To: Policy & Finance Committee
From: W. A. Liczyk
Chief Financial Officer and Treasurer
Date: August 24, 1999
Subject: Donation for Caribana
Purpose:
To inform Council of the donation of $50,000 from the Royal Bank of Canada in support of the 1999 Caribana Festival and
to request approval for the disbursement of these funds to the Caribbean Cultural Committee.
Funding Sources, Financial Implications, Impact Statement:
The Royal Bank has donated $50,000 to the City as a part of its $100,000 contribution in support of the 1999 Caribana
Festival. These funds in an equivalent amount would be disbursed to the Caribbean Cultural Committee.
Recommendations:
It is recommended that:
(1) a receipt which can be used for income tax purposes, be issued to the Royal Bank; and
(2) a cheque for $50,000 be issued to the Caribbean Cultural Committee in respect of the 1999 Caribana Festival.
Council Reference /Background/History:
At its meeting on April 16, 1998, City Council adopted, as amended, Report No. 5 of the Strategic Policies and Priorities
Committee, entitled "Financial Support of the Caribbean Cultural Committee and Caribana". This report included a report
from the Chief Financial Officer and Treasurer recommending that if any donations to the City are received with the
request that the City use such monies to support Caribana, the Chief Financial Officer and Treasurer must report to Council
for instructions on the disbursement of such donations.
The Royal Bank announced that it would contribute $100,000 towards the administrative costs of the Caribana Festival. An
amount of $50,000 has been designated by the Royal Bank as sponsorship for the Caribana Festival and has been
forwarded to the Caribbean Cultural Committee. The remaining $50,000 is a donation to the City for the Caribana Festival.
Under income tax legislation, authority to issue receipts for income tax purposes is granted to specific types of
organizations including all Canadian municipalities. Authority to issue income tax receipts is not available to the
Caribbean Cultural Committee. The $50,000 donation to the City allows the City to issue a receipt for income tax purposes
and provides Council with the opportunity to direct the funds for use by the Caribbean Cultural Committee for the 1999
Caribana Festival.
Conclusions:
The allocation of this donation to the Caribbean Cultural Committee reflects the City's continuing commitment to the 1999
Caribana Festival.
Contact Name:
Arthur Dookhoo 395-6701
W.A. Liczyk
Chief Financial Officer and Treasurer