The filed record
Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)
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The decision
2023-05-05 · 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 the Toronto Parking Authority receive this report (April 21, 2023) from the President, Toronto Parking Authority, for information.
On the agenda
As the city filed it
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). 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.
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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 President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.