The filed record
Toronto Parking Authority - 2022 First Quarter Financial Update
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The decision
2022-05-10 · Toronto Parking Authority - Audit and Risk Management Committee · adopted
As filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority receive the report (April 26, 2022) from the President, Toronto Parking Authority, for information.
On the agenda
As the city filed it
Toronto Parking Authority's operating profit for the first quarter of 2022 is $1.1 million: $0.7 million better than plan. Operating revenues missed plan by $(3.1) million, however are $8.7 million higher than 2021. Bike Share operating losses for the first quarter of the year are $(1.5) million, +$0.1 million favourable versus our plan. Operating and administration expenses were lower by $3.6 million compared to budget as spending was adjusted to meet the requirements of the business.
Show the rest of As the city filed it, 734 more characters as filed
Despite unexpected Covid-19 restrictions during the first quarter, Toronto Parking Authority's full year operating profit is forecasted to be $15.1 million or $0.7 million favourable versus plan. Performance for the remainder of the year is expected to be on plan. As the pandemic continues to evolve. Toronto Parking Authority management has, and will continue to closely manage its discretionary costs to limit negative effects on net income. To ensure Toronto Parking Authority remains a stable source of reliable dividends, management will continue to invest in safety and maintenance. In addition, prudent investments in our key strategic mobility pillars will further ensure modern, safe and customer centric mobility solutions.
Staff recommended
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information.