North Toronto Memorial Arena's Request for a
$15,000.00 Cash Advance
The Strategic Policies and Priorities Committee recommends the adoption of the
recommendations in the following transmittal letter (July 14, 1998) from the Budget
Committee:
Recommendation:
The Budget Committee on July 13, 1998, recommended to the Strategic Policies and
Priorities Committee, and Council:
(1)the adoption of the report (July 10, 1998) from the Chief Financial Officer and Treasurer;
and
(2)that the Chief Financial Officer and Treasurer be delegated the authority to provide cash
advances for any similar requests received from other arenas.
Background:
The Budget Committee on July 13, 1998, had before it a report (July 10, 1998) from the
Chief Financial Officer and Treasurer regarding the North Toronto Memorial Arena's
request for a $15,000.00 cash advance.
--------
(Report dated July 10, 1998, addressed to the
Budget Committee from the
Chief Financial Officer and Treasurer)
Purpose:
To obtain approval for the Chief Financial Officer and Treasurer to provide a cash advance
of $15,000.00 to North Toronto Memorial Arena.
Funding Sources, Financial Implications and Impact Statement:
None.
Recommendation:
It is recommended that approval be given for the Chief Financial Officer and Treasurer to
advance the North Toronto Memorial Arena $15,000.00, subject to repayment of these funds
to the City prior to December 31, 1998.
Background:
A request has been received from the Manager of the North Toronto Memorial Arena for a
cash advance of $15,000.00. Revenue received by the arena during the period from May to
August is limited and results in a shortage of funds. These funds would be repaid to the City
prior to December 31, 1998.
Comments:
From discussions with Finance staff from the former City of Toronto, similar requests from
this arena have been received and granted on a regular basis in the past. Repayment of the
advances have always been made on a timely basis.
The current request from the North Toronto Memorial Arena is consistent with previous
requests and therefore approval to advance the $15,000.00 is requested.
Conclusion:
The Chief Financial Officer and Treasurer be authorized to advance $15,000.00 to North
Toronto Memorial Arena, subject to repayment being made prior to December 31, 1998.
Contact Name & Telephone Number:
A. C. Shultz, Director of Accounting Services, Finance Department, 416 397 5240 .
