Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2024 (Unaudited)

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As the city filed it

Toronto Parking Authority's (TPA) net income for the year ended December 31, 2024, was $44.7 million; +$12.8 million versus plan and +$6.7 million versus 2023. Total revenue was $165.7 million; +$6.1 million versus plan as parking revenues reached 97.2 percent of pre-pandemic levels (2019) as businesses continue to adapt to a hybrid work model. Total operating costs were $111.2 million; $0.7 million lower than plan driven mainly by municipal taxes recoveries partially offset by higher volume related costs.

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Finance income was $4.7 million; +$1.9 million versus plan due to higher cash balance. Toronto Parking Authority capital spend was $57.1 million, 80.1 percent versus plan, marking two consecutive years of 80+ percent spend rate. Available cash on hand exiting 2024 was $68.3 million; $14 million in closing costs for St. Lawrence market and dividend distributions to City will be drawn on in Q1 2025 The 2024 Audited Financial statements will be presented at the April 2025 Audit Committee and May 2025 Board meetings.

Staff recommended

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

Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2024 (Unaudited)

The decision

As filed

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As the city filed it

Staff recommended

On the record

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