HomeMy WebLinkAboutTR-96-81 60
Report to the Chairman and Members of the General Purpose and Administration Committee
meeting held November 23, 1981.
Report Number: TR-96-81 (addedum to TR-86-81 attached)
Subject: Orono Arena Financing
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Recommendation:
It is respectfully recommended that the recommendation under report TR-86-81 be
approved.
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Background and Comment:
After queries by members of Council , report TR-86-81 has been amended to
reflect the proper public sector funding. An analysis of the capital receipts for
this project dating back to 1978 was made. It revealed that $100,000.00 had been
reflected in our accounts as grant monies rather than public sector funding. This
has now been corrected.
As a further comment, we note for the information of the Committee that
$7,000.00 has recently been received from the Durham Agricultural Society, one half
of their outstanding pledge.
Respectfully submitted,
al-
Kathry(JA. Campbell , C.A. B.Com. ,
Treasurer.
17 11 81
LB81-CP-1c
61V
1.i I h(, CII:I i i.uia n ,111(1 M( nib(,I,.; o f I h(� I.a l IItI
and A(Imin ir;1 ,•a ( i ()it Nl(,(�1 in,,; 1t(, Id NOv(�mI)(,1- 9, 1981 .
Report No. TR-86-81
Subjec L : Orono Fi nanc i rng
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Recommendation :
It is respectfully recommended that :
r(,por L he
2 . That the Treasurer be authorized
to charge the Park Reserve Fund
with ,$ 12 , 536 . 00 which is Lhe
balance of the `T'own ' s commit-
ment to the Orono Arena Capital
Project .
-------------------------------------------------------------•-
Background and Comment :
Subsequent to the receipt of a payment from the Orono
Arena Fundraising Committee in October of this ,year, we have
again reviewed the status of this capital account .
Our review indicates the following with regard to actual
dollars spent or retie i ved with i-egard to this capital project .
To Date Outstanding
Project cost 828 , 660 -
Project revenue
Grants 517 , 416 $ -
Town of Newcastle 30, 049 12 , 536
Fundraising 254, 668 14, 000
$ 802 , 133 $ 26, 536
Unfinanced $ 26 , 536 $ 26, 536
Due from the Parks Reserve Fund $ 12, 536
Durham Agricultural Society Pledge 14, 000
$ 26 , 536
. . . . /2
Our review has been unable to establish the date at
which a resotuiion or council authorized the contribution
from the barks lieserve fund. All funding information
filed with the ministry and subsequently with council
indicated a municipal funding level up to a maximum of
$ 54 , 865. 00 and presently the 'Town has paid from reserve:
funds $ 30 , 049 . 00.
1 1 i ;; hoped I Ila I I h i ;; b(� fn I l y by
the end of 1981 .
Respectful _1y submit- Led,
Kathryn A . Campbell , C . A„ B.Com. ,
Treasurer .
30 10 81
LB80-CP-1c
I V- (c)
Report to the Chairman and Members of the General Purpose
and Administration Meeting held November 9, 1981.
Report No. TR-86-81
Subject : Orono Arena Financing
----------------------------------------------------------
Recommendation:
It is respectfully recommended that :
1. This report be received;
2. That the Treasurer be authorized
to charge the Park Reserve Fund
with $ 12, 536. 00 which is the
balance of the Townts commit-
ment to the Orono Arena Capital
Project,
-----------------------------------------------------------
Background and Comment :
Subsequent to the receipt of a payment from the Orono
Arena Fundraising Committee in October of this year, we have
again reviewed the status of this capital account .
Our reyiew, indicates the following with regard to actual
dollars spent or received with regard to this capital project .
To Date Outstanding
Project cost $ 8281669 $
Project revenue
Grants $ 617) 416 $
Town of Newcastle 30, 049 12, 536
Fundraising 154, 668 14, 000
$ 802 ,133 $ 26, 536
Unfinanced .$ . 26.,.5,36 $ 26) 536
Due from the Parks Reserve Fund $ 12, 536
Durham Agricultural Society Pledge 14, 0,00
$ 26, 536
. . . . /2
� r
(p �'
v?CC)
r 2
Our review has been unable to establish the date at
which a resolution of council authorized the contribution
from the Parks Reserve Fund. All funding information
.filed with the ministry and subsequently, with council
indicated a municipal funding level up to a maximum of
$ 54, 865, 00 and presently the Town has paid from reserve
funds $ 30, 049, 00.
It is hoped that this project can be fully, funded by
the end of 1981 .
Respectfully submitted,
ca:t pia=j 6 G_s�; `6a
Kathryn A, Campbell , C.A, , B.Com. ,
Treasurer,
30 10 81
LB80-CP-1c