The filed record
Business Improvement Areas - Update on 2020-2022 Audited Financial Statements
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The decision
2023-07-19 · Toronto City Council · adopted
As filed
City Council on July 19 and 20, 2023, adopted the following: 1. City Council approve the 2020, 2021, and 2022 Audited Financial Statements and Management Letters of the Business Improvement Areas as attached in Appendices A to DS to the report (June 22, 2023) from the General Manager, Economic Development and Culture.
On the agenda
As the city filed it
The purpose of this report is to present the City of Toronto's (City) Business Improvement Areas' (BIAs) audited financial statements and management letters for approval. The below table summarizes the approval statuses associated with the BIAs' financial information: Number of BIAs: Fiscal 2020: Fiscal 2021: Fiscal 2022: Included in this report 21 84 14 To be included in future reports - - 70 Included and approved in previous reports (see Decision History) 61 - - Total number of active BIAs 82 84* 84 *: In 2021, two new BIAs, Lawrence Ingram Keele BIA and Willowdale BIA, were established, and the Toronto Entertainment District BIA changed its name to the Toronto Downtown West District BIA.
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The 2022 audited financial statements and management letters for 70 other BIAs are in the process of being prepared, audited, or awaiting approval of the respective BIA Boards of Management (Boards). All of the in-scope BIAs have received an unqualified audit opinion for their financial statements. Several BIAs received audit recommendations for minor internal control and process improvements that have been accepted by the respective Boards - these audit recommendations can be found in the attached management letters (i.e. Appendices A to DS).
Staff recommended
The General Manager, Economic Development and Culture recommend that: 1. City Council approve the 2020, 2021, and 2022 audited financial statements and management letters of the Business Improvement Areas as attached in Appendices A to DS to this report.
Considered
2023-07-07 · Audit Committee · adopted
Decision as filed
The Audit Committee recommend that: 1. City Council approve the 2020, 2021, and 2022 audited financial statements and management letters of the Business Improvement Areas as attached in Appendices A to DS to the report (June 22, 2023) from the General Manager, Economic Development and Culture.
2023-07-19 · Toronto City Council · adopted
On the record
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