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←Audit Committee · 2024-07-05 · 2024.AU5.10

The filed record

Arenas - 2023 and 2022 Audited Financial Statements and Status of Outstanding 2023 Audited Financial Statements

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The decision

2024-07-24 · Toronto City Council · adopted

As filed

City Council on July 24 and 25, 2024, adopted the following: 1. City Council receive the 2023 Audited Financial Statements and management letters, where applicable, for the Arenas in Attachment 1 and Attachment 2 to the report (June 27, 2024) from the Auditor General for information. 2. City Council receive the 2022 Audited Financial Statements and management letters, where applicable, for the Arenas in Revised Attachment 3, Attachment 4 and Attachment 5 to the report (June 27, 2024) from the Auditor General for information.

On the agenda

As the city filed it

The purpose of this report is to provide the Audit Committee and City Council with a status update on the 2023 and prior audited financial statements of Arenas. The 2023 audited financial statements for the eight City Arenas are presented to the Audit Committee after approval by their respective Boards or Committees of Management. At the time of preparation of this report, there were two 2023 audited financial statements available for Arenas.

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This is because the 2023 audits for five entities had not yet started, and the audit of the Larry Grossman Forest Hill Memorial Arena was in progress. Depending on when the audits are completed, the Independent Auditor's Reports, accompanying financial statements and management control letters (if applicable) will be presented at a subsequent meeting of the Audit Committee. This report also provides City Council with the 2022 audited financial statements for Leaside Memorial Community Gardens Arena, Ted Reeve Community Arena, and William H. Bolton Arena. The draft 2022 audited financial statements for the Moss Park Arena are currently pending board approval. The Independent Auditor's Report, accompanying financial statements and management control letter (where applicable) for this Arena will be presented at a subsequent meeting of the Audit Committee.

Staff recommended

The Auditor General recommends that: 1. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in attachments 1 to 2 to this report for information. 2. City Council receive the 2022 audited financial statements and management letters, where applicable, for the Arenas in attachments 3 to 5 to this report for information.

Considered

  • 2024-07-05 · Audit Committee · adopted

    Decision as filed

    The Audit Committee recommends that: 1. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in Attachment 1 and Attachment 2 to the report (June 27, 2024) from the Auditor General for information. 2. City Council receive the 2022 audited financial statements and management letters, where applicable, for the Arenas in Revised Attachment 3, Attachment 4 and Attachment 5 to the report (June 27, 2024) from the Auditor General for information.

  • 2024-07-24 · Toronto City Council · adopted

On the record

The item as the City filed it

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