Arenas - 2024 Audited Financial Statements and Status of Outstanding 2024 Audited Financial Statements

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The decision

2025-11-12 · Toronto City Council · adopted

As filed

City Council on November 12 and 13, 2025, adopted the following: 1. City Council receive the 2024 audited financial statements and management letters, where applicable, for the Arenas in Attachments 1 to 4 to the report (October 20, 2025) from the Auditor General for information, as follows: a. Financial Statements and Report to the Board of Management - George Bell Arena; b. Financial Statements and Report to the Board of Management - Larry Grossman Forest Hill Memorial Arena; c.

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Financial Statements and Report to the Board of Management - Leaside Memorial Community Gardens Arena; and d. Financial Statements and Report to the Board of Management - William H. Bolton Arena. 2. City Council request the City Manager and appropriate staff to continue engaging with the City's Arena Boards and arena managers to identify opportunities that assist the Arena Boards in addressing the control deficiencies identified by the external auditor, Doane Grant Thornton LLP, in their letter to management (dated October 20, 2025 and Item AU9.15) and report back to Audit Committee with any persistent issues, as appropriate.

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 2024 audited financial statements of Arenas. The 2024 audited financial statements for the eight City Arenas are presented to the Audit Committee after approval by their respective Boards or Committees of Management. The financial statements for two Arenas were previously presented at the July 11, 2025 Audit Committee.

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At the time of preparation of this report, there were four 2024 audited financial statements available for Arenas. The audits for one entity was awaiting board approval and the remaining one 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.

Staff recommended

The Auditor General recommends that: 1. City Council receive the 2024 audited financial statements and management letters, where applicable, for the Arenas in attachments 1 to 4 to this report for information.

Considered

2025-11-05 · Audit Committee · amended
Decision as filed
The Audit Committee recommends that: 1. City Council receive the 2024 audited financial statements and management letters, where applicable, for the Arenas in attachments 1 to 4 to the report (October 20, 2025) from the Auditor General for information, as follows: a. Financial Statements and Report to the Board of Management - George Bell Arena b. Financial Statements and Report to the Board of Management - Larry Grossman Forest Hill Memorial Arena c.
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Financial Statements and Report to the Board of Management - Leaside Memorial Community Gardens Arena d. Financial Statements and Report to the Board of Management - William H. Bolton Arena 2. City Council request the City Manager and appropriate staff to continue engaging with the City's Arena Boards and arena managers to identify opportunities that assist the Arena Boards in addressing the control deficiencies identified by the external auditor, Doane Grant Thornton LLP, in their letter to management (dated October 20, 2025 and Item AU9.15) and report back to Audit Committee with any persistent issues, as appropriate.
2025-11-12 · Toronto City Council · adopted

On the record

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