June 16, 1998

  To:Budget Committee

 From:City Clerk

 Subject:1998 Operating Budgets -

North York Performing Arts Centre Corporation (NYPACC)

 Recommendation:

 The Board of Directors for the North York Performing Arts Centre Corporation on June 16, 1998 recommended as follows:

 1.the 1998 Operating Budget for the North York Performing Arts Centre Corporation be approved;

 2.the Operating Reserve be renamed as the Operating Stabilization Reserve;

 3.immediate spending approval be provided for artwork purchases up to $160,000.00. Given the current uncertainty on operations, spending approval for the remaining $90,000.00 is recommended for deferral pending a joint report from the Treasurer and the Executive Manager on the financial condition of the Corporation after September 30, 1998; and

 would bring to the attention of the Members of the Budget Committee that the budget for the purchase of artwork is the funding level initially proposed for the purchase of artwork as previously adopted by the Board of Directors for NYPACC for the operation of the Art Gallery.

 Background:

 The Board of Directors for the North York Performing Arts Centre Corporation on June 16, 1998 had before it the following:

 (a)Extract from the Minutes of the Meeting of the Finance and Operations Committee, North York Performing Arts Centre Corporation, held on April 23, 1998 regarding the 1998 Operating Budget for the North York Performing Arts Centre Corporation; and

 (b)Report (April 21, 1998) from the Treasurer. North York Performing Arts Centre Corporation, forwarding the 1998 Operating Budget for the North York Performing Arts Centre Corporation for approval.

City Clerk