Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2023 (UNAUDITED)

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As the city filed it

Toronto Parking Authority's net income for the year ended December 31, 2023, was $38.1 million; +$12.6 million versus plan. Total parking and user revenue was $142.2 million; +$5.7 million versus plan as parking revenues reached 83.1 percent of pre-pandemic levels (2019). Total operating costs were $100.0 million; $1.1 million lower than plan driven by favourability on salaries and facility costs. Financing income was $4.6 million better than plan due to higher interest rates on the cash balance.

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Toronto Parking Authority capital spend was $59.1 million, 82.9 percent versus plan. Toronto Parking Authority led capital spend was $50.9 million, +11.8 percent versus plan and represents management's best capital performance in over 15 years. City-led capital spend was $8.2 million, 32 percent versus plan. Cash position exiting 2023 is $82.7 million. The 2023 Audited Financial statements will be presented at the April 2024 Audit Committee and May 2024 Board meetings.

Staff recommended

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

Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2023 (UNAUDITED)

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

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