Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2025 (Unaudited)

This performance was partially offset by softness in the parking portfolio, with parking revenues $7.8 million below expectations, primarily due to reduced transaction volumes resulting from a prolonged February snow event that required the temporary closure of 47 percent of on‑street inventory for snow removal, leading to approximately 371 thousand fewer transactions. Additional pressures included traffic congestion, construction and parking compliance. Collectively, these factors contributed to an overall $5.5 million shortfall versus plan. Operating expenses were $115.6 million which is $6.3 million better than plan driven by volume-related savings, disciplined cost oversight, head count management, and favourability on municipal taxes. Toronto Parking Authority delivered a strong capital program in 2025, investing $47.0 million and achieving an 85 percent spend rate versus plan, marking the third consecutive year above 80 percent. Toronto Parking Authority‑led spend totaled $45.5 million; while below the original target, the spend rate improved to 90.2 percent excluding the Parking Access and Revenue Control Systems (PARCS) program, which was paused for city procurement review. Key investments included $12.4 million in State of Good Repair, $12.3 million expanding Bike Share Toronto across all 25 wards and the Toronto Islands, $7.6 million advancing the EV charging networks with 76 new chargers, increasing the total to 537 chargers citywide across 127 locations, and continued parking equipment modernization by installing 503 Pay‑By‑Plate parking meters and IT upgrades to enhance system reliability and customer experience. Available cash exiting 2025 was $56.3 million. Dividend distributions to City will be drawn on in Q2 2026. The 2025 Audited Financial statements will be presented at the May 2026 Board meeting.