Item - 2022.RA31.6

The Board of Directors of CreateTO:

1.  Recommends that City Council receive for information CreateTO Performance Report, in Attachment 1 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.

2.  Recommends that City Council approve the 2021 Audited Financial Statements, in Attachment 3 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.

3.  Received for information CreateTO Performance Report, in Attachment 1 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.

4.  Received for information KPMG LLP's audit findings report, in Attachment 2 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.

5.  Approved the 2021 Audited Financial Statements, in Attachment 3 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.

Maria Khoushnood, Partner, KPMG Enterprise, and Frank Zheng, Senior Manager, KPMG Enterprise gave a presentation on the Audit Findings Report and the 2021 Draft Audited Financial Statements for CreateTO.

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.

Working within the City-Wide Real Estate Model, CreateTO is contributing substantial value to the City. The organization's work has identified significant annual capital and operating cost savings; created opportunities for the co-location of City services; and identified underutilized sites to advance the delivery of affordable housing. CreateTO is also contributing to city building in neighourhoods across Toronto, supporting the revitalization of the Port Lands through developments like the Basin Media Hub and implementing environmental sustainability in its projects. Key accomplishments to date have been summarized in the CreateTO Performance Report. Please refer to Attachment 1 for details.

For the year ending December 31, 2021, KPMG LLP conducted the audit 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.