May 21, 1998
Ms. Novina Wong
Clerk
City of Toronto
Station 1071, 7th Floor
Metro Hall
55 John Street
Toronto, Ontario
M5V 3C6
Dear Ms. Wong:
At its meeting on Wednesday, May 20, 1998, the Commission considered the attached report entitled, AFinancial
Statements Of Toronto Transit Commission For Year Ended December 31, 1997.@
The Commission approved the Recommendation contained in the above report, as listed below:
AIt is recommended that the Commission:
(1)Receive and approve the attached Financial Statements of the Toronto Transit Commission for the year ended
December 31, 1997; and
(2)Forward a copy of the approved financial statements to the City of Toronto Council, through the City Urban
Environment and Development Committee, as required by the City of Toronto Act.@
The foregoing is forwarded to City of Toronto Council for information.
Sincerely,
Vincent Rodo
General Secretary
1-64
Attachment
Copy:J. Griffiths, Auditor, City of Toronto
A. Gunn, Deloitte & Touche, Chartered Accountants
TORONTO TRANSIT COMMISSION
REPORT NO.
MEETING DATE:MAY 20, 1998
SUBJECT:FINANCIAL STATEMENTS OF TORONTO TRANSIT COMMISSION FOR YEAR ENDED
DECEMBER 31, 1997
RECOMMENDATION
It is recommended that the Commission:
(1) receive and approve the attached Financial Statements of the Toronto Transit Commission for the year ended December
31, 1997; and
(2) forward a copy of the approved financial statements to the City of Toronto Council, through the City Urban
Environment and Development Committee, as required by the City of Toronto Act.
DISCUSSION
In previous years, the annual financial statements of the Commission have been reviewed by an Audit Committee, before
submission to the Commission. However, at a meeting of the Commission's Audit Committee on March 25, 1998, it was
agreed that no further Audit Committee meetings would be convened and that all future reports would be brought forward
for consideration at public Commission meetings. Consequently, the financial statements of the Commission for the year
ended December 31, 1997 are hereby submitted for approval. Formal approval should be signified by the signature of the
Balance Sheet by two Commissioners.
Furthermore, Section 36 of the City of Toronto Act, 1997 requires that "....immediately after the end of each calendar year,
the commission shall prepare, deliver to the council, and make available to the public a complete audited and certified
financial statement of its affairs, including a revenue and expense account, a balance sheet and a profit and loss statement."
The statements should be routed to Council through the appropriate Standing Committee.
