Item - 2025.AU9.16

The Audit Committee recommend that:

1. City Council approve the 2023 and 2024 audited financial statements and management letters of the Business Improvement Areas as attached in Appendices A to AB to the report (June 26, 2025) from the Chief Financial Officer and Treasurer.

The purpose of this report is to present the Audit Committee and City Council with the audited financial statements and management letters of Business Improvement Areas as outlined below:

All of the audited financial statements received unqualified audit opinions and have been approved by the Business Improvement Areas’ respective Boards of Management (Board). Six Business Improvement Areas (Bloor Annex, Bloorcourt Village, Bloordale Village, Crossroads of the Danforth, Liberty Village and Village of Islington) received recommendations to strengthen internal controls and operations for fiscal 2023. Most are minor in nature and have been accepted by the Business Improvement Area’s management and Board.

With this report, the 2023 audited financial statements for all 83 Business Improvement Areas[1] have been presented to the Audit Committee. The remaining 70 audited financial statements for the 2024 fiscal year are in the process of being finalized and will be presented to the Audit Committee and City Council at a future date.  

[1] Note: There are now 84 active Business Improvement Areas in 2025. The Historic Queen Street East Business Improvement Area was inactive in 2024, resulting in a total of 83 active Business Improvement Areas in 2024.