Item - 2023.AU1.9

The Audit Committee recommends that:

1. City Council receive the 2021 Audited Financial Statements and Management Letters for the Arenas in Attachments 1 to 6 to the report (January 27, 2023) from the Auditor General for information.

The Audit Committee: 

1. Requested the City Manager, working with the Auditor General and the Accounting Services Division, to provide an update on the status of the Arena Boards' outstanding audits, and to report on the resolution of management letters' recommendations in the upcoming staff report on Arena Boards.

The purpose of this report is to provide the Audit Committee and City Council with the 2021 audited financial statements of Arenas and a status update on the outstanding 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 six 2021 audited financial statements available for Arenas. This is because the audits of two 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 audit of the 2020 audited financial statements of the other remaining one Arena and the 2019 audited financial statements of that same Arena were in progress at the time of preparation of this report.