Item - 2024.AU7.9

Tracking Status

City Council adopted this item on December 17 and 18, 2024 without amendments.
This item was considered by the Audit Committee on December 9, 2024 and adopted without amendment. It will be considered by City Council on December 17 and 18, 2024.

AU7.9 - Business Improvement Areas - Update on 2023 Audited Financial Statements

Decision Type:: ACTION

Status:: Adopted

Wards:: All

City Council Decision

City Council on December 17 and 18, 2024, adopted the following:

1. City Council approve the 2023 audited financial statements and management letters of the Business Improvement Areas as attached in Appendices A to BY to the report (November 21, 2024) from the Chief Financial Officer and Treasurer.

Background Information (Committee)

(November 21, 2024) Report from the Chief Financial Officer and Treasurer on Business Improvement Areas - Update on 2023 Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250956.pdf
Appendix A - Bayview Leaside - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250957.pdf
Appendix B - Bloor Yorkville - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250958.pdf
Appendix C - Chinatown - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250959.pdf
Appendix D - Church Wellesley - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250960.pdf
Appendix E - CityPlace and Fort York - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250961.pdf
Appendix F - Danforth Mosaic - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250962.pdf
Appendix G - Danforth Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250963.pdf
Appendix H - Duke Heights - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250964.pdf
Appendix I - Eglinton Hill - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250965.pdf
Appendix J - Forest Hill Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250966.pdf
Appendix K - Greektown on the Danforth - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250967.pdf
Appendix L - Hillcrest Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250968.pdf
Appendix M - St. Lawrence Market Neighbourhood - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250969.pdf
Appendix N - Parkdale Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250970.pdf
Appendix O - Riverside District - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250971.pdf
Appendix P - Roncesvalles Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250972.pdf
Appendix Q - Sheppard East Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250988.pdf
Appendix R - St. Clair Gardens - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250989.pdf
Appendix S - The Kingsway - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251002.pdf
Appendix T - The Waterfront - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250990.pdf
Appendix U - Multiple BIAs (Appendices A - T) Management Letters
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250991.pdf
Appendix V - York Eglinton - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251105.pdf
Appendix W - Albion Islington - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250993.pdf
Appendix X - Baby Point Gates - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250994.pdf
Appendix Z - Bloor by the Park - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-250995.pdf
Appendix AA - Bloor West Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251088.pdf
Appendix AB - Broadview Danforth - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251089.pdf
Appendix AC - Cabbagetown - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251090.pdf
Appendix AD - College Promenade - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251091.pdf
Appendix AE - Corso Italia - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251092.pdf
Appendix AF - Dupont by the Castle - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251113.pdf
Appendix AG - Fairbank Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251114.pdf
Appendix AH - Gerrard India Bazaar - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251121.pdf
Appendix AI - Kennedy Road - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251122.pdf
Appendix AJ - Korea Town - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251123.pdf
Appendix AK - Little Italy - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251124.pdf
Appendix AL - Long Branch - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251125.pdf
Appendix AM - Midtown Yonge - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251115.pdf
Appendix AN - Mirvish Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251116.pdf
Appendix AO - Mount Dennis - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251117.pdf
Appendix AP - Mount Pleasant - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251127.pdf
Appendix AQ - Rosedale Main Street - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251128.pdf
Appendix AR - The Beach - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251129.pdf
Appendix AS - The Eglinton Way - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251130.pdf
Appendix AT - The Junction - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251131.pdf
Appendix AU - Upper Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251135.pdf
Appendix AV - Uptown Yonge - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251137.pdf
Appendix AW - Wychwood Heights - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251138.pdf
Appendix AX - Yonge North York - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251159.pdf
Appendix AY - Yonge-Lawrence Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251160.pdf
Appendix AZ - Multiple BIAs (Appendix V - AY, BN) - Management Letters
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251161.pdf
Appendix BA - Emery Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251145.pdf
Appendix BB - College West - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251162.pdf
Appendix BC - Yonge and St. Clair - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251163.pdf
Appendix BD - Wexford Heights - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251164.pdf
Appendix BE - Leslieville - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251165.pdf
Appendix BF - Little Portugal Toronto - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251166.pdf
Appendix BG - Mimico By the Lake - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251167.pdf
Appendix BH - Mimico Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251168.pdf
Appendix BI - West Queen West - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251169.pdf
Appendix BJ - Queen Street West - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251170.pdf
Appendix BK - Multiple BIAs (Appendices AAA - AAJ) - Management Letters
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251171.pdf
Appendix BL - Dovercourt Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251146.pdf
Appendix BN - Lawrence Ingram Keele - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251147.pdf
Appendix BO - Toronto Downtown West - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251148.pdf
Appendix BP - Toronto Financial District - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251149.pdf
Appendix BQ - Downtown Yonge - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251150.pdf
Appendix BR - Kensington Market - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251151.pdf
Appendix BS - Lakeshore Village - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251152.pdf
Appendix BT - Rogers Road - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251153.pdf
Appendix BU - Trinity Bellwoods - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251154.pdf
Appendix BV - ShoptheQueensway.com - 2023 Financial Statements + Management Letter
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251155.pdf
Appendix BW - Pape Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251156.pdf
Appendix BX - Weston Village - 2023 Financial Statements
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251157.pdf
Appendix BY - Multiple BIAs (Appendices BL, BW, BX) - Management Letters
https://www.toronto.ca/legdocs/mmis/2024/au/bgrd/backgroundfile-251158.pdf

Motions (City Council)

Motion to Adopt Item (Carried)

AU7.9 - Business Improvement Areas - Update on 2023 Audited Financial Statements

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Committee Recommendations

The Audit Committee recommend that:

Origin

(November 21, 2024) Report from the Chief Financial Officer and Treasurer

Summary

The purpose of this report is to present the Audit Committee and City Council with the 2023 audited financial statements and management letters of 71 Business Improvement Areas.

All of the audited financial statement included in this report received unqualified audit opinions, and have been approved by the Business Improvement Areas’ respective Boards of Management (Board). One Business Improvement Area, ShoptheQueensway.com, received recommendations to strengthen internal controls and operations. These are minor in nature and have been accepted by the Business Improvement Area’s management and Board (Appendix BV).

There are 83 active Business Improvement Areas in the City of Toronto. The financial statements for the remaining 12 Business Improvement Areas are in the process of being finalized, and will be presented to the Audit Committee and City Council at a future date.

Background Information

Motions

Motion to Adopt Item moved by Councillor Paula Fletcher (Carried)

Item - 2024.AU7.9

Tracking Status

City Council consideration on December 17 and 18, 2024

AU7.9 - Business Improvement Areas - Update on 2023 Audited Financial Statements

City Council Decision

Background Information (Committee)

Motions (City Council)

Audit Committee consideration on December 9, 2024

AU7.9 - Business Improvement Areas - Update on 2023 Audited Financial Statements

Committee Recommendations

Origin

Summary

Background Information

Motions