2023 Third Quarter Financial Update (Operating and Capital)

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

Toronto Parking Authority's net income September 30, 2023 Year-to-Date was $32.2 million; +$13.2 million versus plan. Total revenues $108.2 million; +$4.0 million favourable, driven by better than expected parking revenues (87 index vs 2019; +3 points). Costs were $73.7 million; $4.3 million lower than plan driven by favourability on salaries due to selective hiring, project consulting programmes and facility costs. Financing income was $3.5 million better than plan due to the higher interest rates on the cash balance.

Show the rest of As the city filed it, 491 more characters as filed

The monthly income is expected to decrease throughout the year as capital is deployed. Current 2023 net income outlook is forecasted to be $37 to $41 million vs plan of $25.4 million. Capital spend was $31.3 million as of September 30th with in flight commitments of $26.8 million. Management is forecasting to achieve planned Toronto Parking Authority-led annual capital spend. We are actively engaging our City partners to ensure completion of total planned capital spend of $71.3 million.

Staff recommended

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

2023 Third Quarter Financial Update (Operating and Capital)

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

More from this meeting