Item - 2021.EX24.9

Tracking Status

  • City Council adopted this item on June 8, 2021 without amendments and without debate.
  • This item was considered by the Executive Committee on June 1, 2021 and adopted without amendment. It will be considered by City Council on June 8, 2021.
  • See also RA22.2

EX24.9 - CreateTO 2020 Financial Results

Decision Type:
ACTION
Status:
Adopted on Consent
Wards:
All

City Council Decision

City Council on June 8 and 9, 2021, adopted the following:

 

1.  City Council receive the CreateTO 2020 Highlights in Attachment 1 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO for information.

 

2.  City Council approve the CreateTO 2020 Audited Financial Statements in Attachment 3 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO.

Background Information (Committee)

(May 11, 2021) Letter from the Board of Directors of CreateTO on CreateTO 2020 Financial Results
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166932.pdf
(April 26, 2021) Report from the Chief Financial Officer, CreateTO on CreateTO 2020 Financial Results
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166933.pdf
Attachment 1 - CreateTO 2020 Highlights
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166934.pdf
Attachment 2 - KPMG LLP Audit Findings Report
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166935.pdf
Attachment 3 - 2020 Draft Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166936.pdf

EX24.9 - CreateTO 2020 Financial Results

Decision Type:
ACTION
Status:
Adopted
Wards:
All

Committee Recommendations

The Executive Committee recommends that:

 

1.  City Council receive the CreateTO 2020 Highlights in Attachment 1 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO for information.

 

2.  City Council approve the CreateTO 2020 Audited Financial Statements in Attachment 3 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO.

Origin

(May 11, 2021) Letter from the Board of Directors of CreateTO

Summary

As the City of Toronto’s real estate agency, CreateTO manages the City’s real estate portfolio, develops City lands and buildings for municipal purposes, and delivers client-focused real estate solutions to City divisions, agencies and corporations.

 

2020 marked an unprecedented year with the COVID-19 pandemic. While this required some adjustments as an organization, there was no significant impact to the financial statements of CreateTO. Staff adapted to the new working environment and continued to move forward key city initiatives such as Housing Now, Modular Housing and ModernTO. Please refer to attachment 1 for further details on these initiatives and our 2020 highlights.

 

For the year ending December 31, 2020, KPMG LLP came on as our new auditors and delivered a clean audit opinion. Please refer to attachment 2 for KPMG LLP's audit findings report and attachment 3 for the audited financial statements.

Background Information

(May 11, 2021) Letter from the Board of Directors of CreateTO on CreateTO 2020 Financial Results
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166932.pdf
(April 26, 2021) Report from the Chief Financial Officer, CreateTO on CreateTO 2020 Financial Results
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166933.pdf
Attachment 1 - CreateTO 2020 Highlights
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166934.pdf
Attachment 2 - KPMG LLP Audit Findings Report
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166935.pdf
Attachment 3 - 2020 Draft Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-166936.pdf

Motions

Motion to Adopt Item moved by Councillor Ana Bail„o (Carried)
Source: Toronto City Clerk at www.toronto.ca/council