. Until such other direction is given the Board is following last years directive to all City Divisions and Agencies which is to submit a zero change budget year over year. In preparing our budget plan, we have taken into consideration the financial impacts of COVID-19, and therefore have provided for a 0 percent COLA increase and 0 percent pay for Performance increases for 2021 per Council directives.

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There is still some uncertainty as to the future financial impacts and the extent of COVID-19, and it is still too early to assess 2021 operating impact. Exhibition Place staff have developed a 2021 status quo Operating Budget that is consistent with 2020 budget principles with a nil ($0) increase over the 2020 Operating Budget. This preliminary budget plan will not have an impact on the City property tax base year-over-year. Wages and benefits cost saving from delaying in hiring replacements for management staff who retired in 2020, temporary laid off of casual/temporary staff, and reduction in volume of base building maintenance and overtime. Staff are optimistic that although the volatility of COVID-19 may not be completely gone, the exhibition business will return to some normalcy in a COVID-19 world, but are aware that measures may have to be taken again for 2021 with similar financial impact as in 2020. The measures taken to mitigate the risk of additional lost business or increase in costs due to COVID-19 is that all non-essential costs have been delayed/deferred, and discretionary expenditures such as travel, training, etc. has been eliminated. COVID-19 costs include both ongoing day to day service costs, as well as, restart/recover/rebuild costs.

Staff recommended

The Chief Executive Officer, Exhibition Place recommends that: 1. The Board approve the 2021 Operating Budget attached as Appendix A. 2. The Board request that City Council transfer any surplus above budget target for 2021 to the "Exhibition Place Conference Centre Reserve Fund". 3. The Board direct the Chief Executive Officer to submit the 2021 Budget to the City Financial Planning Division as part of the 2021 Budget Process.

On the record

The item as the City filed it