Toronto Parking Authority - 2023 May 31 Year-to-Date Financial Performance

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As the city filed it

Toronto Parking Authority's net income May 31 year to date was $16.2 million; +$8.0 million versus plan. Operating revenues $56.2 million; +$1.6 million favourable driven by better than expected parking revenues (86 index vs 2019; +2 points.). Costs were $38.6 million; $4.2 million lower than plan driven by favourability on timing of salaries and benefits, project consulting programmes and facility costs. Financing income was $1.7 million better than plan due to the higher interest rates on the cash balance.

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This is expected to decrease throughout the year as capital is deployed. Current 2023 net income outlook is forecasted to be between $35 million to $39 million. Management will provide the Toronto Parking Authority Board Audit and Risk Management Committee with our formal full year guidance post June close. Capital spend was $8.4 million as at May 31st including in flight commitments exceeding $30.0 million. Management is forecasting Toronto Parking Authority -led capital spend of $45.5 million and total planned capital spend of $71.3 million. These numbers would represent on-plan performance.

Staff recommended

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

Toronto Parking Authority - 2023 May 31 Year-to-Date Financial Performance

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As filed

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As the city filed it

Staff recommended

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