Item - 2022.AU13.12

The Audit Committee recommends that:

1. City Council receive the 2020 audited financial statements of the Ted Reeve Community Arena attached as Attachment 1 to the report (June 24, 2022) from the Auditor General.

The purpose of this report is to provide the Audit Committee and City Council with the 2020 audited financial statements of Arenas and a status update on the 2021 and prior audited financial statements of Arenas.

The 2021 audited financial statements for the eight City Arenas are presented to the Audit Committee after approval by their respective Boards or Committees of Management.

At the time of preparation of this report, there were no 2021 audited financial statements available for arenas. This is because the audits of eight entities had not yet started. Depending on when the audits are completed, the Independent Auditor's Reports, accompanying financial statements and management control letters (if applicable) will be presented at a subsequent meeting of the Audit Committee.

The 2020 audited financial statements for six arenas were previously presented at the June 2021 and February 2022 Audit Committee meetings. This report presents the Independent Auditor’s Report, accompanying financial statements, and management control letter for one additional City Arena. The audit of the 2020 audited financial statements of the other remaining one Arena has not yet started and the 2019 audited financial statements of that same Arena started but was not in progress at the time of preparation of this report.