Item - 2024.RA11.4

The Board of Directors of CreateTO:

1.  Received for information CreateTO Highlights Report, in Attachment 1 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.

2.  Received for information KPMG LLP's audit findings report, in Attachment 2 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.

3.  Approved the 2023 Audited Financial Statements, in Attachment 3 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.

4.  Directed the Board Secretary to hold back on transmitting CreateTO 2023 Financial Results to City Council for approval until such time as Build Toronto Inc. and Toronto Port Lands Company Financial Statements are submitted to City Council for approval.

5.  Recommends that City Council receive for information CreateTO Highlights Report, in Attachment 1 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.

6.  Recommends that City Council approve the 2023 Audited Financial Statements, in Attachment 3 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.

The Legal Audit Engagement Partner, KPMG, gave a presentation on KPMG LLP Audit Findings Report.

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.