Toronto Parking Authority - 2024 March 31 Year-to-Date Financial Performance (First Quarter Results)

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As the city filed it

Toronto Parking Authority's net income for the quarter ended March 31, 2024 was $8.8 million + $4.5 million vs plan. Total revenue was $36.4 million; $3.2 million higher to plan as parking revenue reached a post-pandemic high of 98.8 percent (versus 2019). Transactions improved to 90 percent vs 2019 and comparable to plan. Costs were $25.3 million; $0.5 million lower than plan driven by favourability on municipal taxes and timing of expenses.

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Financing income was $1.1 million +$0.3 million vs plan due to higher cash balance than plan. This is expected to decrease throughout the year as capital is deployed. Amortization of property and equipment was $3.4 million, $0.5 million lower than plan as assets were in service later than planned. Forecasting full year net income to range between $36 million to $39 million; +$4 to $7 million better than plan driven by better than plan parking revenues and cost productivity. Capital spend was $2.4 million and is tracking to our planned run rate.

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 - 2024 March 31 Year-to-Date Financial Performance (First Quarter Results)

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

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