Arena Boards of Management Settlement of Operating Results for the Year Ended 2020

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The decision

2022-07-19 · Toronto City Council · adopted

As filed

City Council on July 19, 20, 21 and 22, 2022, adopted the following: 1. City Council direct that the 2020 operating surpluses totalling $50,669 from Moss Park Arena be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $682,634 for six Arenas (George Bell, William H. Bolton, Forest Hill Memorial, McCormick, North Toronto Memorial and Ted Reeve), resulting in a net operating deficit of $631,965 to be funded by the City, as illustrated in Appendix A, column (g), to the report (June 9, 2022) from the Chief Financial Officer and Treasurer.

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2. City Council direct that a funding provision of $631,965 be made through the 2021 Year-End Operating Variance Report, as shown in Appendix A to the report (June 9, 2022) from the Chief Financial Officer and Treasurer.

On the agenda

As the city filed it

On an annual basis, the City of Toronto receives the audited financial statements from eight Arena Boards of Management (Arenas). The audited financial statements allow the City to determine whether additional operating subsidy payments need to be provided to or clawed back from the Arenas to settle their operating deficits or surpluses. City staff report annually on the Arenas' operating surpluses and deficits once the respective Boards financial statements have been audited and approved by Council.

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This report recommends the settlement of seven of the Arenas' operating surpluses and deficits for 2020 based on their audited financial statements for the year ended December 31, 2020, with operating surpluses payable to the City and operating deficits funded by the City upon Council's approval. At the time of preparation of this report, the 2019 and 2020 audited financial statements for Leaside Memorial Community Gardens Arena remain in progress and therefore the settlement for this outstanding Arena will be presented in a future report for consideration and approval purposes. 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 2020 settlement reports were delayed due to delays in completing the 2020 audits, and further delayed by the impact of COVID-19 on the City's 2021 priorities. City staff will present the 2021 Settlement Reports at the first opportunity to the new term of City Council for consideration and approval.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council direct that the 2020 operating surpluses totalling $50,669 from Moss Park Arena be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $682,634 for six Arenas (George Bell, William H. Bolton, Forest Hill Memorial, McCormick, North Toronto Memorial and Ted Reeve), resulting in a net operating deficit of $631,965 to be funded by the City, as illustrated in Appendix A, column (g), to this report.

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2. City Council direct that a funding provision of $631,965 be made through the 2021 Year-End Operating Variance Report, as shown in the attached Appendix A - 2020 Program Summary.

Considered

2022-07-12 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council direct that the 2020 operating surpluses totalling $50,669 from Moss Park Arena be paid to the City of Toronto and be used, in part, to fund the cumulative operating deficit of $682,634 for six Arenas (George Bell, William H. Bolton, Forest Hill Memorial, McCormick, North Toronto Memorial and Ted Reeve), resulting in a net operating deficit of $631,965 to be funded by the City, as illustrated in Appendix A, column (g), to the report (June 9, 2022) from the Chief Financial Officer and Treasurer.
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2. City Council direct that a funding provision of $631,965 be made through the 2021 Year-End Operating Variance Report, as shown in Appendix A - 2020 Program Summary, attached the report (June 9, 2022) from the Chief Financial Officer and Treasurer
2022-07-19 · Toronto City Council · adopted

On the record

The item as the City filed it

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