Toronto Parking Authority - 2026 Operating Budget and 2026-2028 Capital Budget

Reduce the 2026 Operating Budget Submission for Services and Rent by a further $0.6 million gross, to reflect the inclusion of the Toronto Parking Authority in the City's cyber-security program; c. Adjust the 2026 Capital Plan by replacing the funding sources of applicable capital projects from Toronto Parking Authority's retained earnings to City debt, ensuring capital investments are financed over the term of the asset's useful life; d. Eliminate the 2026 Operating Budget Submission of $17.1 million associated with amortization and depreciation expenditures, to reflect the change in capital financing referenced in Part 1c above; and e. Increase the 2026 planned dividend to the City of Toronto by $29.4 million, inclusive of the above actions totalling $18.8 million in net operating expenditure reductions, and notwithstanding the current Toronto Parking Authority Income Share agreement, reflect an additional $10.6 million from retained earnings, in accordance with capital financing changes referenced in Part 1c above and the proposed suspension of the Income Share Agreement recommended in Part 2 below. 2. Directed the President, Toronto Parking Authority to work with the Chief Financial Officer and Treasurer, City of Toronto to prepare, for submission to City Council, a request to seek the suspension of the 2024-2026 City of Toronto - Toronto Parking Authority Net Income Share Agreement, effective for 2026, to enable all Toronto Parking Authority net revenue to be remitted to the City of Toronto, while a longer-term fiscal and governance review is underway, and in recognition of the actions detailed in Parts 1a to 1e above. 3. Directed the President, Toronto Parking Authority, to fulfill any further requirements of the City of Toronto's insurance underwriting process and execute any administrative tasks including registration of vehicles under the City of Toronto for the purposes of providing automobile liability insurance for Toronto Parking Authority vehicles, as applicable. 4. Requested the President, Toronto Parking Authority, to continue to support the City of Toronto as it relates to its longer-term fiscal and governance review in identifying potential opportunities, including: a. Inclusion in additional City-wide corporate programs; b. A comprehensive review of the Toronto Parking Authority's current retained earnings, which may result in a reduction to the amount of City debt required, and/or may allow for additional funding to be added to the 10-Year Capital Plan for Toronto Parking Authority; c. Inclusion of Toronto Parking Authority's planned and unfunded future capital projects in the City's Capital Prioritization Framework, to ensure that projects, and specifically unfunded state of good repair needs, are considered and prioritized against other City of Toronto capital funding requirements; and d. Any other opportunities identified by the Toronto Parking Authority that may require the support of the City of Toronto to explore and implement.