Arenas - 2024 and 2023 Audited Financial Statements and Status of Outstanding 2024 Audited Financial Statements

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The decision

2025-07-23 · Toronto City Council · adopted

As filed

City Council on July 23 and 24, 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 2 to the report (June 26, 2025) from the Auditor General for information: Attachment 1 - Financial Statements and Report to the Board of Management - McCormick Playground Arena; and Attachment 2 - Financial Statements and Report to the Board of Management - North Toronto Memorial Arena.

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2. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in Attachments 3 to 5 to the report (June 26, 2025) from the Auditor General for information: Attachment 3 - Financial Statements and Report to the Board of Management - Leaside Memorial Community Gardens Arena; Attachment 4 - Financial Statements and Report to the Board of Management - Moss Park Arena; and Attachment 5 - Financial Statements and Report to the Board of Management - Ted Reeve Community Arena. 3. City Council direct the City Manager to notify and remind Arena Boards of Management governed under the Relationship Framework, of their requirements related to their annual audited financial statements in accordance with Section 10.3.1 of the Relationship Framework to submit responses to the 2024 management letters by October 8, 2025 for Audit Committee's consideration at its meeting on November 5, 2025, and annually thereafter with the submission of their financial audit materials, as applicable.

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 and 2023 audited financial statements of Arenas. The 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 2024 audited financial statements available for Arenas.

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This is because the 2024 audits for one entity was awaiting board approval, another was pending an accounting adjustment, three entities were in progress, and one entity had not yet started. 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 remaining three 2023 audited financial statements of the eight Arenas, which are for Leaside Memorial Community Gardens Arena, Moss Park Arena, and Ted Reeve Community Arena.

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 2 to this report for information. 2. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in attachments 3 to 5 to this report for information.

Considered

2025-07-11 · 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 2 to the report (June 26, 2025) from the Auditor General for information: Attachment 1 - Financial Statements and Report to the Board of Management - McCormick Playground Arena; and Attachment 2 - Financial Statements and Report to the Board of Management - North Toronto Memorial Arena.
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2. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in Attachments 3 to 5 to the report (June 26, 2025) from the Auditor General for information: Attachment 3 - Financial Statements and Report to the Board of Management - Leaside Memorial Community Gardens Arena; Attachment 4 - Financial Statements and Report to the Board of Management - Moss Park Arena; and Attachment 5 - Financial Statements and Report to the Board of Management - Ted Reeve Community Arena. 3. City Council direct the City Manager to notify and remind Arena Boards of Management governed under the Relationship Framework, of their requirements related to their annual audited financial statements in accordance with Section 10.3.1 of the Relationship Framework to submit responses to the 2024 management letters by October 8, 2025 for Audit Committee's consideration at its meeting on November 5, 2025, and annually thereafter with the submission of their financial audit materials, as applicable.
2025-07-23 · Toronto City Council · adopted

On the record

The item as the City filed it

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