Decision Letter |
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Budget Committee |
Meeting No. | 32 | Contact | Kelly McCarthy, Committee Administrator | |
Meeting Date |
Monday, November 26, 2012 |
Phone | 416-397-7796 | |
Start Time |
9:30 AM |
buc@toronto.ca | ||
Location |
Committee Room 1, City Hall
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Chair | Councillor Mike Del Grande |
BU32.3 | ACTION |
Amended |
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Ward:11, 16, 18, 20, 26, 27, 32 |
Arena Boards of Management 2011 Operating Surpluses/Deficits Settlement |
Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council direct that the 2011 operating surpluses totalling $61,883.00 from seven Arenas (George Bell; Larry Grossman Forest Hill; Leaside; McCormick; Moss Park; North Toronto; Ted Reeve) be paid to the City of Toronto and be used to partially fund the payment of operating deficit of $116,849.00 for the remaining arena (William H. Bolton), resulting in an operating net deficit of $54,966.00 to be funded by the City, as detailed in Appendix A, column (d), of the report (November 9, 2012) from the Acting Deputy City Manager and Chief Financial Officer.
2. City Council direct that a funding provision for the 2011 net deficit of $119.00 be made through the 2012 Final Year-End Operating Variance Report, as calculated in the attached Appendix A of the report (November 9, 2012) from the Acting Deputy City Manager and Chief Financial Officer. |
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Decision Advice and Other Information |
The Budget Committee requested the City Manager to include in his report to the Executive Committee on non-union staff compensation, the compensation of senior management staff of all Arena Boards of Management, the methodology of establishing their compensation, and a comparison to City non-union and senior management staff. |
Origin |
(November 9, 2012) Report from the Acting Deputy City Manager and Chief Financial Officer |
Summary |
This report recommends settlements with the eight Arena Boards of Management (Arenas) of their 2011 operating surpluses and deficits based on audited financial results for the years ended December 31, 2011, with operating surpluses payable to the City and operating deficits funded by the City upon Council’s approval. |
Financial Impact |
The Arena Boards of Management final net settlement for the year 2011 requires that surplus funds of $61,883.00 be paid to the City from seven arenas and be used to partially fund the payments of the operating deficit of $116,849.00 to the remaining arena, resulting in a net funding requirement from the City to the arena of $54,966.00. A summary of net funding to the Arena Boards or surpluses payable to the City are detailed in Appendix A.
In addition, there was a 2010 settlement of $3,218.00 that was funded from the 2011 Operating Budget, resulting in a total funding requirement of $58,184.00.
Of the total funding requirement of $58,184.00, $58,065.00 was provisioned through the 2011 Final Year-End Operating Variance Report, leaving a balance of $119.00 to be funded in 2012 from an allocation of underspending in the 2012 Final Operating Variance Report. |
Background Information |
(November 9, 2012) Report from the Acting Deputy City Manager and Chief Financial Officer on Arena Boards of Management 2011 Operating Surpluses/Deficits Settlement (http://www.toronto.ca/legdocs/mmis/2012/bu/bgrd/backgroundfile-52039.pdf) |