Title
Alberta Winter Games Legacy Projects
Proposed Motions
1) That Council inform the Tri-Region 2012 Alberta Winter Games Society Board of Directors that the Parkland County portion of the estimated surplus funds ($33,330) from the 2012 Alberta Winter Games remain with the Society to be spent on Legacy Project(s) and;
2) That Council requests the 2012 Alberta Winter Games Host Society to bring back a Legacy Funding Plan that will provide recommendations on what Legacy projects surplus funds will be allocated to for Council approval.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
To provide the 2012 Alberta Winter Games Host Society with direction on potential surplus funds in order to move forward with a funding plan for legacy projects.
Summary
Attached is the unaudited financial statement for the 2012 Alberta Winter Games. Shortly after the Games concluded the 2012 Alberta Winter Games Host Society found themselves in a cash shortfall position with an estimated deficit of $137,500. At that time all three Councils approved deficit funding in the amount of $45,835. As of the end of March the Society is anticipating a surplus of just over $101,000. This operating surplus is in addition to the $50,000 legacy grant the host society receives from the Provincial Government. As the operating surplus is estimated at this time; calculations for the municipal portion of the surplus have assumed a $100,000 operating surplus.
Administration from the three municipalities have discussed the surplus and are recommending that surplus be retained by the 2012 Alberta Winter Games Society to be used as funding fro a Legacy project(s). Originally the Society had been informed that the three municipalities may request their share of any surplus be returned. The Board of Directors will be looking to identify projects to fund as part of the $150,000 available for legacy projects. The Board of Directors has m...
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