Toronto Parking Authority
The full agenda, as filed
All 16 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.
PA9.1adopted
Toronto Parking Authority - 2023 Audited Financial Statements
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.2 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 11, 2024) from the President, Toronto Parking Authority: The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of the Toronto Parking Authority with the draft audited financial statements for the year ended December 31, 2023. KPMG LLP has completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2023. A draft of the financial statements along with a copy of KPMG's year-end report to the Audit and Risk Management Committee is provided in Attachments 1 and 2. The financial statements continue to be marked as draft pending approval by the Board of Directors of the Toronto Parking Authority. KPMG Audit Partner, Kevin Travers, will be attending the April 25, 2024, Audit and Risk Management Committee meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.
The Board of Directors of the Toronto Parking Authority: 1. Approved the Toronto Parking Authority's Audited Financial Statements for the year ended December 31, 2023 in Attachment 2 to the report (April 11, 2024) from the President, Toronto Parking Authority.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the Toronto Parking Authority's Audited Financial Statements for the year ended December 31, 2023 in Attachment 2 to the report (April 11, 2024) from the President, Toronto Parking Authority.
PA9.2adopted
Toronto Parking Authority Enterprise Risk Management Report
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.4 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 5, 2024) from the President, Toronto Parking Authority: Enterprise Risk Management is a continuous process to identify and assess risks and opportunities at an enterprise level. The Toronto Parking Authority currently does not have a formal Enterprise Risk Management strategy and after the release of a Request for Proposals in the second quarter of 2023, the successful proponent, KPMG LLP (KPMG), was engaged to support the setup of the Enterprise Risk Management Program. With the support of KPMG, in line with industry good practices, Toronto Parking Authority has designed and implemented an Enterprise Risk Management program following a five-step risk management process of: 1. Risk Identification 2. Risk Prioritization 3. Risk Assessment and Treatment 4. Risk Governance Structure 5. Risk Monitoring and Reporting The purpose of this report is for KPMG to provide a report on the completion of the setup of the Enterprise Risk Management Program.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (April 5, 2024) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 5, 2024) from the President, Toronto Parking Authority for information.
PA9.3adopted
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.1 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 3, 2024) from the President, Toronto Parking Authority: The purpose of this report is to establish the 2024 Work Plan (Attachment 2) for Audit and Risk Management Committee of the Board of Directors of the Toronto Parking Authority and to review its Terms of Reference as noted in Attachment 1.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (April 3, 2024) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 3, 2024) from the President, Toronto Parking Authority for information.
PA9.4adopted
2023 Capital Review and 2024 Plan
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.3 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 11, 2024) from the President, Toronto Parking Authority: The purpose of this report is to provide the Board of Directors of the Toronto Parking Authority with a detailed review of the Capital Expenditure (CapEx) performance for the year 2023 and the plan for the 2024 CapEx. In the fiscal year ending December 31, 2023, the Toronto Parking Authority deployed $59.1 million in capital, representing 82 percent of the allocated budget of $71.3 million. The expenditure of Toronto Parking Authority-led projects reached $50.9 million, indexing 111 percent to plan. This marks the Toronto Parking Authority's most significant capital investment in the past 15 years, underpinning the organization's commitment to delivering against our strategic priorities. From an executional standpoint, good progress was made from a project management perspective as 91 percent of our projects were completed on-time or ahead of schedule driving a $1.9 million cost favourability As part of the 2024 budget process, management secured Board approval to invest $76.8 million in its 2024 Capital Plan. However, due to the unresolved income sharing agreement with the City and the need to preserve cash reserves; management elected to reduce Toronto Parking Authority's 2024 capital budget by $14.1 million to $71.3 million. The Board approved this change at its March 26, 2024 meeting. Notwithstanding the aforementioned, Management will deliver its revised capital plan in 2024.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (April 11, 2024) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 11, 2024) from the President, Toronto Parking Authority for information.
PA9.5adopted
Delegation of Authority Update
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.5 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 11, 2024) from the President, Toronto Parking Authority: At its meeting of November 8, 2021, the Board of Directors of the Toronto Parking Authority reviewed, approved and endorsed an update to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority, as amended by resolution. Among other things, these amendments increased the Toronto Parking Authority President's authority to make commitments on behalf of Toronto Parking Authority from an amount not exceeding $250,000 to an amount not exceeding $500,000. At the same meeting, the Board of Directors of the Toronto Parking Authority also established an Audit and Risk Management Committee and adopted the mandate and Terms of Reference presented in Item PA27.13. Under the Roles and Responsibilities adopted by the Board, the Audit and Risk Management Committee shall review a list prepared by Management that summarizes the items where the Toronto Parking Authority President has used the increased delegation of authority. The purpose of this report is to provide a summary outlining the Toronto Parking Authority President's use of the increased delegation of authority between August 24, 2023 and April 4, 2024.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (April 11, 2024) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 11, 2024) from the President, Toronto Parking Authority for information.
PA9.6deferred
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR5.6 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 6, 2024) from the President, Toronto Parking Authority: Toronto Parking Authority aspires to be the world's best provider of sustainable parking, Bike Share and last mile mobility experiences. As part of this journey, Management is continually seeking opportunities to streamline its policies, systems, and decision-making processes to provide greater agility for Team Toronto Parking Authority to deliver real-time outcomes and compete in the marketplace. The purpose of this report is to provide the Toronto Parking Authority - Audit and Risk Management Committee and the Board of Directors of the Toronto Parking Authority with a preview of amendments that Management will be proposing to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority and a proposed delegation of operationally focused policies to the President, Toronto Parking Authority. Formal approval will be requested at the July 19, 2024, meeting of the Board. Management is proposing to clarify an inconsistency in Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority with Toronto Parking Authority Policy Resolution 5-7: Procurement and provide a modest increase in the President's authority to amend contracts originally awarded in an amount greater than $500,000 by the lesser of twenty percent (instead of fifteen percent) or a further $500,000 in commitments. Administrative amendments are also proposed to simplify and clarify language to ensure consistency in the application of the policy. At the same time, Management is proposing that the Board of Directors of the Toronto Parking Authority delegate its authority over seventy-eight (75) operationally focused Toronto Parking Authority Policy Resolutions that address internal practices and procedures governing the day-to-day activities and operations of the organization. These policies, which are summarized in Appendix C will be the subject of a comprehensive review to ensure that there is alignment with Toronto Parking Authority 's current mandate and commercial focus to drive revenue. It is expected that this review will drive a reduction in the number of policies that are now redundant or no longer applicable. The twenty-eight (28) remaining policies are proposed to remain under the oversight of the Board of Directors of the Toronto Parking Authority. These policies address governance, risk and/or compliance-based issues where the Board of Directors of the Toronto Parking Authority has express responsibility for ensuring that Toronto Parking Authority complies with the requirements of law, policies identified in the City of Toronto - Toronto Parking Authority Relationship Framework and decisions by Council where Council has required that Toronto Parking Authority comply with the requirements of the decision. Appendix D includes a summary of the Policy Resolutions that Toronto Parking Authority is proposing remain under the oversight of the Board.
The Board of Directors of the Toronto Parking Authority deferred the item to its next meeting on July 19, 2024.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 6, 2024) from the President, Toronto Parking Authority for information.
PA9.7adopted
Lease Arrears at 598 Gerrard Street East
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee recessed its public meeting to meet in closed session to consider Item PR5.8 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority: The purpose of this report is to provide information and seek instructions relating to a dispute and related litigation arising from a now-terminated lease for the main floor of 598 Gerrard Street East, Toronto, Ontario (the "Premises").
The Board of Directors of the Toronto Parking Authority: 1. Adopted the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority. 2. Directed that Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
PA9.8adopted
Summary of Legal Disputes - 2024 First Quarter Update
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee recessed its public meeting to meet in closed session to consider Item PR5.7 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (April 5, 2024) from the President, Toronto Parking Authority: As part of Toronto Parking Authority's operation of commercial parking, the management of tenanted properties and Bike Share Toronto, Toronto Parking Authority is dealing with a range of legal matters related to supplier disputes, personal injuries, commercial tenancy disputes and the protection of Toronto Parking Authority's registered trademarks. Toronto Parking Authority has suitable insurance in relation to such concerns, such as general liability insurance for all of its facilities; and has assigned/retained legal counsel and insurance adjusters to manage any claims. Details about the specific legal disputes are included in Confidential Attachment 1. This report is a reoccurring update provided to the Board of Directors of the Toronto Parking Authority about the status of ongoing legal disputes. The Board of Directors of the Toronto Parking Authority will be provided updates on a regular basis as substantive changes occur to the status of the specific legal disputes.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (April 5, 2024) from the President, Toronto Parking Authority for information. 2. Directed that Confidential Attachment 1 to the report (April 5, 2024) from the President, Toronto Parking Authority remain confidential in its entirety, as it contains advice about litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 5, 2024) from the President, Toronto Parking Authority for information. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (April 5, 2024) from the President, Toronto Parking Authority remain confidential in its entirety, as it contains advice about litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
PA9.9adopted
Lease Arrears at 50 Cumberland Street, Units 11 and 12
At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority - Audit and Risk Management Committee recessed its public meeting to meet in closed session to consider Item PR5.9 and made recommendations to the Board of Directors of the Toronto Parking Authority. Summary from the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority: The purpose of this report is to provide information and seek instructions relating to a dispute and related litigation arising from a terminated lease for 50 Cumberland Street, Units 11 and 12 (the "Premises").
The Board of Directors of the Toronto Parking Authority: 1. Adopted the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority. 2. Directed that Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
Staff recommendation as filed
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
PA9.10adopted
This is a report on the status of the legal action commenced by Toronto Parking Authority on January 21, 2019 against BSaR (Eglinton) Ltd. and BSaR (Eglinton) LP (both together referred to as BSaR), and BSaR's principals, Tarek Sobhi, and Tyler Hershberg. In the legal action, Toronto Parking Authority is claiming damages in the amount of $7.0 million for breach of contract related to an option held by Toronto Parking Authority to purchase the retail unit (Retail Component) of a joint venture development at 935 Eglinton Avenue West (the Property).
The Board of Directors of the Toronto Parking Authority: 1. Directed that Confidential Attachment 1 to the report (May 14, 2024) from the President, Toronto Parking Authority and the City Solicitor remain confidential in its entirety, as it contains advice that is subject to solicitor-client privilege.
Staff recommendation as filed
The President, Toronto Parking Authority, and the City Solicitor recommend that: 1. The Board of Directors of the Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains advice which is subject to solicitor-client privilege.
PA9.11adopted
2024-2026 City of Toronto - Toronto Parking Authority Net Income Share Agreement
The purpose of this report is to present the Board of Directors of the Toronto Parking Authority (TPA) with the proposed terms of a new Net Income Share Agreement with the City of Toronto (the "City"). Toronto Parking Authority and the City's Financial Planning Division have collaborated to develop the principles of a new net income sharing agreement that will ensure that Toronto Parking Authority has access to sufficient resources to both fund its Capital Program, and continue to make annual contributions to the City of Toronto that build upon the $1.4 billion, including dividends, property taxes, and rents, that Toronto Parking Authority has contributed to the City since 2002, as outlined in Attachment 1 - Annual Contributions Made by the Toronto Parking Authority to the City of Toronto. The review of Toronto Parking Authority's financial framework with the City is being carried out in two (2) phases with the first phase intended to arrive at an agreement with the City that will provide Toronto Parking Authority with the needed financial stability in the short-term to execute its 2024 Operating Budget and the 2024 - 2026 segment of the 10-Year Capital Budget and Plan, including the continued capital expansion of Toronto Parking Authority's Bike Share Toronto and Electric Vehicle (EV) Charging programs. The second phase of work, intended to address the long-term sustainability of Toronto Parking Authority will continue, with recommendations expected to be presented to the Board of Directors of the Toronto Parking Authority in Q4 2024. Under the new framework, the net income sharing formula will be changed to increase the percentage of net income that Toronto Parking Authority retains from its operations from 15 percent to 25 percent which results in the City dividend dropping from 85 percent to 75 percent from the current Agreement. This enhanced income share ratio will provide Toronto Parking Authority with incremental net income over the next three (3) years to address the extensive backlog in state of good repair (SOGR) in Toronto Parking Authority's parking garages. In addition, the City will directly fund the continued capital expansion of Toronto Parking Authority's Bike Share Toronto and Electric Vehicle Charging programs over the term of the Agreement. Table 1 summarizes the proposed terms that are recommended for the new Net Income Share Agreement. Table 1: Proposed Changes to the City of Toronto - TPA Net Income Share Agreement Current Agreement Proposed Agreement Term 2017 - 2019 January 1, 2024 - December 31, 2026 Income Sharing Formula 85 percent City / 15 percent Toronto Parking Authority 75 percent City / 25 percent Toronto Parking Authority Minimum Annual Dividend Payment to the City $38.0 million 75 percent of prior year net income Progress Payment Frequency Monthly Quarterly (at fiscal quarter-end or year-end) Direct CAPEX Funding N/A $48.0 million The change to the income sharing formula reflects the conditions that were in place prior to the 2017 agreement where a 75/25 income sharing formula was used to support Toronto Parking Authority's capital requirements at a time that pre-dated the extension of Toronto Parking Authority's mandate to include Bike Share Toronto and Electric Vehicle Charging. A reversion to this model is required given the Toronto Parking Authority's relative cash reserve position after the pandemic and current capital program requirements of approximately $186.7 million over three (3) years (2024 - 2026) of Toronto Parking Authority's 10-Year Capital Budget and Plan. The new Agreement will continue to support annual net income contributions by Toronto Parking Authority to the City, estimated to be at least $91.0 million over the three (3) year term. Contributions will be paid on a quarterly basis, subject to unforeseen circumstances which may result from the interruption of service, any other unplanned occurrence or Council decision, which may have an adverse and material effect on the net income and/or the Toronto Parking Authority's cash reserves. Subject to the Board's endorsement and approval by City Council, the Net Income Share Agreement will retroactively take effect January 1, 2024, for a three (3) year period ending December 31, 2026.
The Board of Directors of the Toronto Parking Authority recommends that: 1. City Council approve the terms of the Net Income Share Agreement between the City and the Toronto Parking Authority for a three (3) year period, effective January 1, 2024, as outlined in Attachment 2 to the report (May 15, 2024) from the President, Toronto Parking Authority and the Chief Financial Officer and Treasurer, City of Toronto. 2. City Council authorize appropriate City staff to prepare a Net Income Sharing Agreement between the Toronto Parking Authority and the City of Toronto, in accordance with the terms set out in Attachment 2 to the report (May 15, 2024) from the President, Toronto Parking Authority and the Chief Financial Officer and Treasurer, City of Toronto, in a form satisfactory to the City Solicitor, and subject to the approval of the Board of Directors of the Toronto Parking Authority.
Staff recommendation as filed
The President, Toronto Parking Authority and the Chief Financial Officer and Treasurer, City of Toronto recommend that: 1. The Board of Directors of the Toronto Parking Authority request City Council to approve the terms of the Net Income Share Agreement between the City and the Toronto Parking Authority for a three (3) year period, effective January 1, 2024, as outlined in Attachment 2 of this report. 2. The Board of Directors of the Toronto Parking Authority request City Council to authorize appropriate City staff to prepare a Net Income Sharing Agreement between the Toronto Parking Authority and the City of Toronto, in accordance with the terms set out in Attachment 2, in a form satisfactory to the City Solicitor, and subject to the approval of the Board of Directors of the Toronto Parking Authority.
PA9.12amended
Electric Vehicle Charging Partnership Opportunity
As part of our vision to become the world's best provider of sustainable parking, bike share and last mile mobility experiences, Toronto Parking Authority is executing an ambitious rollout plan for Electric Vehicle (EV) charging across the City of Toronto. With over 407 Electric Vehicle chargers deployed over the last twenty-four months, Toronto Parking Authority's network of Electric Vehicle chargers has quickly scaled to become the largest municipally-owned network in Canada. Despite this progress, Toronto remains materially undeveloped versus its North American peers. The Toronto Parking Authority plans to address this situation over the next five years. To bring our vision closer to reality, Management has been purposeful in securing strategic partners to co-create a best-in-class Electric Vehicle eco-system that will accelerate Toronto's transformation to net zero while facilitating Electric Vehicle adoption across Toronto in a customer centric fashion. These partnerships will elevate Toronto Parking Authority's operational capabilities, customer engagement, and sustainable financial performance. This approach will facilitate access to incremental revenue streams and in-kind contributions to offset operating and capital costs. Concurrently, these partnerships also provide access to enhanced consumer insights, leading edge digital capabilities and best-in-class thought leadership in mobility, marketing and brand building. An Expression of Interest (EOI) was released on March 31, 2023, with an invitation for proposals to develop a strategic partnership for the continued acceleration of Toronto Parking Authority's Electric Vehicle Charging Network Program. Responses to the Expression of Interest were due no later than November 10, 2023. The purpose of this report is to present the Board with an update on the Electric Vehicle Charging Network Partnership opportunity that Toronto Parking Authority released through the Expression of Interest process. Details about this opportunity will be provided through a presentation to the Board, which will require a closed-session discussion as it relates to a position to be applied to negotiations being carried out by Toronto Parking Authority.
The Board of Directors of the Toronto Parking Authority: 1. Authorized the public release of pages 1 to 6 and page 11 of Confidential Attachment 1 to the report (May 14, 2024) from the President, Toronto Parking Authority and directed that the balance of Confidential Attachment 1 to the report (May 14, 2024) from the President, Toronto Parking Authority remain confidential, as it pertains to a position to be applied to negotiations being carried out by the Toronto Parking Authority.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 remain confidential because it is about a position to be applied to negotiations being carried out by Toronto Parking Authority.
PA9.13adopted
2023 President Performance Review
The Chair asks the Board of Directors of the Toronto Parking Authority to consider the annual performance of the President of the Toronto Parking Authority at its meeting on May 28, 2024. The Chair of the Board of Directors of the Toronto Parking Authority has directed a performance review of the President. This report summarizes the performance review of the Toronto Parking Authority President for the Board of Directors of the Toronto Parking Authority 's consideration in closed session as it deals with personal matters about an identifiable person.
The Board of Directors of the Toronto Parking Authority: 1. Adopted the confidential instructions to staff in Confidential Attachment 1 to the report (May 6, 2024) from the Chair, Board of Directors of the Toronto Parking Authority. 2. Directed that Confidential Attachment 1 and Confidential Appendix A to the report (May 6, 2024) from the President, Toronto Parking Authority remain confidential in their entirety, as they pertain to personal matters about an identifiable person.
Staff recommendation as filed
The Chair, Board of Directors of the Toronto Parking Authority, recommends that: 1. The Board of Directors of the Toronto Parking Authority adopt the recommendations and instructions to staff contained in Confidential Attachment 1. 2. The Board of Directors of the Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 and Confidential Attachment Appendix A remain confidential in its entirety, as it deals with personal matters about an identifiable person.
PA9.14adopted
Toronto Parking Authority - 2024 March 31 Year-to-Date Financial Performance (First Quarter Results)
Toronto Parking Authority's net income for the quarter ended March 31, 2024 was $8.8 million + $4.5 million vs plan. Total revenue was $36.4 million; $3.2 million higher to plan as parking revenue reached a post-pandemic high of 98.8 percent (versus 2019). Transactions improved to 90 percent vs 2019 and comparable to plan. Costs were $25.3 million; $0.5 million lower than plan driven by favourability on municipal taxes and timing of expenses. Financing income was $1.1 million +$0.3 million vs plan due to higher cash balance than plan. This is expected to decrease throughout the year as capital is deployed. Amortization of property and equipment was $3.4 million, $0.5 million lower than plan as assets were in service later than planned. Forecasting full year net income to range between $36 million to $39 million; +$4 to $7 million better than plan driven by better than plan parking revenues and cost productivity. Capital spend was $2.4 million and is tracking to our planned run rate.
The Board of Directors of the Toronto Parking Authority: 1. Received the report (May 10, 2024) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority receive this report for information.
PA9.15adopted
2023 Toronto Parking Authority Annual Report
Toronto Parking Authority has prepared a draft of the 2023 Annual Report, which outlines our accomplishments in 2023 and includes a joint message from the Toronto Parking Authority's Board Chair and President (refer to Attachment 1). Through Item PA9.1, the 2023 Audited Financial Statements are also being submitted to the Board for approval. 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 2023 Annual Report and finalize for distribution and publishing on Toronto Parking Authority's website.
The Board of Directors of the Toronto Parking Authority: 1. Approved the 2023 Toronto Parking Authority Annual Report for distribution.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the 2023 Toronto Parking Authority Annual Report for distribution.
PA9.16adopted
During the past two years, and consistent with our State of Good Repair (SOGR) strategy, the Toronto Parking Authority (TPA) has conducted comprehensive building condition assessments at all our properties. These surveys have identified urgent issues with our emergency generators at nine (9) locations. These generators, essential for powering fire and life safety systems, are mandated by the Ontario Building Code. Many of these generators are either non-functional or approaching the end of their service life, requiring significant upgrades to the generators and their associated infrastructure. To ensure compliance with both and safety and regulatory requirements in the short term, Toronto Parking Authority has rented generators as a stopgap at certain facilities. This temporary solution is no longer tenable. The purpose of this paper is to seek the Board of Directors of the Toronto Parking Authority authorization for replacement of emergency generators at three (3) locations, 37 Queen Street East (Car Park 26), 75 Holly Street (Car Park 29), 2 Church Street (Car Park 43) valued at $2,778,800.00 in base scope, plus $555,760.00 as a contingency allowance, totaling $3,334,560.00 excluding Harmonized Sales Tax (HST). Toronto Parking Authority retained Arcadis Professional Services (Canada) Inc. on January 30, 2023, for consulting services to design repairs and replacement of emergency generators at five (5) of the nine (9) car park locations. The three car parks noted above were identified as requiring immediate action. Based on the submission of a compliant bid, the bid price, ability to complete the work in the prescribed time, recent project history, and the conformance to tender requirements, Toronto Parking Authority is recommending that the contract of work for 2024-CON-VAR-D5010.10 Emergency Generators Replacement at 37 Queen Street East (CP 26), 75 Holly Street (CP29), 2 Church Street (CP 43) be awarded to Ritestart Limited.
The Board of Directors of the Toronto Parking Authority: 1. Granted authority to the President, Toronto Parking Authority to award the Emergency Generators Replacement at 37 Queen Street East (CP 26), 75 Holly Street (CP 29) and 2 Church Street (CP 43) for 2024-CON-VAR-D5010.10 to Ritestart Limited, having submitted the lowest compliant bid and meeting all specifications in conformance with the Construction Tender requirements, in the amount of $2,778,800.00 in base scope, plus $555,760.00 as a contingency allowance, totalling $3,334,560.00 excluding Harmonized Sales Tax.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority provide authority to the President, Toronto Parking Authority, to award the Emergency Generators Replacement at 37 Queen Street East (CP 26), 75 Holly Street (CP 29) and 2 Church Street (CP 43) for 2024-CON-VAR-D5010.10 to Ritestart Limited, having submitted the lowest compliant bid and meeting all specifications in conformance with the Construction Tender requirements, in the amount of $2,778,800.00 in base scope, plus $555,760.00 as a contingency allowance, totalling $3,334,560.00 excluding Harmonized Sales Tax (HST).