Regina city council to consider dissolving REAL amid financial issues
The fate of the Regina Exhibition Association Limited (REAL) was at the forefront of the City of Regina’s Executive Committee meeting on Wednesday, with a vote in favour of developing a report exploring the possibility of dissolving the organization altogether.
REAL had requested a $5.8 million budget from the city, which more than five times their average annual budget. CEO Tim Reid expressed in an interview with CTV News on Tuesday that the amount is what is necessary to keep the organization afloat.
“We’re not in a position where we can operate at a loss without council support so really this has to be weighed against all the other priorities city council has,” he said.
At the request of the City of Regina, accounting firm MNP presented a financial scenario model report on behalf of REAL as part of their 2024 budget, which outlined their request of $5.8 million.
MNP’s financial report reiterated a call for financial assistance from the city to prevent the organization from going under.
REAL is currently $17.8 million in debt.
“Either we’re serious about building this up despite financial difficulties, how it’s operated or we make hard decisions about how we fold,” said Ward 3 Coun. Andrew Stevens.
Executive Committee discussed a variety of solutions, with Ward 4. Coun. Lori Bresciani presenting the motion to look at a report to dissolve REAL.
Council decided in a 5-4 vote that they would like to see a report done by the City of Regina outlining the possibility of dissolving REAL by the second quarter of next year.
Mayor Sandra Masters voted against Bresciani’s motion.
Delegates from REAL were present at the meeting and emphasized a call for financial assistance from the City of Regina.
“We need to figure out how to get people moving in this community and it’s going to take momentum,” said REAL board member Cathy Warner.
The discussion will be further addressed at Regina City Council’s budget meeting on Dec. 13.
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