City of Regina
Saskatchewan CA

EX Public Report.
EX21-35

Economic Development Regina Inc. (EDR) - Annual Submittals 2020

Information

Department:Financial ServicesSponsors:
Category:Not Applicable

Report Body

ISSUE

 

Economic Regina Inc. (EDR) is the lead agency for economic development and tourism marketing for the Greater Regina Area. EDR is a not-for-profit public-private partnership that is governed by a volunteer Board of Directors, with the City of Regina as its sole voting member.

 

As the sole voting membership holder of EDR, the City must (i) appoint or waive the requirement of an auditor; (ii) approve the audited financial statements of EDR; (iii) approve the annual report; (iv) approve the budget for the following fiscal year; and (v) consider any other resolutions that may be brought forward. There are no additional resolutions to be considered.

 

Administration requires delegated authority from City Council in order to exercise the City’s voting rights at EDR’s Annual General meeting scheduled for April 29, 2021, in accordance with the direction provided by City Council.

 

IMPACTS

 

As EDR is a municipal corporation of the City of Regina, the audited financial statements of EDR will be consolidated into the City’s 2021 Annual Report and Consolidated Financial Statements.

 

OTHER OPTIONS

 

None with respect to this report.

 

COMMUNICATIONS

 

None with respect to this report.

 

DISCUSSION

 

Audited Financial Statements

Pursuant to the Unanimous Membership Agreement, EDR is required to provide the City with its annual report and audited financial statements, and the audited financial statements are to be received by City Council. Administration has reviewed EDRs audited financial statements (Appendix A) and will be consolidating the information into the City’s December 31, 2021 financial statements, as is required by accounting standards. Administration found no irregularities or items of concern within the financial statements.

 

Highlights of the audited financial statements prepared in accordance with Canadian Public Sector Accounting Standards for the year ended December 31, 2021 include:

·         Surplus of approximately $115,000 on revenues in excess of $2.8 million

·         An accumulated surplus of $1.08 million

·         The December 31, 2020 accumulated surplus is comprised of the following:

o        $827,000 restricted for special projects and capital improvements

o        $192,000 unrestricted

o        $63,000 invested in property and equipment


2020 Annual Report

EDRs 2020 Annual Report, attached as Appendix B, highlights EDRs vision, mission, goals, and role in advancing the economic prosperity and growth for the Greater Regina Area. Highlights include:

·         Pivoting toward economic recovery and long-term growth

·         Continued focus on a competitiveness framework for Regina

·         Continuation of the Audacity Movement in support of Reginas entrepreneurs

 

2021 Operating Budget and Business Plan

In 2020, EDR developed an Economic Growth Plan for the Greater Regina Area. The plan includes 19 specific, achievable actions, serves as a template for recovery and growth now and into the future. In 2021, EDR will maintain its focus on recovery while working toward the vision set out in the growth plan. The EDR Board has identified the following key priorities that will have the greatest positive impact on Reginas economic recovery.

·         Agriculture and Food

·         Events, Conventions and Trade Shows

·         Entrepreneurship

·         Destination Marketing

 

EDRs total operating budget for 2021 is a balanced budget with expenditures of $3.1 million funded through net revenues of an equal amount, made up of $2.1 million from the City of Regina, $62,500 from Regina Hotel Association, and $940,000 from other revenue sources. The 2021 Budget for EDR was previously discussed in the public Executive Committee meeting (EX21-3) on January 6, 2021 and on March 24, 2021 (CM21-3).

 

The Budget detail is provided starting on page 12 of Appendix C.

 

Appointment of Auditor

As the sole voting member, the City must appoint or waive the requirements for an auditor for EDR pursuant to The Non-profit Corporations Act, 1995 (Saskatchewan). City administration has requested that EDR use the same auditor as the City. Subsequently, EDR has engaged MNP LLP as its auditor.

 

DECISION HISTORY

 

Effective January 1, 2016, Economic Development Regina Inc. (EDR) was continued under The Non-profit Corporations Act, 1995 (Saskatchewan), with the City becoming its sole voting member. This change in structure made EDR a “municipal corporation” of the City. As the sole voting membership holder of EDR, the City must exercise its voting rights at the EDR annual general meeting.


The 2021 Budget for EDR was previously discussed in public Executive Committee meeting (EX21-3) on January 6, 2021 and on March 24, 2021 (CM21-3). The Budget detail is provided in Appendix G in the March 24, 2021 report.

 

Respectfully Submitted,              Respectfully Submitted,

{Signature}

 

 

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