Item - 2020.AU6.10

During the review of the Order Paper on October 27, 2020, City Council adopted a procedural motion to remove this Item from the Audit Committee and bring it forward to City Council for consideration.

The Audit Committee recommends that:

1.  City Council receive the 2019 audited financial statements of the Arenas attached to the report (October 8, 2020) from the Auditor General.

The purpose of this report is to provide the Audit Committee and City Council with the 2019 audited financial statements of Arenas.

The 2019 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 external auditor, Welch LLP, advise that where they have comments on internal controls, they would provide these by way of a report to the Board.

The Independent Auditor's Report and accompanying financial statements for the four completed City Arenas are attached to this report. The audits of the remaining four Arenas are in progress at the time of preparation of this report.