IPM seeks loan forgiveness from County

The chair of the 2014 International Plowing Match (IPM) held last September in Ivy, is requesting Simcoe County forgive a $100,000 loan “provided to the IPM to support various activities” and instead redistribute the estimated $75,000 net proceeds generated by the event, as grants.

Cal Madill proposes the proceeds be distributed 40 per cent to volunteer groups involved in the IPM and 60 per cent to hospices and community food banks in Simcoe County.”Forgiveness of the loan was not factored into the County budget and would therefore have to be accounted for otherwise,” according to Rachel Sullivan, Economic Development Manager, in a report to County council, that seeks direction on the matter. “This $100,000 is not profit, rather funds from the County.”

Ms. Sullivan notes that in addition to the loan, the County allocated $200,000 in the 2014 budget to cover the costs associated with the upper tier’s role in the IPM, plus in-kind contributions, which was estimated to include 200 staff and approximately 9,000 hours of support.

“It should be noted that the County loaned monies to the IPM for the 1997 match from the reforestation reserve over several budget years,” she notes. “Council records for November 25, 1997 show that a loan of $87,000 was repaid to Simcoe County by the IPM Executive of the day. Budget records also indicate that the $87,000 was returned to the reforestation reserve.”