Toronto Parking Authority - 2022 September 30 Year-to-Date Financial Performance (Third Quarter Results)

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The decision

2022-11-08 · 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 (October 25, 2022) from the President, Toronto Parking Authority for information.

On the agenda

As the city filed it

Toronto Parking Authority's net income September 30 year to date was $21.5 million; $9.7 million higher to plan. Total revenue was $92.0 million; $1.7 million higher to plan as parking revenue were 75.1 percent versus pre-pandemic levels (2019). Costs were $72.1 million; $6.7 million lower to plan primarily due to a deliberate management strategy of conserving expenditures including staffing level management reflecting the uncertainty of the recovery in the first half of 2022.

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In light of the strong revenue recovery in Third Quarter (Q3), Management is forecasting to exceed full year plan by $16.2 million.

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