Item - 2023.AU2.13

The Audit Committee recommends that:

1. City Council receive the 2019 audited financial statements of Leaside Memorial Community Gardens Arena for information attached to the report (June 21, 2023) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with a status update on the 2022 and prior audited financial statements of Arenas.

The 2022 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 2022 audited financial statements available for Arenas. This is because the audits of the George Bell Arena and the McCormick Playground Arena were in progress, while the audits of the remaining six 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.

This report provides City Council with the 2019 audited financial statements for the Leaside Memorial Community Gardens Arena. The audit of the 2020 financial statements for the mentioned Arena was scheduled to start at the time of preparation of this report.

The audits of the 2021 financial statements for the Leaside Memorial Community Gardens Arena and the North Toronto Memorial Arena had not started at the time of preparation of this report.