Toronto Parking Authority - 2024 Annual Report

Toronto Parking Authority's electric vehicle (EV) charging network, which now comprises over 450 chargers, places TPA as the operator of the largest municipally owned EV charging network in Canada. This network attracted over 20,000 unique customers and generated over $1.1 million in revenue. Together, Toronto Parking Authority's mobility services generated total revenues of $164.6 million (+18.6 million v 2023) in 2024. Toronto Parking Authority's net income was $44.8 million (+$6.7 million v 2023) with a total of $32.8 million (+$8.9 million v 2023) provided to the City of Toronto through the Toronto Parking Authority - City of Toronto Net Income Share Agreement. A summary of key accomplishments achieved in 2024 is presented in the draft 2024 Annual Report (refer to Attachment 1). Through PA14.02, the 2024 Audited Financial Statements are also being submitted to the Board for approval at the May 15, 2025 Board meeting. Should the Board approve both the draft Annual Report and the Audited Financial Statements, Toronto Parking Authority will incorporate the Audited Financial Statements into the 2024 Annual Report and finalize for distribution and publishing on Toronto Parking Authority's website. In order to meet requirements under the City of Toronto Municipal Code, Chapter 179 Parking Authority, it is also recommended that the Board refer both the Audited Financial Statements and Annual Report to City Council.