Consolidated Financial Statements of
Toronto Transit Commission for Year ended December 31, 1998
The Urban Environment and Development Committee submits to Council for its information a copy of the
approved consolidated financial statements of the Toronto Transit Commission for the year ended December 31,
1998 as required by the City of Toronto Act.
The Urban Environment and Development Committee submits the following report (May 6, 1999) from the Interim
General Secretary, Toronto Transit Commission:
At its meeting on Wednesday, May 5, 1999, the Commission considered the attached report entitled, "Consolidated
Financial Statements Of Toronto Transit Commission For Year Ended December 31, 1998."
The Commission adopted the Recommendation contained in the above report, without amendment, and directed that a copy
be forwarded to the City Urban Environment and Development Committee and Toronto City Council for information, as
required by the City of Toronto Act.
--------
(Consolidated Financial Statements of
Toronto Transit Commission Year ended December 31, 1998)
Recommendation:
It is recommended that the Commission:
(1)receive and approve the attached consolidated financial statements of the Toronto Transit Commission for the year
ended December 31, 1998; and
(2)forward a copy of the approved consolidated 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, 1998 are hereby submitted for approval. Formal approval should be signified by the signature of the
consolidated balance sheet by two Commissioners.
In order to more fully comply with generally accepted accounting principles, the 1998 statements are presented on a
consolidated basis. This means that the financial statements of Toronto Coach Terminal Inc., TTC Insurance Company
Limited, Toronto Transit Consultants Limited and Toronto Transit Commission have been joined together and presented as
a single, combined entity. It should be noted, however, that separate financial statements will still be presented at the annual
meetings of each of the subsidiaries.
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.
Insert Table/Map No. 1
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 2
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 3
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 4
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 5
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 6
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 7
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 8
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 9
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 10
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 11
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 12
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 13
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 14
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 15
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 16
TTC - Consolidated Balance Sheets as at December 31, 1998
Insert Table/Map No. 17
TTC - Consolidated Balance Sheets as at December 31, 1998
