Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

As the city filed it

At its meeting on May 5, 2023, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR2.2 and made a recommendation to the Board of Directors of Toronto Parking Authority. Summary from the report (April 21, 2023) from the President, Toronto Parking Authority Toronto Parking Authority's net income March 31 quarter to date was $8.6 million; $6.1 million higher versus plan. Total revenue was $31.5 million; $1.4 million higher to plan as parking revenue reached a post-pandemic high of 84.6 percent (versus 2019).

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Costs were $22.1 million; $3.5 million lower than plan driven by favourability on salaries, utilities, maintenance, and consulting costs. Financing income was $1.1 million better than plan due to the higher interest rates on cash balance. This is expected to decrease throughout the year as capital is deployed. Management will be providing a full-year forecast in conjunction with Second Quarter (Q2) results. Capital spend was $2.8 million and is tracking to our planned spending curve.

Staff recommended

The City Clerk transmits the Decision Letter from the The Toronto Parking Authority - Audit and Risk Management Committee. The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive this report (April 21, 2023) from the President, Toronto Parking Authority, for information.

Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

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