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.