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.

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.

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.