Item - 2022.EX34.32

The Executive Committee recommends that:

1. City Council treat that portion of the City Council meeting at which this Report is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by:

a. receiving the "Lakeshore Arena Corporation 2021 Annual and Cover Report", and the "Lakeshore Arena Corporation 2021 Audited Financial Statements", forming Attachments 1 and 2 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer, respectively;

b. appointing Welch LLP as the Auditor of Lakeshore Arena Corporation for fiscal year 2022, and authorizing the Board of Directors of Lakeshore to fix the remuneration of the Auditor; and

c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2021", forming Attachment 3 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer;

2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2021 Audited Financial Statements", forming Attachment 2 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer, to the Audit Committee for information.

This report transmits materials submitted by the Board of Directors of Lakeshore Arena Corporation (LAC) to the City. No independent review or analysis has been performed by City staff. Representatives from the Board of Directors for Lakeshore Arena Corporation (LAC) have confirmed all financial information was made available to the auditors for the performance of the audit.

This report recommends actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) for holding the Annual General Meeting of the Shareholder of Lakeshore Arena Corporation (LAC), including receipt of its Annual Report and Audited Financial Statements (Statements) for 2021 and appointment of the auditor for 2022.

Lakeshore Arena Corporation (LAC's) 2021 Statements were audited by Welch LLP and received an opinion stating that the financial statements present fairly, in all material respects, the financial position of the Lakeshore Arena Corporation (LAC) as at December 31, 2021, and its results of operations, changes in net debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

This report also contains recommendations for receipt of information disclosing the individual compensation of executive officers employed by Lakeshore Arena Corporation (LAC) in 2021 at the Annual General Meeting of the Shareholder.