Item - 2020.RA12.5

Tracking Status

This item was considered by CreateTO on April 24, 2020 and was adopted without amendment.
See also EX14.12

RA12.5 - CreateTO 2019 Financial Results and Annual Report

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Board Decision

The Board of Directors of CreateTO:

1. Received for information PricewaterhouseCoopers LLP's draft audit results report, in Attachment 1 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO .

2. Recommended that City Council receive for information, the 2019 Annual Report, in Attachment 2 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.

3. Approved the 2019 Audited Financial Statements, in Attachment 3 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.

4. Recommended that City Council approve the 2019 Audited Financial Statements, in Attachment 3 to the report (April 16, 2020) from the Chief Executive Officer, CreateTO.

Decision Advice and Other Information

The Chief Executive Officer, CreateTO; the Chief Financial Officer, CreateTO; and Andrew Popert, Partner, Assurance, PricewaterhouseCoopers LLP gave an overview of CreateTO 2019 Financial Results and Annual Report.

Origin

(April 16, 2020) Report from the Chief Executive Officer, CreateTO

Summary

As the City of Toronto’s real estate agency, CreateTO manages the City’s real estate portfolio, develops City buildings and lands for municipal purposes and delivers client-focused real estate solutions to City divisions, agencies and corporations.

For the year ending December 31, 2019, CreateTO generated revenue of $12.49 million, had expenditures of $12.49 million, and net income of $0.

Background Information

(April 16, 2020) Report from the Chief Executive Officer on CreateTO 2019 Financial Results and Annual Report
https://www.toronto.ca/legdocs/mmis/2020/ra/bgrd/backgroundfile-147104.pdf
Attachment 1 - PricewaterhouseCoopers LLP Audit Results Report
https://www.toronto.ca/legdocs/mmis/2020/ra/bgrd/backgroundfile-147105.pdf
Attachment 2 - 2019 Annual Report
https://www.toronto.ca/legdocs/mmis/2020/ra/bgrd/backgroundfile-147106.pdf
Attachment 3 - 2019 Draft Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2020/ra/bgrd/backgroundfile-147107.pdf

Motions

Motion to Adopt Item moved by Dino Chiesa (Carried)

Vote (Adopt Item) Apr-24-2020

Result: Carried	Majority Required
Total members that voted Yes: 8	Members that voted Yes are Ana Bail�o, Jane Beatty, Ron Carinci, Dino Chiesa (Chair), Paula Fletcher, Dennis Fotinos, Sandra Levy, Marcie Zajdeman
Total members that voted No: 0	Members that voted No are
Total members that were Absent: 0	Members that were absent are