Lakeshore Arena Corporation - Annual General Meeting and 2020 Audited Financial Statements

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The decision

2021-07-14 · Toronto City Council · adopted

As filed

City Council on July 14, 15 and 16, 2021, adopted the following: 1. City Council treat that portion of the City Council meeting at which the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by: a. receiving the "Lakeshore Arena Corporation 2020 Annual Report", and the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachments 1 and 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer; b.

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appointing Welch LPP as the Auditor of Lakeshore Arena Corporation for fiscal year 2021, and authorizing the Board of Directors of Lakeshore to fix the remuneration of the Auditor; c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2020", forming Attachment 3 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer; and d. receiving the "Lakeshore Arena - 2020 Financial Impacts of COVID-19", forming Attachment 4 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachment 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information.

On the agenda

As the city filed it

This report transmits materials submitted by the Board of Directors of Lakeshore Arena Corporation (LAC) to the City and recommends actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) for holding the Annual General Meeting of the Shareholder of LAC, including receipt of its Annual Report and Audited Financial Statements (Statements) for 2020 and appointment of the auditor for 2021.

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Limited review and analysis was performed by City staff. LAC's 2020 Statements were audited by Welch LPP and received an unqualified opinion stating that the financial statements present fairly, in all material respects, the financial position of the LAC as at December 31, 2020, and its results of operations for the year then ended in accordance with Canadian public sector accounting standards. However, the Shareholder is directed to Note 2 of the Statements, indicating that LAC had a net debt of $30.5M at 2020 year end, along with recognizing an operating deficit of $1.3M and negative operating cash flows of $0.5M for year-end 2020, not being in compliance with certain financial and non-financial covenants on its debt obligations and not meeting its debt obligation subsequent to year end; although the auditor's opinion was not modified, management has indicated that material uncertainty exists regarding LAC as a going concern, given its dependency on the City of Toronto for continued cash-flow support. This report contains recommendations for receipt at the Annual General Meeting of the Shareholder of information disclosing the individual compensation of executive officers employed by LAC in 2020. The report also responds to City Council's request to report the impact of COVID-19 on the 2020 financial statements as well as any modifications to programs and initiatives to address the pandemic.

Staff recommended

The City Manager and the Chief Financial Officer and Treasurer recommend that: 1. City Council treat that portion of the City Council meeting at which this Report is considered as the Annual General Meeting of the Shareholder for Lakeshore by: a. receiving the "Lakeshore Arena Corporation 2020 Annual Report", and the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachments 1 and 2 to this Report; b.

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appointing Welch LPP as the Auditor of Lakeshore Arena Corporation for fiscal year 2021, and authorizing the Board of Directors of Lakeshore to fix the remuneration of the Auditor; c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2020", forming Attachment 3 to this Report; and d. receiving the "Lakeshore Arena - 2020 Financial Impacts of COVID-19", forming Attachment 4 to this Report. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachment 2 to this Report, to the Audit Committee for information.

Considered

2021-07-06 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council treat that portion of the City Council meeting at which the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Lakeshore by: a. receiving the "Lakeshore Arena Corporation 2020 Annual Report", and the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachments 1 and 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer; b.
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appointing Welch LPP as the Auditor of Lakeshore Arena Corporation for fiscal year 2021, and authorizing the Board of Directors of Lakeshore to fix the remuneration of the Auditor; c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2020", forming Attachment 3 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer; and d. receiving the "Lakeshore Arena - 2020 Financial Impacts of COVID-19", forming Attachment 4 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2020 Audited Financial Statements", forming Attachment 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information.
2021-07-14 · Toronto City Council · adopted

On the record

The item as the City filed it

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