The filed record
Toronto Parking Authority - 2024 Operating Budget and 2024-2026 Capital Budget
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The decision
2023-11-02 · 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 Toronto Parking Authority approve the proposed 2024 Operating Budget and 2024 - 2026 Capital Budget for Toronto Parking Authority. 2. The Board of Directors of Toronto Parking Authority approve the rates at the off-street parking facilities identified in Attachment 3-2 to this report (October 20, 2023) from the President, Toronto Parking Authority; 3.
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The Board of Directors of Toronto Parking Authority provide authority for the President, Toronto Parking Authority to establish new permit parking products at market rates at all off-street parking facilities where there is surplus capacity in the supply of parking and the issuance of permits does not compromise the ability to meet short-term parking demands; 4. The Board of Directors of Toronto Parking Authority approve the modified rates for on-street parking locations identified in Attachments 2 and 2-3; 5. The Board of Directors of Toronto Parking Authority approve the modification to the parking meter or parking machine hours for the specific on-street parking locations identified in Attachment 2-2 to this report and; 6. The Board of Directors of Toronto Parking Authority to direct the President, Toronto Parking Authority to submit bills to City Council to make amendments to the appropriate Chapters of the Toronto Municipal Code to implement the rates for on-street parking locations identified in Attachments 2 and 2-3 to this report; and modifications to the parking meter or parking machine hours for the specific on-street parking locations identified in Attachment 2-2 to this report.
On the agenda
As the city filed it
The Board received the proposed budget for information at its meeting on October 6, 2023. The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors with Management's recommended 2024 Operating Budget and 2024 - 2026 Capital Budget in further detail. Formal approval will be requested at the November 23, 2023 Board meeting where Management will also present the 2024 Annual Operating Plan.
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This timeline affords both the Board and Management sufficient opportunity to discuss the proposed budget and the 2024 Annual Operating Plan, while adhering to the City's Budgetary process. Building off a strong performance through the first three quarters of 2023, Management is forecasting full year net income of $37.3 million, which is +$11.9 million versus 2023 plan. Revenues are forecasted at $144.8 million, +$4.2 million versus plan while operating expenses are projected at $103.2 million; +$2.1 million favourable versus plan Cash reserves at the end of 2023 are expected to drop from $109.2 million to approximately $50.0 million as a result of Management executing its capital plan of $60.3 million in 2023. Capital delivery highlights in 2023 include increasing the number of electric vehicle (EV) chargers from 117 to 402 (+285); increasing the number of Bike Share stations from 620 to 780 (+130); deploying 1,300 e-bikes, investing more than $20 million to address health & safety issues and state-of-good-repair (SOGR) projects at three (3) parking facilities and purchasing 225 new Pay-by-Plate machines to modernize Toronto Parking Authority's parking equipment. Forecasted spend against plan of 81.3 percent represents a marked gain in productivity (+50 percent in 2022) executed by a professional engineering team that delivered on their commitment to the organization. In 2024, Management is planning full year Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of $47.7 million which is +$6.1 million versus 2023 Forecast and +$6.3 million versus 2023 Budget. 2024 Net income is forecasted at $31.9 million, which includes $18.5 million of amortization due to spending of +$140 million of capital and $2.7 million of Finance Income. Management's 2024 proposed Capital Budget of $76.8 million is designed to support Management's continued execution against Toronto Parking Authority's five (5) Strategic Priorities: Build a Great Place to Work; Drive Sustainable Growth; Strengthen the Core, Execute with Excellence; Connect with our Customers; and Engage and Innovate with our Strategic Partners. This includes $19.5 million in carry forward and $57.3 million in new spending on priority projects that include critical health and safety initiatives, continued delivery of SOGR projects involving Toronto Parking Authority's parking structures, the modernization of legacy parking equipment and continued investments to expand Toronto Parking Authority's Bike Share Toronto and Electric Vehicle Charging programs. Based on the financial outlook for 2023 and 2024, Toronto Parking Authority expects that delivery of its operating plan and demonstrated capability to deliver its capital plan will fully deplete its cash reserves by the end of 2024. Discussions with City Finance about securing a sustainable net income sharing agreement that expired in December 2019 have been ongoing for the past year but remains in flight. It is Management's expectations that a new agreement will be secured as part of the City's budgetary process in 2024.
Staff recommended
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the proposed 2024 Operating Budget and 2024 - 2026 Capital Budget for Toronto Parking Authority. 2. The Board of Directors of Toronto Parking Authority approve the rates at the off-street parking facilities identified in Attachment 3-2 to this report; 3. The Board of Directors of Toronto Parking Authority provide authority for the President, Toronto Parking Authority to establish new permit parking products at market rates at all off-street parking facilities where there is surplus capacity in the supply of parking and the issuance of permits does not compromise the ability to meet short-term parking demands; 4.
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The Board of Directors of Toronto Parking Authority approve the modified rates for on-street parking locations identified in Attachments 2 and 2-3; 5. The Board of Directors of Toronto Parking Authority approve the modification to the parking meter or parking machine hours for the specific on-street parking locations identified in Attachment 2-2 to this report and; 6. The Board of Directors of Toronto Parking Authority to direct the President, Toronto Parking Authority to submit bills to City Council to make amendments to the appropriate Chapters of the Toronto Municipal Code to implement the rates for on-street parking locations identified in Attachments 2 and 2-3 to this report; and modifications to the parking meter or parking machine hours for the specific on-street parking locations identified in Attachment 2-2 to this report.