Item - 2025.AU9.15
Tracking Status
- This item was considered by Audit Committee on July 11, 2025 and was adopted with amendments. It will be considered by City Council on July 23, 24 and 25, 2025.
AU9.15 - Arenas - 2024 and 2023 Audited Financial Statements and Status of Outstanding 2024 Audited Financial Statements
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Caution: Preliminary decisions and motions are shown below. Any decisions or motions should not be considered final until the meeting is complete, and the decisions for this meeting have been confirmed.
Committee Recommendations
The Audit Committee recommends that:
1. City Council receive the 2024 audited financial statements and management letters, where applicable, for the Arenas in attachments 1 to 2 to the report (June 26, 2025) from the Auditor General for information.
2. City Council receive the 2023 audited financial statements and management letters, where applicable, for the Arenas in attachments 3 to 5 to the report (June 26, 2025) from the Auditor Genera for information.
3. City Council direct the City Manager to notify and remind Arena Boards of Management governed under the Relationship Framework, of their requirements related to their annual audited financial statements in accordance with Section 10.3.1 of the Relationship Framework to submit responses to the 2024 management letters by October 8, 2025 for Audit Committee’s consideration at its meeting on November 5, 2025, and annually thereafter with the submission of their financial audit materials, as applicable.
Origin
Summary
The purpose of this report is to provide the Audit Committee and City Council with a status update on the 2024 and 2023 audited financial statements of Arenas.
The audited financial statements for the eight City Arenas are presented to the Audit Committee after approval by their respective Boards or Committees of Management.
At the time of preparation of this report, there were two 2024 audited financial statements available for Arenas. This is because the 2024 audits for one entity was awaiting board approval, another was pending an accounting adjustment, three entities were in progress, and one entity had not yet started. 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.
This report also provides City Council with the remaining three 2023 audited financial statements of the eight Arenas, which are for Leaside Memorial Community Gardens Arena, Moss Park Arena, and Ted Reeve Community Arena.
Financial Impact
The recommendation in this report has no financial impact.
Background Information
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256834.pdf
Attachment 1 - Financial Statements and Report to the Board of Management - McCormick Playground Arena
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256835.pdf
Attachment 2 - Financial Statements and Report to the Board of Management - North Toronto Memorial Arena
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256836.pdf
Attachment 3 - Financial Statements and Report to the Board of Management - Leaside Memorial Community Gardens Arena
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256837.pdf
Attachment 4 - Financial Statements and Report to the Board of Management - Moss Park Arena
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256838.pdf
Attachment 5 - Financial Statements and Report to the Board of Management - Ted Reeve Community Arena
https://www.toronto.ca/legdocs/mmis/2025/au/bgrd/backgroundfile-256839.pdf
Motions
That the Audit Committee recommend that:
1. City Council direct the City Manager to notify and remind Arena Boards of Management governed under the Relationship Framework, of their requirements related to their annual audited financial statements in accordance with Section 10.3.1 of the Relationship Framework to submit responses to the 2024 management letters by October 8, 2025 for Audit Committee’s consideration at its meeting on November 5, 2025, and annually thereafter with the submission of their financial audit materials, as applicable.