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←Board of Governors of Exhibition Place · 2022-06-09 · 2022.EP24.1

The filed record

Audit Results and Year End Report for the Financial Statements for the Year Ended December 31, 2021

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The decision

2022-06-09 · Board of Governors of Exhibition Place · adopted

As filed

The Board of Governors of Exhibition Place: 1. Approved the Draft Audit Report and Financial Statements attached as Appendix A to the report (May 26, 2022) from the Chief Executive Officer, Exhibition Place. 2. Directed the transfer of the 2021 operating surplus of $4,493,109 to the City of Toronto.

On the agenda

As the city filed it

This report presents for the information of the Board, the Draft Audited Financial Statements, Audit Results, and Management Representation Letter for the year ended December 31, 2021. The auditor of record for the Board, KPMG, audits these financial statements in accordance with Canadian public sector accounting standards and summarizes issues of audit significance, and provides the communications required by their professional standards.

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The Audit Findings in Appendix C is the section of the audit results where the auditors make their suggestions and recommendations based on audit findings to improve the accounting and internal control procedures. As noted in the attached Audit Findings, during the 2021 audit, the auditors are proposing to issue an unqualified report on the financial statements and have no significant internal control recommendations to report on. This report summarizes the auditor's comments. A representative of KPMG will be at the Board meeting on June 9, 2022 to respond to any questions of the Auditor. As reported on the Statement of Operations and Accumulated Deficit, the Deficit before City funding is ($14,111,894). Due to the cash impact of Covid-19 the City advanced the Board $18,017,508 to meet its operating needs resulting in a Transfer Surplus of $4,493,109 back to the City.

Staff recommended

The Chief Executive Officer recommends that: 1. The Board approve the Draft Audited Financial Statements attached as Appendix A to Attachment 1, KPMG 2021 Year-End Audit Report to the Board of Governors of Exhibition Place. 2. The Board direct the transfer of the 2021 operating surplus of $4,493,109 to the City of Toronto.

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