|
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 |
| BU55.2 | ACTION |
Adopted |
|
Ward:13 |
| Swansea Town Hall Community Centre Request for Cash Flow Advance |
| Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council approve a cash advance of $0.027 million to the Swansea Town Hall Community Centre to compensate for the loss in rental revenue arising from the closure of the Swansea Nursery School facility in order to meet its operating obligations, and that the source to fund the final net deficit for Swansea Town Hall Community Centre be reported as part of the final 2014 year-end Operating Budget Variance report. |
|
| Origin |
| (June 4, 2014) Report from the Deputy City Manager and Chief Financial Officer |
| Summary |
The purpose of this report is to recommend a $0.027 million cash advance to the Swansea Town Hall Community Centre. As a result of the implementation of full day kindergarten in September 2014, the Swansea Nursery School (a licensed not-for-profit daycare) advised Swansea Town Hall Community Centre on April 30, 2014 of its decision to partially close its operations beginning in May 2014, with full closure expected as of June 30, 2014. This will result in a loss of rental revenue for the Community Centre for the latter half of 2014. Swansea Town Hall Community Centre is requesting a cash advance of $0.027 million to cover operating expenses for the six-month period as a result of the loss in rental revenue. |
| Financial Impact |
There is no financial impact on the 2014 Approved Operating Budget for the Association of Community Centres arising from the approval of this report.
On January 29 and 30, 2014, City Council approved the 2014 Operating Budget for the Association of Community Centres for $7.586 million gross and $7.156 million net. The 2014 Approved Operating Budget for the Swansea Town Hall Community Centre is $0.508 million gross and $0.264 million net.
With the closure of the Swansea Nursery School facility and the resulting loss in revenue, a cash advance of $0.027 million is required by Swansea Town Hall to meet its operating obligations in 2014. The source to fund the final net deficit for Swansea Town Hall Community Centre will be reported as part of the final 2014 year-end Operating Budget Variance report. |
| Background Information |
| (June 4, 2014) Report from the Deputy City Manager and Chief Financial Officer on Swansea Town Hall Community Centre Request for Cash Flow Advance (http://www.toronto.ca/legdocs/mmis/2014/bu/bgrd/backgroundfile-70191.pdf) Appendix 1- Notice of Closure from Swansea Nursery School (http://www.toronto.ca/legdocs/mmis/2014/bu/bgrd/backgroundfile-70192.pdf) |