July 8, 1998

    To:Strategic Policies and Priorities Committee

 From:Audit Committee

 Subject:1997 Financial Statements of The Corporation of the City of Etobicoke, The Corporation of the City of York, The Corporation of the City of Scarborough, The Corporation of the City of Toronto, The Corporation of the City of North York, the Municipality of Metropolitan Toronto and The Corporation of the Borough of East York.

 Recommendation:

 That the 1997 Financial Statements of The Corporation of the City of Etobicoke, The Corporation of the City of York, The Corporation of the City of Scarborough, The Corporation of the City of Toronto, The Corporation of the City of North York, the Municipality of Metropolitan Toronto and The Corporation of the Borough of East York be received and Council so advised.

 Background:

 At its meeting held on July 7, 1998, the Audit Committee had before it a report (June 26, 1998) from the Chief Financial Officer and Treasurer forwarding the 1997 Financial Statements of The Corporation of the City of Etobicoke, The Corporation of the City of York, The Corporation of the City of Scarborough, The Corporation of the City of Toronto, The Corporation of the City of North York, the Municipality of Metropolitan Toronto and The Corporation of the Borough of East York.

 The Audit Committee advises that it received the aforementioned Financial Statements, which were circulated to all Members of Council with the Agenda for the Audit Committee meeting held on July 7, 1998.

Interim Secretary

Audit Committee

 Christine Dodds 392-7031