Donation for Caribana

The Strategic Policies and Priorities Committee recommends the adoption of the following report (December22,1998) from the Chief Financial Officer and Treasurer:

Purpose:

To inform Council of the proposed donation of $7,000.00 from the Oland Specialty Beer Company in support of Caribana and, upon receipt and deposit, to request approval for the disbursement of these funds to the Caribbean Cultural Committee.

Funding Sources, Financial Implications, Impact Statement:

The Oland Specialty Beer Company wishes to donate $7,000.00 to the City in support of Caribana Festival. Upon the receipt and deposit of this donation, funds in an equivalent amount would be disbursed to the Caribbean Cultural Committee.

Recommendations:

It is recommended that:

(1)the donation of $7,000.00 from the Oland Specialty Beer Company be deposited when received;

(2)a receipt which can be used for income tax purposes, be issued to the Oland Specialty Beer Company; and

(3)a cheque for $7,000.00 be issued to the Caribbean Cultural Committee in respect of the 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 to 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 report to Council for instructions on the disbursement of such donations.

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 $7,000.00 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 Caribana Festival.

Conclusions:

The allocation of this donation to the Caribbean Cultural Committee reflects the City's continuing commitment to the Caribana Festival.

Contact Name:

Ken Colley, Finance Department, Tel: 395-6715.