Toronto Parking Authority - First Quarter 2021 Financial Update

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The decision

2021-05-14 · Toronto Parking Authority · adopted

As filed

The Board of Directors of Toronto Parking Authority received the report (April 26, 2021) from the President, Toronto Parking Authority for information.

On the agenda

As the city filed it

Early 2021 lockdown measures and vaccination supply challenges continue to create operating cash flow pressure, requiring Toronto Parking Authority to continue to perform only critical activities while investing in the delivery of key strategic initiatives designed to ensure both employee and customer safety and Toronto Parking Authority's long-run financial sustainability. Toronto Parking Authority's operating loss for the first quarter of 2021 is $(4.5) million as parking transaction volume paces -55 percent below 2020 levels.

Show the rest of As the city filed it, 150 more characters as filed

Toronto Parking Authority has approximately $84.6 million in cash and cash equivalents as of March 31, 2021, down $0.6 million from December 31, 2020.

Staff recommended

The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information.

On the record

The item as the City filed it