Item - 2024.AU5.3

The Audit Committee recommend that:

1. City Council receive item AU5.3 - Financial Statements for the Year Ended December 31, 2023 - Agencies, for information.

The following 2023 Financial Statements and related documents for the year ended December 31, 2023 have been submitted to the Audit Committee for consideration:

- CreateTO
- Exhibition Place
- Heritage Toronto
- TO Live
- Toronto Atmospheric Fund
- Toronto Parking Authority
- Toronto Public Library
- Toronto Transit Commission
- Toronto Zoo
- Yonge-Dundas Square

Financial Statements for Exhibition Place for the year ended December 31, 2023.

Financial Statements for Heritage Toronto for the year ended December 31, 2023.

Financial Statements for TO Live for the year ended December 31, 2023.

Consolidated Financial Statements for Toronto Atmospheric Fund for the year ended December 31, 2023.

Financial Statements for Toronto Parking Authority for the year ended December 31, 2023.

Financial Statements for Toronto Public Library for the year ended December 31, 2023.

Financial Statements for Toronto Zoo for the year ended December 31, 2023.

Financial Statements for Yonge-Dundas Square for the year ended December 31, 2023.

Consolidated Financial Statements for Toronto Transit Commission for the year ended December 31, 2023.

At its meeting on April 22, 2024, the Board of Directors of CreateTO considered Item RA11.4 and made recommendations to City Council.

Summary from the report (April 8, 2024) from the Chief Executive Officer, CreateTO:

As the City of Toronto’s real estate agency, CreateTO applies a strategic city-wide lens to Toronto’s real estate holdings, develops City buildings and lands for municipal purposes and delivers real estate solutions to advance City Council’s key public policy goals and meet the program needs of City divisions, agencies, and corporations.

Toronto has an extensive real estate portfolio, which holds tremendous value, both financially and in its potential to be activated for the public good. CreateTO was established to put that value to use for our city. The agency offers creative and strategic approaches to solving some of our city’s most pressing challenges, from building affordable homes and inclusive communities, to creating cultural and employment opportunities, driving economic prosperity, achieving our climate goals, and increasing our collective quality of life. Key accomplishments achieved in 2023 have been summarized in CreateTO’s 2023 Highlights Report. Please refer to Attachment 1 for details.

For the year ending December 31, 2023, 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.