Toronto Parking Authority
The full agenda, as filed
All 4 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
PA15.1adopted
Toronto Parking Authority - 2019 Audited Financial Statements
This report presents the audited financial statements for the year ended December 31, 2019 to the Board of Directors of Toronto Parking Authority (TPA) for approval and provides highlights of the 2019 financial results. PricewaterhouseCoopers LLP (PwC) has substantially completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2019. A draft of these financial statements along with a copy of PwC's year-end report to the Board of Directors is provided in Attachments 1 and 2. PwC Audit Partner, Terri McKinnon, will be attending the June 3, 2020 Board meeting to provide an update on the status of their work, as well as a summary on significant accounting and financial reporting matters dealt with during the audit process.
The Board of Directors of Toronto Parking Authority: 1. Approved the audited financial statements of the Toronto Parking Authority for the year ended December 31, 2019.
Staff recommendation as filed
The Acting President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the audited financial statements for the year ended December 31, 2019.
PA15.2adopted
Toronto Parking Authority - 2020 Results of Follow-Up of Previous Forensic Unit Recommendations
On an annual basis, the Auditor General reviews the implementation status of outstanding Forensic Unit recommendations and reports the review results to City Council through the City's Audit Committee. This report provides the implementation status of the recommendations contained in the investigation report entitled "Auditor General's Observations of a Land Acquisition at Finch Avenue West and Arrow Road by the Toronto Parking Authority - Part 2" dated June 22, 2017. The report is available at: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2017.AU9.12 . The investigation report contains six recommendations. In prior year follow-up reviews, we determined that three recommendations had been fully implemented. The status of these recommendations was included in the Auditor General's 2019 Status Report on Outstanding Audit Recommendations for City Agencies and Corporations that was considered by the Audit Committee on June 28, 2019. The report is available at: https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-134739.pdf . During the current follow-up process, management reported that of the outstanding three recommendations, one was fully implemented and two were partially implemented. Management efforts, including City Clerk's and the City Manager's Office, are underway to implement the outstanding two recommendations with expected completion dates of the second quarter of 2020 and the first quarter of 2021. Given the recommendations were made in June 2017 and have been outstanding since then, there has still been positive progress made and we recognize that TPA has had key management changes which may also have contributed to the challenge of fully implementing the recommendations. Continued efforts to implement outstanding recommendations may provide additional benefits to the City through cost savings, additional revenue, control improvements and enhanced service delivery.
The Board of Directors of Toronto Parking Authority: 1. Received the report (May 20, 2020) from the Auditor General for information.
Staff recommendation as filed
The Auditor General recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information.
PA15.3adopted
Toronto Parking Authority - 2020 Results of Follow-Up of Previous Audit Recommendations
On an annual basis, the Auditor General reviews the implementation status of outstanding audit recommendations and reports the review results to City Council through the City's Audit Committee. This report provides the implementation status of the audit recommendations contained in the report entitled "Toronto Parking Authority Phase 2: Audit of the Revenue Operations of Off-Street Controlled Facilities" dated January 12, 2016. The audit report is available at: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2016.AU5.5 . The audit report contains 12 recommendations. In prior follow-up reviews, we determined that eight recommendations have been fully implemented. During the current follow-up process, management reported that the outstanding four recommendations have been partially implemented. The outstanding recommendations relate to: - Alignment of parking rates to the benchmarks set out in the parking rate policy, and documenting the factors which may impact the alignment of Toronto Parking Authority parking rates with the benchmarks. - Implementation of the automated interfaces between the parking revenue control system and the accounting system. In addition, automating the recording and reconciliation of revenue generating transactions, collections, and deposits. - Use of system functionality to analyze collected data to augment monitoring of exception transactions and events. - Review of the role and mandate of the Internal Audit function within the organization, to strengthen its ability to provide independent and objective assurance and advice to management and the Board. Given the recommendations were made in January 2016 and have been outstanding since then, there has still been positive progress made. Management efforts are underway to implement the outstanding recommendations with expected completion dates of the fourth quarter of 2020 for three recommendations and 2021 for one recommendation. The implementation of the outstanding recommendations will enhance operational efficiency and effectiveness of the revenue operations. Management comments and action plan are included in Attachment 1.
The Board of Directors of Toronto Parking Authority: 1. Received the report (May 19, 2020) from the Auditor General for information.
Staff recommendation as filed
The Auditor General recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information.
PA15.4adopted
Toronto Parking Authority's (TPA) mandate is to provide competitively priced short-term, high turnover parking to serve Toronto's neighbourhood retail and commercial sector areas and support the City's transportation strategy and network by discouraging long-term parking, especially in downtown and mid-town commercial areas and other commercial areas well served by transit. TPA Policy Resolution 2-1 - Parking Rates - Off-Street Facilities sets out the rate setting policy used to establish appropriate parking rates at off-street facilities. The overarching goal of the TPA pricing strategy is to ensure an availability of short-stay, high turnover public parking supply by ensuring facilities are kept busy, but not full. By pricing half-hour rates to achieve an average 85 percent peak occupancy, and either lifting or setting day rate maximums at, or above, nearby competition to discourage long-term parking and support turnover, parking revenue is maximized while achieving TPA's mandate. The purpose of this report is to provide the Board of Directors of TPA with background and reference materials concerning the rate setting policy for off-street facilities, including the use of a competitor benchmark, which compares the rates of similar nearby operations in the establishment of a proposed rate in the context of local parking market demand. This report also requests that the Board of Directors of TPA approve amendments to TPA Policy Resolution 2-1 - Parking Rates - Off-Street Facilities. TPA is recommending that Policy Resolution 2-1 be amended to provide clarity on the off-street rate review process, including the use of benchmarking. A number of housekeeping changes are also proposed.
The Board of Directors of Toronto Parking Authority: 1. Approved the amendments to Toronto Parking Authority Policy Resolution 2-1 - Parking Rates - Off-Street Facilities in Appendix A to the report (May 19, 2020) from the Acting President, Toronto Parking Authority, and directed the President, Toronto Parking Authority, to enact this Policy Resolution, as amended.
Staff recommendation as filed
The Acting President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the amendments to Toronto Parking Authority Policy Resolution 2-1 - Parking Rates - Off-Street Facilities in Appendix A and direct the President, Toronto Parking Authority, to enact this Policy Resolution, as amended.