A business that leases property from the City of Toronto, and is supposed to pay a portion of its revenue to the city, hasn't made payments for six years and owes $260,000, the city auditor has found.And another business with a similar lease has filed no financial statements — and made no revenue payments — since 1992, says the city auditor. The auditor couldn't estimate what the city is owed by that tenant.Neither business tenant is identified in the report.In another case, the city spent $30,000 repairing a city-owned house in 2004 so it could be rented out. But the city never found a tenant — and slated the house for demolition this year."This report raised fundamental concerns in how the city manages its significant rental property portfolio," says the study prepared by city auditor Jeffrey Griffiths. The city owns and leases out more than 1,000 properties, which bring in combined rent of about $20 million a year. The auditor's report points to a litany of problems including:

    • No precise inventory of leases on city-owned property.