Item - 2021.AU10.10

The Audit Committee recommends that:

1.  City Council direct the City of Toronto's Arena Boards of Management to submit their outstanding Audited Annual Financial Statements to the City of Toronto, through the Auditor General, no later than December 15, 2021, or where this is not possible, to send a letter to the Audit Committee by December 15, 2021 on the status of their Audited Annual Financial Statements, the reason(s) for the delay and the date they will be submitted.

2.  City Council request the City Manager to report back to City Council, through the Audit Committee, in the first quarter of 2022 on any instances of non-compliance with Recommendation 1 above and remedies and recommendations to be considered by City Council.

3.  City Council direct that, effective in 2022, the City of Toronto's Arena Boards of Management submit their Audited Annual Financial Statements and related documents directly to the Audit Committee through the City Clerk.

4.  City Council receive the 2020 Audited Financial Statements for McCormick Playground Arena in Attachment 1 to the report (October 18, 2021) from the Auditor General for information.

The purpose of this report is to provide the Audit Committee and City Council with the 2020 audited financial statements of McCormick Playground Arena and the status of 2020 audited financial statements for Arenas.

The 2020 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, the 2020 audit for one Arena had been completed. Of the remaining seven Arenas, the audits of four are in progress, two have not yet started and one is completed but pending approval. Depending on when the remaining 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.