Item - 2020.RA12.5
RA12.5 - CreateTO 2019 Financial Results and Annual Report
- Decision Type:
The Board of Directors of CreateTO:
1. Received for information PricewaterhouseCoopers LLP's draft audit results report, in Attachment 1 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO .
2. Recommended that City Council receive for information, the 2019 Annual Report, in Attachment 2 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.
3. Approved the 2019 Audited Financial Statements, in Attachment 3 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.
4. Recommended that City Council approve the 2019 Audited Financial Statements, in Attachment 3 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.
Decision Advice and Other Information
The Chief Executive Officer, CreateTO; the Chief Financial Officer, CreateTO; and Andrew Popert, Partner, Assurance, PricewaterhouseCoopers LLP gave an overview of CreateTO 2019 Financial Results and Annual Report.
As the City of Toronto’s real estate agency, CreateTO manages the City’s real estate portfolio, develops City buildings and lands for municipal purposes and delivers client-focused real estate solutions to City divisions, agencies and corporations.
For the year ending December 31, 2019, CreateTO generated revenue of $12.49 million, had expenditures of $12.49 million, and net income of $0.
Attachment 1 - PricewaterhouseCoopers LLP Audit Results Report
Attachment 2 - 2019 Annual Report
Attachment 3 - 2019 Draft Audited Financial Statements
Vote (Adopt Item) Apr-24-2020
|Result: Carried||Majority Required|
|Total members that voted Yes: 8||Members that voted Yes are Ana Bail„o, Jane Beatty, Ron Carinci, Dino Chiesa (Chair), Paula Fletcher, Dennis Fotinos, Sandra Levy, Marcie Zajdeman|
|Total members that voted No: 0||Members that voted No are|
|Total members that were Absent: 0||Members that were absent are|