Toronto Parking Authority - Audit and Risk Management Committee
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.
PR10.1adopted
Toronto Parking Authority's (TPA) net income for the five months ending May 31, 2025, was $18.1 million, +$2.4 million versus plan. Total revenue reached $69.2 million, -$1.0 million versus plan; +$4.3 million or 7 percent higher than 2024. Parking transactions totaled 10.0 million; 674 thousand fewer than the prior year. The snow event in February drove about 371 thousand fewer transactions due to the closure of 47 percent of our on-street inventory for snow removal. Excluding the February event, transactions were down by 260 thousand, or 3 percent, compared to 2024. Total operating costs were $46.3 million, -$2.4 million lower than plan, driven mainly by lower salaries and benefits, municipal taxes, volume-related costs and management of discretionary expenses. Finance income was $1.4 million, comparable to plan, while amortization of assets was $1.1 million lower due to the timing of capital delivery. As of May 31, 2025, Toronto Parking Authority has invested $5.6 million in capital projects, with over 70 percent of annual plan already committed. The organization remains on track to execute its full-year capital plan of $55.6 million, bolstered by $25.8 million in direct funding from the City of Toronto for Bike Share and Electric Vehicle (EV) initiatives. This positions Toronto Parking Authority to achieve a rolling three-year capital spend rate exceeding 80 percent and 2025 on track to exceed 90 percent. Management is forecasting delivery of full-year 2025 financial performance targets, with projected net income between $44 million to $47 million, exceeding plan by $2 million to $5 million.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (June 11, 2025) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.
PR10.2adopted
Toronto Parking Authority Enterprise Risk Management
Enterprise Risk Management (ERM) is a continuous process to identify and assess risks and opportunities at an enterprise level and serves as an enabler for the delivery of the Toronto Parking Authority's strategy and operating imperatives. Consistent with industry best practices, Toronto Parking Authority (TPA) 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 to seek Board approval for Management's refreshed 2025 Enterprise Risk Management report that was developed in partnership with the Board over the past several months.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the refreshed 2025 Enterprise Risk Management report as presented in Attachment 1 to the report (June 11, 2025) from the President, Toronto Parking Authority.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the refreshed 2025 Enterprise Risk Management report as presented in Attachment 1: KPMG Report: Toronto Parking Authority - ERM Project Update June 2025.
PR10.3adopted
Toronto Parking Authority - State of Good Repair Program
The purpose of this report is to provide the Board of Directors of the Toronto Parking Authority (TPA) with an overview of the Toronto Parking Authority's State of Good Repair (State of Good Repair) strategy - a key component of the organization's Capital Expenditures (CapEx) program. The report includes a summary of the State of Good Repair strategy, 2024 State of Good Repair performance and presents the forward-looking plan for 2025 and beyond. Toronto Parking Authority has adopted a proactive, long-term approach to infrastructure management by fully integrating our Asset Management Program (AMP), State of Good Repair Strategy, and Enterprise Risk Management (ERM) framework into our capital planning and funding processes. This integrated framework enables Toronto Parking Authority to take a risk-based approach to State of Good Repair projects that deliver our strategic imperatives while optimizing financial performance and resource allocation. Post 2017, Toronto Parking Authority's underinvestment in infrastructure led to a deficiency in State of Good Repair resulting in a growing backlog of rehabilitation and critical repairs negatively impacting our parking portfolio. To address these shortcomings, in 2021 management conducted an extensive Building Condition Assessment (BCA) of Toronto Parking Authority owned parking garages and parkades (lots). The results of the Building Condition Assessment program revealed an estimated $280 million (adjusted to 2024 dollars) backlog in State of Good Repair work over the next 10 years. In response, the Toronto Parking Authority implemented a streamlined State of Good Repair strategy - a structured, facility-by-facility approach that systematically assesses, repairs, restores, and refurbishes each site sequentially before moving to the next project. Management began addressing the first five priority garages between 2023 and 2025. The efficacy of this approach is reflected in Toronto Parking Authority's improved State of Good Repair capital execution. From 2018 to 2021, only 11 percent of the planned State of Good Repair budget was spent annually. Since launching the new program in 2021, performance has improved, with $20.17 million (88 percent) of planned State of Good Repair work delivered in 2023 and $15.38 million (72 percent) in 2024. In 2025, Toronto Parking Authority has allocated $12.6 million of State of Good Repair Capital Expenditures at three garages. Toronto Parking Authority has identified a State of Good Repair backlog of approximately $280 million over the next 10 years, adjusted to 2024 dollars. The recently established Net Income Share Agreement with the City of Toronto is expected to support $128 million of this total. The remaining $152 million is associated with two major rehabilitation projects-Car Park 36 (CP36) and Car Park 52 (CP52)-which are currently excluded from the agreement. Although the projected costs for Car Park 36 and Car Park 52 are included in the overall backlog figure, these facilities are not part of the active State of Good Repair program. Both locations are physically integrated with other City-owned infrastructure, operated by Corporate Real Estate Management (CREM) and the Toronto Transit Commission (TTC). As a result, they present complex funding, operational, and governance challenges that extend beyond Toronto Parking Authority's direct mandate. These projects represent a significant capital challenge that will require cross-divisional collaboration and alignment of priorities to proceed. Management will update the Audit and Risk Committee regarding next steps with these facilities in 2026. Over the next decade, continued investment will be required to address both current and emerging infrastructure deficiencies, while keeping current with ongoing repair and maintenance requirements. Toronto Parking Authority's goal is to reach a steady state by 2030, where 80 percent of garages are in good repair, 10 percent are in the repair planning phase, and 10 percent requiring immediate action. Continued investment, guided by robust asset management systems, will enable Toronto Parking Authority to assess, restore, and modernize its infrastructure, reinforcing our commitment to safety, operational excellence, and long-term value creation.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority request City Council to request the Executive Director, Corporate Real Estate Management, and the Toronto Transit Commission Board to request the Chief Executive Officer, Toronto Transit Commission, to jointly prepare a business case for the required rehabilitation to Car Park 36, located at City Hall and Car Park 52, located at 40 York Street, in collaboration with the President, Toronto Parking Authority, and to submit for consideration as part of the 2026 Budget Process.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, request City Council to request the Executive Director, Corporate Real Estate Management, and the Toronto Transit Commission Board to request the Chief Executive Officer, Toronto Transit Commission, to jointly prepare a business case for the required rehabilitation to Car Park 36, located at City Hall and Car Park 52, located at 40 York Street, in collaboration with the President, Toronto Parking Authority, and to submit for consideration as part of the 2026 Budget Process.
PR10.4adopted
Delegation of Authority Update: April 2 - June 1, 2025
At its meeting of November 8, 2021, the Board of Directors, Toronto Parking Authority (TPA) 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 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. At its meeting of July 19, 2024, Toronto Parking Authority Board of Directors approved proposed amendments to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority as outlined in Appendix B to the report (June 11, 2024) from the President, Toronto Parking Authority. The approved amendments recognize the authorities under Toronto Parking Authority Policy Resolution 5-7: Procurement for the President to award a contract through a non-competitive procurement process in an amount not exceeding $250,000. Where the President uses this authority, Management has committed to providing a summary of the purchasing activity in its regular Delegation of Authority update to the Audit & Risk Management Committee. 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 April 2, 2025 and June 1, 2025.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (June 11, 2025) from the President, Toronto Parking Authority for information.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.