Item - 2025.AU9.1

The Audit Committee recommends that:  

1. City Council approve the 2024 Consolidated Financial Statements in Appendix B to the report (June 26, 2025) from the Chief Financial Officer and Treasurer, and the Controller and Chief Accountant.

2. City Council approve the 2024 Sinking Funds Financial Statements in Appendix C to the report (June 26, 2025) from the Chief Financial Officer and Treasurer, and the Controller and Chief Accountant.

3. City Council approve the 2024 Consolidated Trust Funds Financial Statements in Appendix D to the report (June 26, 2025) from the Chief Financial Officer and Treasurer, and the Controller and Chief Accountant.

4. City Council delegate authority to the Chief Financial Officer and Treasurer to approve accounting adjustments in the City’s accounting records and system(s) when deemed necessary and provided that the adjustments do not conflict with the commitment authority delegated to him or her by the City Manager and / or other City by-laws.

Jason Li, Controller and Chief Accountant, Accounting Services, gave a presentation on the 2024 Audited Financial Statements - Consolidated City, Sinking Funds, and Consolidated Trust Funds.

This report presents the City of Toronto's Consolidated Financial Statements, the Sinking Funds Financial Statements and the Consolidated Trust Funds Financial Statements for the year ended December 31, 2024.

All City financial statements are prepared in accordance with Public Sector Accounting Standards established by the Public Sector Accounting Board of the Chartered Professional Accountants of Canada.

The City's external auditors, KPMG LLP, issued a clean audit opinion (also referred to as an unqualified audit opinion) on the City's 2024 Consolidated Financial Statements, Sinking Funds Financial Statements, and Trust Funds Financial Statements.

The Audit Committee is responsible for adopting the financial statements prior to City Council's approval.