Item - 2021.AU8.14

The Audit Committee recommends that:

1.  City Council receive the 2019 audited financial statements and internal control letter for the George Bell Arena, the Ted Reeve Community Arena, and the Moss Park Arena in Attachments 1-3 to the report (February 4, 2021) from the Auditor General.

2.  City Council request the City Manager, in consultation with the Board of Management of Ted Reeve Community Arena, to report to the November 2, 2021 meeting of the Audit Committee on the status of the implementation of the recommendations in the management letter (December 22, 2020) from Christa Casey, Partner, Welch LLP, and Kathy Steffan, Partner, Welch LLP in Attachment 2 to the report (February 4, 2021) from the Auditor General.

3.  City Council request the City Manager to forward City Council's decision to the Board of Management of Ted Reeve Community Arena.

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.

Of the eight City Arenas, the audited financial statements for four Arenas were previously presented at the October 2020 Audit Committee. This report presents the Independent Auditor's Report, accompanying financial statements and, where applicable, the internal control letter for two additional City Arenas as well as the Independent Auditor's Report and accompanying amended (for Note 4) financial statements for one arena that was previously presented.

The audits of the two remaining Arenas are in progress at the time of preparation of this report.