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←Exhibition Place · 2024-06-05 · 2024.EP10.1

The filed record

Audit Results and Financial Statements for the Year Ended December 31, 2023

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The decision

2024-06-05 · Exhibition Place · adopted

As filed

The Board of Governors of Exhibition Place: 1. Approved the Draft Financial Statements (Appendix A), Management Representation Letter (Appendix B) and Audit Findings Report (Appendix C) to the report (May 22, 2024) from the Chief Executive Officer, Exhibition Place, for the year ended December 31, 2023 audit. 2. Directed the transfer of the 2023 Operating Budget Deficit Subsidy funding of $2,200,000 to the City of Toronto.

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3. Directed the transfer of the Operating Surplus of $1,817,000 into the Conference Centre Reserve Fund held by the City of Toronto for Exhibition Place.

On the agenda

As the city filed it

The auditor of record for the Board, KPMG, audits our 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. KPMG presents for the information of the Board for the year ended December 31, 2023 audit, the following: 1. Draft Audited Report and Financial Statements (Appendix A), 2.

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Management Representation Letter (Appendix B), and 3. Audit Findings Report (Appendix C). The Audit Findings Report (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 Appendix C, during the 2023 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 5, 2024, to respond to any questions of the Auditor. As reported on the Statement of Operations and Accumulated Deficit, the Transfer Payable before Budget Deficit Subsidy funding from the City is $1,817,330. The Boards 2023 Operating Budget Deficit Subsidy funding from the City was $2,200,000. Overall, therefore, Exhibition Place will have a Transfer Payable to the City of $4,017,330.

Staff recommended

The Chief Executive Officer recommends that: 1. The Board approve the Draft Financial Statements (Appendix A), Management Representation Letter (Appendix B) and Audit Findings Report (Appendix C) for the year ended December 31, 2023 audit. 2. The Board direct the transfer of the 2023 Operating Budget Deficit Subsidy funding of $2,200,000 to the City of Toronto. 3. The Board direct the transfer of the Operating Surplus of $1,817,000 into the Conference Centre Reserve Fund held by the City of Toronto for Exhibition Place.

    On the record

    The item as the City filed it

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