Item - 2024.AU6.5

The Audit Committee recommends that:

1. City Council receive the 2023 audited financial statements and management letter for the Larry Grossman Forest Hill Memorial Arena in Attachment 1 to the report (September 27, 2024) from the Auditor General for information.

2. City Council receive the 2022 audited financial statements and management letter for the Moss Park Arena in Attachment 2 to the report (September 27, 2024) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with a status update on the 2023 and prior audited financial statements of Arenas.

The 2023 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 City Arenas, the audited financial statements for two Arenas were previously presented at the July 5, 2024 meeting of the Audit Committee. At the time of preparation of this report, there was one 2023 audited financial statement available for Arenas. The audits for four Arenas were in progress, while the audits of the remaining one Arena 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 2022 audited financial statements and management letter, where applicable, for the one remaining Arena.