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Decision Letter |
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Budget Committee |
| Meeting No. | 54 | Contact | Kelly McCarthy, Committee Administrator | |
| Meeting Date |
Thursday, May 1, 2014 |
Phone | 416-392-4666 | |
| Start Time |
9:30 AM |
buc@toronto.ca | ||
| Location |
Committee Room 1, City Hall
|
Chair | Councillor Frank Di Giorgio |
| BU54.3 | ACTION |
Adopted |
|
Ward:All |
| Toronto Public Library - 2014 Capital Budget Adjustment for Maryvale Branch |
| Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council approve a $60,000 gross, $0 net, increase to the 2014 project cost and cash flow for the Multi-Branch State of Good Repair project (CLB175), funded by a $20,000 landlord contribution and a $40,000 draw from the Library’s Development Charges Reserve Fund, for the renovation of an additional 577 sq. ft. of space at the Maryvale Branch. |
|
| Origin |
| (May 1, 2014) Letter from the Budget Committee |
| Summary |
The purpose of this report is to seek approval for an in-year capital budget adjustment to increase the 2014 Multi-Branch State of Good Repair capital project by $60,000 gross, $0 net, for the renovation of an additional 577 sq. ft. of space at the Maryvale Branch. |
| Financial Impact |
The Library’s 2014 capital funding is being increased by $60,000 gross and $0 net for the renovation of an additional 577 sq. ft. of space at the Maryvale Branch. The funding is provided by landlord contributions of $20,000 and a Development Charges draw of $40,000. This adjustment increases the gross cost of the Multi-Branch State of Good Repair project (CLB175) from $5.300 million to $5.360 million with the 2014 gross cash flow increasing from $0.900 million to $0.960 million.
The annual operating cost of $20,396 will be incorporated into the Library’s 2015 operating budget submission.
The Director, Finance and Treasurer has reviewed this financial impact statement and is in agreement with it.
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| Background Information |
| (April 15, 2014) Report from the City Librarian on Toronto Public Library - 2014 Capital Budget Adjustment for Maryvale Branch (http://www.toronto.ca/legdocs/mmis/2014/bu/bgrd/backgroundfile-68529.pdf) (March 17, 2014) Attachment 1 - Communication from Councillor Michael Thompson to Michael Foderick, Chair, Toronto Public Library Board, dated March 17, 2014, regarding Maryvale Branch Lease - Amendment and Extension (http://www.toronto.ca/legdocs/mmis/2014/bu/bgrd/backgroundfile-68530.pdf) |