Leaside Memorial Community Gardens Settlement of Operating Result for the year Ended 2019

The audited financial statements are based on the Public Sector Accounting Board requirements for government not-for-profit entities while the operating deficits or surpluses align with the modified cash basis of accounting. This report recommends the settlement of Leaside Memorial Community Gardens Arena's operating surplus for 2019 based on their audited financial statements for the year ended December 31, 2019, with operating surplus payable to the City upon Council's approval. The remainder of the seven Arena Boards' 2019 settlement results were previously approved by City Council. At the time of preparation of this report, the 2020 and 2021 audited financial statements for Leaside Memorial Community Gardens Arena remains in progress and therefore the settlement for the outstanding years will be presented in a future report for consideration and approval purposes. While normally the prior years' end settlement reports for both Association of Community Centres and Arena Boards are submitted together to Council in the following year, the 2019 Leaside Memorial Community Gardens Arena's settlement was delayed due to delays in completing the 2019 audit. City staff will present the 2020, 2021 and 2022 Settlement Reports at the first opportunity to the City Council for consideration and approval.