The filed record
2023 Capital Review and 2024 Plan
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.
The decision
2024-04-25 · 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 the report (April 11, 2024) from the President, Toronto Parking Authority for information.
On the agenda
As the city filed it
The purpose of this report is to provide the Board of Directors of the Toronto Parking Authority with a detailed review of the Capital Expenditure (CapEx) performance for the year 2023 and the plan for the 2024 CapEx. In the fiscal year ending December 31, 2023, the Toronto Parking Authority deployed $59.1 million in capital, representing 82 percent of the allocated budget of $71.3 million. The expenditure of Toronto Parking Authority-led projects reached $50.9 million, indexing 111 percent to plan.
Show the rest of As the city filed it, 898 more characters as filed
This marks the Toronto Parking Authority's most significant capital investment in the past 15 years, underpinning the organization's commitment to delivering against our strategic priorities. From an executional standpoint, good progress was made from a project management perspective as 91 percent of our projects were completed on-time or ahead of schedule driving a $1.9 million cost favourability As part of the 2024 budget process, management secured Board approval to invest $76.8 million in its 2024 Capital Plan. However, due to the unresolved income sharing agreement with the City and the need to preserve cash reserves; management elected to reduce Toronto Parking Authority's 2024 capital budget by $14.1 million to $71.3 million. The Board approved this change at its March 26, 2024 meeting. Notwithstanding the aforementioned, Management will deliver its revised capital plan in 2024.
Staff recommended
The President, Toronto Parking Authority, recommends that: 1. The Board of Directors of the Toronto Parking Authority receive this report for information.
On the record
More from this meeting
- Toronto Parking Authority 2024 Board Audit and Risk Management Committee Terms of Reference and 2024 Work PlanFiled record
- Toronto Parking Authority - 2023 Audited Financial StatementsFiled record
- Toronto Parking Authority Enterprise Risk Management ReportFiled record
- Delegation of Authority UpdateFiled record
- Amendments to Toronto Parking Authority Policy Resolutions 5-10: Delegation of Authority and Delegation of Operationally Focused Toronto Parking Authority Policy ResolutionsFiled record
- Summary of Legal Disputes - 2024 First Quarter UpdateFiled record