The Budget Committee recommends to the Executive Committee that:

1.         City Council direct that the 2012 operating surpluses totalling $10,245 from four Arenas (George Bell; Larry Grossman Forest Hill Memorial; North Toronto; Ted Reeve) be paid to the City of Toronto and be used to partially fund payment of the cumulative operating deficit of $136,059 for four Arenas (William H. Bolton, Leaside Memorial Community Gardens, McCormick, Moss Park), resulting in an operating net deficit of $125,814 to be funded by the City, as detailed in Appendix A, column (d), of the report (march 10, 2014) from the Deputy City Manager and Chief Financial Officer; and

2.         City Council direct that a funding provision for the 2012 net deficit of $11,314 be made through the 2013 Final Year-End Operating Variance Report, as calculated in Appendix A of the report (March 10, 2014) from the Deputy City Manager and Chief Financial Officer.

This report recommends settlements with the eight Arena Boards of Management (Arenas) of their 2012 operating surpluses and deficits based on audited financial results for the years ended December 31, 2012, with operating surpluses payable to the City and operating deficits funded by the City upon Council’s approval.

The Arena Boards of Management final net settlement for the year 2012 requires that surplus funds of $10,245 be paid to the City from four arenas and be used to partially fund the payments of the operating deficit of $136,059 to the remaining four arenas, resulting in a net funding requirement from the City of $125,814.  A summary of net funding to the Arena Boards or surpluses payable to the City are detailed in Appendix A.

In addition, $119 of the 2011 settlement was funded from the 2012 Operating Budget, resulting in a total 2012 settlement funding requirement of $125,933.

Of this total funding requirement of $125,933, $114,619 was provided through the 2012 Final Year-End Operating Variance Report, leaving a balance of $11,314 to be funded through the 2013 Final Year-End Operating Variance Report.