TO Live - Audit Committee
The full agenda, as filed
All 8 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
RZ2.1deferred
At its meeting on May 9, 2019, the Board of Directors of TO Live referred item CT3.1 to the Audit Committee with the request that the Audit Committee review the proposal for a hospitality organization to occupy space within the Sony Centre in CT3.1a and make recommendations to the June 13, 2019 Board meeting. As part of the Chief Executive Officer's general status update, TO Live has issued an Request for Proposal for a hospitality organization to occupy space within the Sony Centre for the purposes of operating a restaurant/barroom.
The Audit Committee deferred consideration of the item until the next Audit Committee meeting.
RZ2.2forwarded without recommendation
2018 Audited Financial Results Report
The purpose of this report is to present to the Board the 2018 audited financial results for The Board of Directors of the Hummingbird Centre for the Performing Arts (operating as TO Live).
The Audit Committee forwards the item to the Board of Directors of TO Live without recommendation.
Staff recommendation as filed
The President and Chief Executive Officer recommends that the Board of Directors of TO Live: 1. Approve the 2018 Audited Financial Results, as noted in Confidential Attachment 1. 2. Direct the Confidential Attachment 1 remain confidential in its entity because if disclosed, could reasonably be expected to prejudice significantly the competitive position of interfere significantly with the contractual or other negotiations of a person, group of persons or organization.
RZ2.3adopted
On an annual basis, the Auditor General reviews the implementation status of outstanding audit recommendations and reports the results to City Council through the Audit Committee. This report provides the implementation status of the audit recommendations contained in the report entitled "Review of the Redevelopment of the Sony Centre for the Performing Arts" dated April 24, 2014. The audit report contains 12 recommendations. In prior follow-up reviews, we determined that six recommendations have been fully implemented. During the current follow-up process, we verified that four recommendations have been fully implemented, one recommendation has been partially implemented, and one recommendation is no longer applicable. The one remaining outstanding audit recommendation relates to a procurement policy that was recently adopted by the Board of Directors of TO Live at its meeting on May 9, 2019. We will verify implementation of this policy in the next follow-up process. Effectiveness of policy and procedure enhancements or improved controls resulting from the implementation of audit recommendations, rely on management's continuous efforts beyond the audit follow-up process.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Receive the report (May 27, 2019) from the Auditor General for information.
Staff recommendation as filed
The Auditor General recommends that: 1. The Board of Directors of TO Live receive this report for information.
RZ2.4adopted
Transfer of Reserve Funds to Toronto Live Foundation
This report is to request funds to be transferred from TO Live's reserve funds (Toronto Centre for the Arts Stabilization Reserve Fund and Sony Centre Stabilization Reserve) to the newly incorporated "Toronto Live Foundation" as seed funding.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Approve the transfer $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation. 2. Approve the transfer $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation. 3. Approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation. 4. Request City Council to approve the transfer of $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) and $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation. 5. Request City Council to approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation.
Staff recommendation as filed
The President and Chief Executive Officer, TO Live recommends that the Board of Directors of TO Live: 1. Approve the transfer $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) to the new Toronto Live Foundation. 2. Approve the transfer $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation. 3. Approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation. 4. Request City Council to approve the transfer of $1.657 million from the Toronto Centre for the Arts Stabilization Reserve Fund (XQ1060) and $0.666 million from the Sony Centre Stabilization Reserve (XQ2031) to the new Toronto Live Foundation. 5. Request City Council to approve an in-year budget adjustment to increase the 2019 Council Approved Operating Budget for TO Live by $2.323 million gross and $0 net, fully funded from the Toronto Centre for the Arts Stabilization Reserve Fund ($1.657 million) and the Sony Centre Stabilization Reserve ($0.666 million) to reflect the transfer of funds to the Toronto Live Foundation.
RZ2.5adopted
2019 First Quarter Financial Results and Commentary
The purpose of this report is to present the 2019 First Quarter financial results to the Board.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Approve the 2019 first quarter financial operating results noted in Confidential Attachments 1, 2 and 3 to the report (May 27, 2019) from the President and Chief Executive Officer, TO Live. 2. Direct that Confidential Attachment 1, 2 and 3 to the report (May 27, 2019) from the President and Chief Executive Officer, TO Live remain confidential in their entirety because if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Staff recommendation as filed
The Vice President of Finance and Administration recommends that the Board of Directors of TO Live: 1. Approve the 2019 first quarter financial operating results noted in Confidential Attachment 1, 2 and 3. 2. Direct that Confidential Attachment 1, 2 and 3 remain confidential in its entirety because if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
RZ2.6amended
The purpose of this report is to present the 2020 Budgets.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Receive the 2020 Budget Commentary and Presentation, as noted in Attachment 1 and Confidential Attachments 1 and 2 to the report (May 27, 2019) from the President and Chief Executive Officer, TO Live. 2. Direct that Confidential Attachments 1 and 2 to the report (May 27, 2019) from the President and Chief Executive Officer, TO Live remain confidential in their entirety because if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization. 3. Direct that Confidential Attachments 3, 4, 5 and 6 to the report (May 27, 2019) from the President and Chief Executive Officer, TO Live remain confidential in their entirety as they pertain to labour relations or employee negotiations.
Staff recommendation as filed
The President and Chief Executive Officer, TO Live recommends that the Board of Directors of TO Live: 1. Receive the 2020 Budget Commentary and Presentation, as noted in Attachment 1, and Confidential Attachments 1 and 2. 2. Direct that Confidential Attachment 1 and 2 remain confidential in its entirety because if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
RZ2.7adopted
Reallocation of State of Good Repair Capital Funding
The purpose of this report is to seek the Board's approval to increase the budget for one previously scheduled capital project. Funding for this project will come from the reallocation of a previously approved stage of good repair project.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Approve the increased budget and all related purchase orders and/or tender awards by $1,133,000 for the capital project "Replace Roofs: Mezzanine/Stage Tower" (CHU008-03) from $469,247 to $1,602,247 pending the implementation of Recommendation 3 below. 2. Approve the increased funding of $1,133,000 for the capital project "Replace Roofs: Mezzanine/Stage Tower" (CHU008-03) by reducing funding to the Sony Door Replacement project (CHU008-05) by $1,133,000 pending the implementation of Recommendation 3 below. 3. Directed the President and Chief Executive Officer, TO Live to work with City staff to submit the reallocation request for approval at the June 18, 2019 City Council meeting.
Staff recommendation as filed
The President and Chief Executive Officer recommends that the Board of Directors of TO Live: 1. Approve the increased budget and all related purchase orders and/or tender awards by $1,133,000 for the capital project "Replace Roofs: Mezzanine/Stage Tower" (CHU008-03) from $469,247 to $1,602,247 pending the implementation of recommendations #3 below. 2. Approve the increased funding of $1,133,000 for the capital project "Replace Roofs: Mezzanine/Stage Tower" (CHU008-03) by reducing funding to the Sony Door Replacement project (CHU008-05) by $1,133,000 pending the implementation of recommendations #3 below. 3. Directed the President and Chief Executive Office to work with City staff to submit the reallocation request for approval at the June 18, 2019 City Council meeting.
RZ2.8adopted
Opportunities for Expanded Amalgamated Services Across the Sector
The purpose of this report is to present the Board with an opportunity for TO Live to expand its services across the sector.
The Audit Committee recommends that the Board of Directors of TO Live: 1. Authorize TO Live to explore the opportunity to expand its services across the sector, as more particularly detailed in Confidential Attachment 1 to the report (June 6, 2019) from the President and Chief Executive Officer. 2. Direct that the confidential information contained in Confidential Attachment 1 to the report (June 6, 2019) from the President and Chief Executive Officer remain confidential in its entirety, as it is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of TO Live.
Staff recommendation as filed
The President and Chief Executive Officer recommends that the Board of Directors of TO Live: 1. Authorize TO Live to explore the opportunity to expand its services across the sector, as more particularly detailed in Confidential Attachment 1. 2. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of TO Live.