Item - 2024.AU4.6

The Audit Committee recommends that:

1. City Council receive the 2022 audited financial statements and management letters, where applicable, of Larry Grossman Forest Hill Memorial Arena and North Toronto Memorial Arena in Attachments 1 to 2 to the report (February 7, 2024) from the Auditor General for information.

2. City Council receive the 2021 audited financial statements of Leaside Memorial Community Gardens Arena in Attachment 3 to the report (February 7, 2024) from the Auditor General for information.

3. City Council request the Board of Larry Grossman Forest Hill Memorial Arena to provide an update to Audit Committee on the implementation of the auditor’s 2022 management letter items, for the July 5, 2024 Audit Committee.

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

2021 and 2022 audited financial statements of Arenas and a status update on the outstanding 2022 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.

Of the eight Arenas, the audited financial statements for two Arenas were previously presented at the December 1, 2023 meeting of the Audit Committee. 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 three 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 the one remaining Arena.