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

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As the city filed it

At its meeting on November 8, 2022, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR3.2 and made recommendation to the Board of Directors of Toronto Parking Authority. Summary from the report (October 25, 2022) from the President, Toronto Parking Authority: 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).

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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. 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 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.

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

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

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