Item - 2012.EX15.4
Tracking Status
- This item was considered by Executive Committee on January 24, 2012. The Executive Committee has referred this item to an official or other body without making a decision. Consult the text of the decision for further information on the referral.
EX15.4 - Monetization Potential of City Assets - Toronto Hydro (Item EX12.3)
- Decision Type:
- ACTION
- Status:
- Referred
Committee Decision
The Executive Committee referred the item to the Deputy City Manager and Chief Financial Officer for a report on the implications that the 2012 Toronto Hydro electricity rate application to the Ontario Energy Board may have on a sale of a 10% equity interest inToronto Hydro Corporation.
Origin
Summary
The Executive Committee on November 1, 2011, among other things, deferred the following Recommendations 4 and 5 of the report (October 18, 2011) from the Deputy City Manager and Chief Financial Officer, titled, "Monetization Potential of City Assets", until its first regular meeting in 2012:
"4. The City, as sole Shareholder, direct the Board of Toronto Hydro Corporation to prepare for an initial public offering of shares to effect a reduction of the City's ownership stake in the corporation up to a maximum of 10%, for the purposes of issuing a one-time disbursement to the City of the entire net proceeds of the issuance, and seek approval from the shareholder before execution.
5. The City further direct the Board of Toronto Hydro Corporation to design the public share offering so as to allocate the maximum portion of shares to Toronto residents that would not adversely affect the proceeds of sale."
Background Information
https://www.toronto.ca/legdocs/mmis/2012/ex/bgrd/backgroundfile-44399.pdf
(October 18, 2011) Report from the City Manager on Monetization Potential of City Assets (EX12.3)
https://www.toronto.ca/legdocs/mmis/2012/ex/bgrd/backgroundfile-44401.pdf
Communications
(January 24, 2012) Letter from Dr. David W. Peters and Dr. Douglas D. Peters (EX.New.EX15.4.2)
https://www.toronto.ca/legdocs/mmis/2012/ex/comm/communicationfile-28207.pdf
(January 24, 2012) Letter from John Camilleri, President, CUPE Local One, Toronto Hydro Workers (EX.New.EX15.4.3)
Speakers
John Camilleri, President, CUPE Local One
Franz Hartmann, Toronto Environmental Alliance
Councillor Josh Colle
Councillor Shelley Carroll
Councillor Pam McConnell
Councillor Adam Vaughan
Motions
That the item be referred to the Deputy City Manager and Chief Financial Officer for a report on the implications that the 2012 Toronto Hydro electricity rate application to the Ontario Energy Board may have on a sale of a 10% equity interest inToronto Hydro Corporation.