Item - 2024.PR5.2

The Toronto Parking Authority – Audit and Risk Management Committee recommends that:

1. The Board of Directors of the Toronto Parking Authority approve the Toronto Parking Authority’s Audited Financial Statements for the year ended December 31, 2023 in Attachment 2 to the report (April 11, 2024) from the President, Toronto Parking Authority.

Kevin Travers, Partner, KPMG and Elliot Cheng, Senior Manager, KPMG gave a presentation to the Toronto Parking Authority - Audit and Risk Management Committee on the 2023 Audited Financial Statements.

The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of the Toronto Parking Authority with the draft audited financial statements for the year ended December 31, 2023.

KPMG LLP has completed their audit of Toronto Parking Authority’s financial statements for the year ended December 31, 2023.  A draft of the financial statements along with a copy of KPMG's year-end report to the Audit and Risk Management Committee is provided in Attachments 1 and 2. The financial statements continue to be marked as draft pending approval by the Board of Directors of the Toronto Parking Authority.  KPMG Audit Partner, Kevin Travers, will be attending the April 25, 2024, Audit and Risk Management Committee meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.