Item - 2022.AU11.11

The Audit Committee recommends that:

1.  City Council receive the 2020 Audited Financial Statements and Management Letters, where applicable, for the George Bell Arena, the Larry Grossman Forest Hill Memorial Arena, the Moss Park Arena, the North Toronto Memorial Arena, and the William H. (Bill) Bolton Arena in Attachments 1 to 5 to the report (January 31, 2022) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with the 2020 audited financial statements of Arenas and the status of 2020 audited financial statements for Arenas.

The 2020 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 audited financial statements for one Arena was previously presented at the November 2021 Audit Committee. This report presents the Independent Auditor's Report, accompanying financial statements and management letters (if applicable) for five additional Arenas. Of the remaining two Arenas, the audit for one is completed but pending Board approval and the audit for the other is in progress. Depending on when the last two remaining audits are finalized, the Independent Auditor's Reports, accompanying financial statements and management letters (if applicable) of those Arenas will be presented at a subsequent meeting of the Audit Committee.

In addition, the 2019 audited financial statements for seven arenas were presented at previous Audit Committee meetings. The audit of the remaining one Arena remains in progress at the time of preparation of this report.