Item - 2023.EX5.5

The Executive Committee recommends that:

1.  City Council receive the CreateTO 2022 Highlights Report in Attachment 1 to the report (April 6, 2023) from the Chief Financial Officer, CreateTO for information .

2.  City Council approve the 2022 Audited Financial Statements in Attachment 3 to the report (April 6, 2023) from the Chief Financial Officer, CreateTO.

At its meeting on April 24th, 2023, the Board of Directors of CreateTO considered item RA4.2  and made recommendations to City Council.

Summary from the report (April 6, 2023) from the Chief Financial Officer, 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.

The strategic use of the City’s real estate assets is central to achieving Toronto City Council’s goals around the delivery of housing, environmental sustainability, economic development, cultural vitality and community health, and diversity, equity and inclusion. CreateTO is committed to supporting the City in reaching the targets identified in each of these public policy areas. Key accomplishments achieved in 2022 have been summarized in CreateTO’s 2022 Highlights Report. Please refer to Attachment 1 for details.

For the year ending December 31, 2022, 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.