Toronto Parking Authority - 2022 Operating Budget and 2022-2031 Capital Budget

As directed by City Council, Toronto Parking Authority will provide a $12 million dividend to the City of Toronto in 2021. These funds will be sourced through Toronto Parking Authority's cash reserves. In 2022, Management is planning full year net income of $14.4 million with revenue improving to 72 percent of pre-pandemic (2019) levels. This net income will trigger a $12.2 million dividend to the City and has been included in Toronto Parking Authority's budgeted 2022 cash reserves forecast. Financially, and despite an improving top-line operating environment, Management will remain focused on driving cost productivity and cash preservation. Operationally, Management will be maniacally focused on delivering our five strategic platforms: Build a Great Place to Work, Strengthen the Core, Accelerating Growth and Financial Sustainability, Connecting with our Customers, and Engage and Innovating with our Strategic City Partners. Critical projects identified within our strategic framework for 2022 include Talent Development, Health and Safety, fast tracking the deployment of Toronto Parking Authority's Electric Vehicle Charing Infrastructure, accelerating expansion of the Bike Share program, and development and execution of our asset management plan. This report also provides an executive summary of the On and Off-street rate reviews and responds to City Council direction for Toronto Parking Authority to carry out a market rate analysis of parking rate adjustments in coordination with the annual budget process.

3. The Board of Directors of Toronto Parking Authority hold the current off-street daily rates into 2022; authorize the President, Toronto Parking Authority, to establish and implement the monthly rates as set out in Attachment 2; and authorize the President, Toronto Parking Authority, to issue monthly permits at car parks where occupancy allows. 4. The Board of Directors of Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 remains confidential in its entirety, as it pertains to personal matters about identifiable individuals, including municipal or local board employees, and labour relations or employee negotiations, and the security of property belonging to the City or one of its agencies or corporations.