At the request of City Council, the Auditor General’s Audit Work Plan included an operational review of Invest Toronto.
Based on our review, it is our view that the operations, services, and activities performed by Invest Toronto to achieve its mandate were carried out with efficiency, effectiveness, and economy. However, Invest Toronto has not brought forward a long-term strategic plan because of unresolved calls for a regional approach to economic development.
This report contains three specific recommendations along with a management response to each of the recommendations. The first recommendation emphasizes the need for the City to clarify its long-term strategy for investment promotion and attraction activities. Once this has been done, Invest Toronto can address the second recommendation and develop a long-term strategic plan which contemplates the financial and operational impact of direction given by the City.
The Auditor General also recommends this report be forwarded to the City’s Audit Committee.