Bernard said the contract between IndyCar, the city, and promoter Octane Motorsport Events, runs through 2013.
"From our standpoint we have a three-year contract (through to 2013)," said Bernard.
He said any financial concerns over the event itself have to be worked out between Octane and the city.
Octane is on the second year of the three-year deal to run the event, on the temporary street course at the City Centre Airport.
Bernard said while the crowds have been good there is a concern about advertising and sponsorship.
The event does not have a title sponsor, considered the anchor contract for other smaller deals.
"If I was the promoter (the lack of title sponsor) would be a very big issue for me," said Bernard.
"Probably the biggest area (where) this series is struggling here is support from local sponsors. That's one of the big areas we want to see some help on." sportsnet.ca