Toronto Parking Authority - 2022 June 30 Year to Date Financial Performance (H1 Results)

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The decision

2022-07-26 · Toronto Parking Authority · adopted

As filed

The Board of Directors, Toronto Parking Authority: 1. Received the report (July 12, 2022) from the President, Toronto Parking Authority for information.

On the agenda

As the city filed it

Toronto Parking Authority's net income June 30 year to date was $11.1m and +$5.0m versus plan. Revenues were $56.4m; ($1.4m) unfavourable to plan driven by First Quarter (Q1) lockdowns negatively impacting customer traffic. Costs were $46m; +$6.0m favourable to plan tracing to a deliberate management strategy of conserving expenditures reflecting the uncertainty of the recovery. In light of first half profit performance and strong Second Quarter revenue recovery, Management is forecasting to exceed full year profit plan between $9m and $13m.

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Management will provide the Board with a comprehensive full-year 2022 financial forecast at the September 29, 2022 Board meeting.

Staff recommended

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

On the record

The item as the City filed it