Item - 2024.EX16.26

The Executive Committee recommends that:

1.  City Council in its capacity as one of the Shareholders of Toronto Pan Am Sports Centre Inc. that it adopt and authorize the City Manager to sign the Resolutions of the Shareholders attached as Attachments 2 and 3 to the letter (May 17, 2024) from the Secretary, Board of Directors, Toronto Pan Am Sports Centre on behalf of the City that resolve:

a.  Financial Statements

1.  the audited financial statements of the Corporation for the financial year ended December 31, 2023, are received;

 b.  Appointment of Auditors

1.  Welch LLP are reappointed as the auditors of the Corporation until the close of the next annual meeting of the shareholders or until their successors are duly appointed; and

2.  the remuneration of the auditors will be fixed by the directors who are hereby authorized to fix that remuneration;

c. Confirmation of Proceedings

1.  all by-laws, contracts, acts, proceedings, appointments, elections and payments of any director or officer of the Corporation that were enacted, made, done, or taken since the last annual meeting of the shareholders of the Corporation are approved, ratified, sanctioned, and confirmed; and

d.  Approval of Budgets

1.  the Budget be and is hereby ratified and approved; and

2.  any two directors or officers of the Corporation, be and they are hereby authorized and directed, for and in the name of and on behalf of the Corporation, to do all such acts and things and to execute under the corporate seal of the Corporation or otherwise, and to deliver all agreements, certificates and documents as they may consider necessary or advisable to carry out the  provisions of the resolutions passed by the shareholders of the Corporation herein.

The Toronto Pan Am Sports Centre (TPASC) 2023 Overview (Attachment 1) provides a brief history of the organization, 2023 operating highlights, an overview of annual general meeting requirements, Board actions related to appointment of the 2024 auditor, 2023 financial statement summary, results of the financial statement audit, 2023 operating financial results, background on the 2024 budget, the future outlook of the organization and a description of the Board composition.