Item - 2022.PR2.1

The Toronto Parking Authority - Audit and Risk Management Committee recommends that:

1.  The Board of Directors of Toronto Parking Authority approve the Audited Financial Statements for the year ended December 31, 2021.

Kevin Travers, Audit Partner, KPMG and Elliot Cheng, Audit Senior Manager, KPMG, gave a presentation to the Committee.

The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority and Board of Directors of Toronto Parking Authority with the audited financial statements and highlights of the 2021 financial results for the year ended December 31, 2021.

KPMG LLP has completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2021. A draft of the financial statements along with a copy of KPMG's year-end report to the Audit and Risk Management Committee is provided in Attachments 1 and 2.  KPMG Audit Partner, Kevin Travers, will be attending the May 10, 2022 Audit and Risk Management Committee meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.