Item - 2021.AU9.21

The Audit Committee recommends that:

1.  City Council approve the 2019 Audited Financial Statements and Management Letters for the 16 Business Improvement Areas and the 2020 Audited Financial Statements and Management Letters for the 2 Business Improvement Areas in Appendices A to S to the report (June 21, 2021) from the Controller and the Interim General Manager, Economic Development and Culture.

The purpose of this report is to present the City of Toronto's (City) Business Improvement Areas' (BIAs) audited financial statements and management letters for approval.

This report contains the 2019 audited financial statements and management letters for 16 entities and the 2020 audited financial statements and management letters for 2 entities. All 2019 audited financial statements have now been presented for approval, with the exception of Historic Queen BIA, which does not have any revenues or expenses to report.

All of the in-scope BIAs have received an unqualified audit opinion for their financial statements. Several BIAs received audit recommendations for minor internal control and process improvements that have been accepted by the respective BIA Boards of Management - these audit recommendations can be found in the attached management letters.