|
Decision Letter |
|
Budget Committee |
| Meeting No. | 55 | Contact | Jennifer Forkes, Committee Administrator | |
| Meeting Date |
Friday, June 20, 2014 |
Phone | 416-392-4666 | |
| Start Time |
9:30 AM |
buc@toronto.ca | ||
| Location |
Committee Room 1, City Hall
|
Chair | Councillor Frank Di Giorgio |
| BU55.3 | ACTION |
Amended |
|
Ward:All |
| Increase Reserve Fund Draw for Exhibition Place |
| Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council authorize the withdrawal from the Exhibition Place Conference Centre Reserve Fund for 2013 to cover the operating cash loss for the Allstream Centre be increased by $781,239, from $808,531 to $1,589,770.
2. City Council request the Board of Exhibition Place to submit a report to the Budget Committee explaining:
a. the shortfall for the Allstream Centre; b. any remedies to meet 2014 budget projections and the latest projections for 2014; and c. an overall review of the agreement between Exhibition Place and the Allstream Centre dating back to 2010. |
|
| Origin |
| (June 5, 2014) Report from the Deputy City Manager and Chief Financial Officer |
| Summary |
The purpose of this report is to request that Council approve an increase in the draw from the Exhibition Place Conference Centre Reserve Fund (CCRF) of $781,239, as the operating requirement to fund the construction loan payments for the Allstream Centre was higher than originally estimated in the 2013 Approved Operating Budget. |
| Financial Impact |
This results in an increased draw of $781,239 from the Exhibition Place Conference Centre Reserve Fund (CCRF). The balance in the CCRF as at December 31, 2013, after this additional withdrawal, is $1,420,590. |
| Background Information |
| (June 5, 2014) Report from the Deputy City Manager and Chief Financial Officer on Increase Reserve Fund Draw for Exhibition Place (http://www.toronto.ca/legdocs/mmis/2014/bu/bgrd/backgroundfile-70267.pdf) |