Item - 2023.PR2.1

The Toronto Parking Authority - Audit and Risk Management Committee recommends that:

1. The Board of Directors of the Toronto Parking Authority approve the Toronto Parking Authority’s Audited Financial Statements for the year ended December 31, 2022. 

The Chief Financial Officer, Toronto Parking Authority, gave an overview of the Toronto Parking Authority 2022 Audited Financial Statements.

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.