Item - 2025.AU8.8

The Audit Committee recommends that:

1. City Council receive the 2023 audited financial statements and management letter for the North Toronto Memorial Arena in Attachment 1 to the report (January 30, 2025) from the Auditor General for information.

2. City Council receive the 2023 audited financial statements and management letter for the William H. Bolton Arena in Attachment 2 to the report (January 30, 2025) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with the 2023 audited financial statements and a status update on the outstanding 2023 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 Audit Committee meeting and one arena was presented at the October 15, 2024 Audit Committee meeting. At the time of preparation of this report, there were two 2023 audited financial statements available for Arenas, and the audits for three Arenas were in progress. 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.