Item - 2023.PA4.1

The Board of Directors of the Toronto Parking Authority:

1. Approved the Toronto Parking Authority’s Audited Financial Statements for the year ended December 31, 2022. 

At its meeting on May 5, 2023, the Toronto Parking Authority – Audit and Risk Management Committee considered Item PR2.1 and made a recommendation to the Board of Directors of Toronto Parking Authority.

Summary from the report (April 21, 2023) from the President, Toronto Parking Authority

The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority with the draft audited financial statements and highlights of the 2022 financial results for the year ended December 31, 2022.

KPMG LLP has completed their audit of Toronto Parking Authority’s financial statements for the year ended December 31, 2022.  A draft of the financial statements along with a copy of KPMG's year-end report to the Audit and Risk Management Committee is provided in Attachments 1 and 2. The financial statements continue to be marked as draft pending approval by the TPA Board of Directors.  KPMG Audit Partner, Kevin Travers, will be attending the May 5, 2023 Audit and Risk Management Committee meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.