Arena Boards of Management Settlement of Operating Results for the Year Ended 2023; and 2022 Specifically for Ted Reeve Arena

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The decision

2025-11-12 · Toronto City Council · adopted

As filed

City Council on November 12 and 13, 2025, adopted the following: 1. City Council direct that the 2022 and 2023 operating surpluses totalling $309,478 from three Arenas (restated Ted Reeve [2022] and William H. Bolton, Leaside [2023]) be paid to the City of Toronto and be used to partially fund the payment of operating deficit of $341,723 for six Arenas (George Bell, Forest Hill, McCormick, Moss Park, Ted Reeve and North Toronto [2023]), resulting in a net operating deficit of $32,245 to be funded by the City, as illustrated in Appendix A, column (g), to the report (October 21, 2025) from the Chief Financial Officer and Treasurer.

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2. City Council direct that a funding provision of $32,245 be made through the 2025 Year-End Operating Variance Report, as shown in Appendix A, 2022 and 2023 Program Summary to the report (October 21, 2025) 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 assist 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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The audited financial statements are based on the Public Sector Accounting Board (PSAB) 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 eight of the Arenas' operating surpluses and deficits for 2023 based on their audited financial statements for the year ended December 31, 2023, with operating surpluses payable to the City and operating deficits funded by the City upon Council's approval. This report also recommends the settlement of Ted Reeve Arena's restated operating surplus based on reissued audited financial statements for the year ended December 31, 2022, with operating surplus payable to the City upon Council's approval. Subsequent to the Arena Boards settlement for the year ended 2022, a misstatement was identified in the 2022 financial statements for Ted Reeve Arena and the financial statements were reissued, which impacted the 2022 operating surplus calculation.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council direct that the 2022 and 2023 operating surpluses totalling $309,478 from three Arenas (restated Ted Reeve [2022] and William H. Bolton, Leaside [2023]) be paid to the City of Toronto and be used to partially fund the payment of operating deficit of $341,723 for six Arenas (George Bell, Forest Hill, McCormick, Moss Park, Ted Reeve and North Toronto [2023]), resulting in a net operating deficit of $32,245 to be funded by the City, as illustrated in Appendix A, column (g), of the report.

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2. City Council direct that a funding provision of $32,245 be made through the 2025 Year-End Operating Variance Report, as shown in Appendix A - 2022 and 2023 Program Summary.

Considered

2025-11-04 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council direct that the 2022 and 2023 operating surpluses totalling $309,478 from three Arenas (restated Ted Reeve [2022] and William H. Bolton, Leaside [2023]) be paid to the City of Toronto and be used to partially fund the payment of operating deficit of $341,723 for six Arenas (George Bell, Forest Hill, McCormick, Moss Park, Ted Reeve and North Toronto [2023]), resulting in a net operating deficit of $32,245 to be funded by the City, as illustrated in Appendix A, column (g), to the report (October 21, 2025) from the Chief Financial Officer and Treasurer.
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2. City Council direct that a funding provision of $32,245 be made through the 2025 Year-End Operating Variance Report, as shown in Appendix A, 2022 and 2023 Program Summary. to the report (October 21, 2025) from the Chief Financial Officer and Treasurer..
2025-11-12 · Toronto City Council · adopted

On the record

The item as the City filed it

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