HomeMy WebLinkAboutTR-94-94 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
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REPORT
Meeting: File# :,
GENERAL PURPOSE & ADMINISTRATION COMMITTEE ^�
Date: Res. # C, PrL- �
October 17, 1994 By-Law#
Report#: File #:
T
Subject: R-94-94
MOSPORT PARK LIMITED LEGAL FEES - Transfer of Funds
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. That report TR-94-94 be received,
2. That funds in the amount of $85,000 be transferred from the Working Funds Reserve
(Account # 2900-1-X) to the Professional Fees Reserve(Account # 2900-26-X) to
provide for the potential legal fees regarding the Mosport Park Limited litigation.
Background:
1. Council, at it's in camera meeting of July 18,1994, resolved not to enter into an
agreement regarding Mosport Park Limited and the special events issues which have been
ongoing for the last few years. As a result, Mosport Park Limited is continuing it's
original litigation proceedings against the Municipality.
2.0 The amount recommended to be transferred is an estimation of the amount of legal fees
that will be required in order to accommodate the litigation involved, however the final
cost will be directly related to the actual amount of court time.
3.0 The expenditures to date for Mosport Park Limited related legal issues is as follows:
1994 $ 64,462 (to Oct./94)
1993 14,721
1992 9,382
Total $ 88,565
It should be noted that there are ongoing legal proceedings which will continue to accrue
and as such the 1994 value will adjust with time.
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TR-94-94 Page 2
3.1 The 1994 Budget value for Mosport Park Limited legal fees was $10,000, and as a result
the budget will be overexpended significantly in this area. It is therefore recommended
that funds be provided to accommodate the $54,000 overexpenditure above, plus an
anticipated cost still to be incurred of approximately $36,000.
3.2 In the event that the legal fees are in excess of that provided, Council will be informed of
the relevant information.
4.0 The purpose of the Working Funds Reserve is to provide the Municipality with a cushion
for costs which may be in excess of that which is budgeted, and it's recommended use
has been very conservative over the past. It is suggested that this situation does warrant
consideration of utilization of these funds.
Respectively Submitted, Reviewed by,
Marie A. Marano, H.BSc.,A.M.C.T. W.H. Stockwell,
Treasurer. Chief Administrative Officer
MAM/pp
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