Item - 2016.ED13.7

The Economic Development Committee recommends that:

1.  City Council approve $1,400,000 in 2016 and 2017 funding allocations to the special events listed below, to be funded by the Major Special Events Reserve Fund, subject to the satisfactory completion of a structured application and a signed agreement that includes reporting requirements.

2.  City Council provide funding for significant special events in 2016 through approval of a budget adjustment to increase to the 2016 Economic Development and Culture Operating Budget by $600,000 gross, zero net, funded from the Major Special Event Reserve Fund, through additional funding provided from the 2015 year-end surplus.

3.  City Council direct the General Manager of Economic Development and Culture to include the $800,000 detailed in Recommendation 1 for the four 2017 special events listed, in the program's 2017 budget submission for consideration during the 2017 budget process.

4.  City Council direct the General Manager, Economic Development and Culture, to develop a formal granting process to support significant special events taking place in 2018 and future years for consideration during the 2017 budget process.

5.  City Council direct the General Manager, Economic Development and Culture, to report to Economic Development Committee in 2017 on the outcomes of the significant special events that received funding from the Major Special Events Reserve Fund.

At its meeting of May 17, 2016, the Economic Development Committee directed the General Manager, Economic Development and Culture, to assess a list of current unsolicited requests for support from significant special events using criteria proposed and since adopted by Council in the City of Toronto Bidding and Hosting Strategy for Significant Special Events, and report back to the Committee in June. This report presents the results of the assessment.

In recent months, the City has received an unprecedented number of unsolicited requests for funding from significant special events. While the Major Special Events Reserve Fund (MSERF) was established by Council in part for the purpose of funding such events, no formal intake process exists to receive, evaluate, and recommend funding for special events. This report recommends that such a process be put in place for future years.

In the absence of a formal intake process, staff have, as directed by the Economic Development Committee, undertaken an evaluation of the unsolicited requests using the evaluation criteria proposed by the Mayor's Advisory Panel on International Hosting Opportunities, and approved by Council as part of the City of Toronto Bidding and Hosting Strategy for Significant Special Events.

This report recommends allocating $1,400,000 to support seven significant special events in 2016 and 2017, with funding to be drawn from the Major Special Events Reserve Fund. Funding is recommended for events that have demonstrated potential to advance key City-building priorities, create lasting and meaningful legacies and benefits for Torontonians, and responsibly manage costs, resources, and risks.

The awarding of funding is contingent on the replenishment of the Major Special Events Reserve Fund, which was initially created to fund TORONTO 2015 Pan American / Parapan American Games Host City Showcase Program, and thereafter to provide funding and budget stabilization for the non-recurring expenses associated with bidding for, providing municipal services for, or delivering enhanced City programming for major special events. The Operating Variance Report for the Year Ended December 31, 2015 includes a provision for $2,500,000 of the 2015 Operating Budget surplus to replenish this Reserve Fund. The Operating Variance Report will be considered by City Council at the same time as this report on July 12-13, 2016.