Title
2012 Alberta Winter Games Surplus and Legacy Recommendation
Proposed Motions
1. That the Tri-Region 2012 Alberta Winter Games Society audited Financial Statements be received for information;
2. That the full amount of the surplus be contributed to the Tri-Municipal Leisure Centre Corporation for capital improvements to the TransAlta Tri Leisure Centre; and,
3. That the allocation of the $50,000 Legacy Grant provided by the Alberta Sport Recreation Parks and Wildlife Foundation be approved, as presented in the report.
Body
Administration Recommendation
Administration is in support of the proposed recommendations.
Purpose
The 2012 Alberta Winter Games were very successfully hosted by the Tri-Region 2012 Alberta Winter Games Society February 9 - 12, 2012. As Council is aware the hosting of an Alberta Winter Games is a huge responsibility and came with a budget just over $2.0 Million. The Tri-Region 2012 Alberta Winter Games Society was tasked to fundraise approximately $1.3 million to balance the Budget for the successful hosting of the 2012 Alberta Winter Games. The Board of Directors did an excellent job of fund-raising though a poorer than average economic climate and was able to raise in excess of $1.1 Million but was unable to raise the anticipated $1.3 Million.
Summary
Shortly after the Games concluded the Society found themselves in a cash shortfall position with an estimated deficit of $137,505.00 and all three municipalities approved deficit funding in the amount of $45,835.00 at the end of February 2012.
Administration brought a report to the July 9, 2012 Council Meeting that indicated that as of the end of March 2012 the Society was reflecting a surplus (including the municipal contributions) of $101,069.95.
Council at this meeting requested the following:
That Council accepts the Tri-Region 2012 Alberta Winter Games Society Legacy Fund Report for information and
Inform the Tri-Region 2012 Alberta Winter Games ...
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