Item - 2023.AU3.11

The Audit Committee recommends that:

1. City Council receive the 2022 Audited Financial Statements of George Bell Arena and McCormick Playground Arena in Attachments 1 to 2 to the report (November 17, 2023) from the Auditor General for information.

2. City Council receive the 2021 Audited Financial Statements of North Toronto Memorial Arena in Attachment 3 to the report (November 17, 2023) from the Auditor General for information.

3. City Council receive the 2020 Audited Financial Statements of Leaside Memorial Community Gardens Arena in Attachment 4 to the report (November 17, 2023) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with the

2022 audited financial statements of Arenas and 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 two 2022 audited financial statements available for Arenas. This is because the audit for one Arena was in progress, while the audits of the remaining five Arenas 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 also provides City Council with the 2021 audited financial statements for one Arena. The audit of the one remaining Arena for 2021 audited financial statements remains in progress at the time of preparation of this report.

This report also provides City Council with the 2020 audited financial statements for the one remaining Arena.