Toronto Parking Authority - Audit and Risk Management Committee
The full agenda, as filed
All 6 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.
PR11.1adopted
Toronto Parking Authority's (TPA) net income for the eight months ending August 31, 2025, was $34.7 million; +$5.6 million versus plan and +$3.9 million versus 2024. Total revenue reached $118.8 million, -$0.6 million versus plan; +$9.9 million or 9% higher than 2024. Bike Share ridership exceeded 5.1 million trips, and the Toronto Island launch contributed a favourable revenue impact of $1.7 million. This was offset by softness in Parking revenues of $1.1 million driven by 1.4 million fewer trips than the prior year. The snow event in February impacted 371 thousand fewer trips, a $1.7 million decrease in revenue in part due to the closure of 47% of our on-street inventory for snow removal. Excluding the February event, trips were down by 1.0 million, or 2.3%, compared to 2024. Total operating costs were $76.3 million; $3.5 million lower than plan driven by disciplined cost management of discretionary costs and head count; as well as net favourability on municipal taxes and volume driven costs. Finance income was $2.4 million, comparable to plan, while amortization of assets was $10.1 million; -$2.8 million lower due to timing of capital delivery. As of August 31, 2025, Toronto Parking Authority has invested $23.6 million in capital projects, with over 70% of that amount already committed. The organization remains on track to deliver $51.9 million or 95% of TPA led capital plan, bolstered by $20.8 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 capital spend rate exceeding 80% for the third consecutive year. Management remains on track to meet full-year 2025 performance targets, with projected net income in the range of $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 (September 9, 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 of Toronto Parking Authority receive this report for information.
PR11.2adopted
Toronto Parking Authority - 2026 Operating Budget and 2026-2028 Capital Budget
The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority with an overview of Management's proposed 2026 Operating Budget and the 2026-2028 Capital Budget submission to the City of Toronto. Consistent with previous years, a detailed review of management's proposed budget will be conducted with the Audit & Risk Management Committee on November 14, 2025. Formal approval of the 2026 Operating Budget and the 2026-2028 Capital Budget will be requested at the Board meeting scheduled for December 5, 2025. At that time, Management will also present the 2026 Annual Operating Plan for the Toronto Parking Authority (TPA). This timeline ensures that both the Board and Management have sufficient opportunity to thoroughly review and discuss the proposed budgets and Annual Operating Plan, while remaining aligned with the City's overall budgetary process. Building off a strong performance through the first two quarters of 2025, Management is forecasting full year net income of $45.5 million which is +$3.6 million better than Plan. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) forecast of $57.9 million is -$2.9 million versus plan. Revenues are forecasted at a historic high of $177.3 million which is -$5.4 million versus plan driven by soft transaction performance in our parking portfolio. This was due in part to the lengthy snow event in February that closed 47% of our on-street inventory for snow removal resulting in 371 thousand fewer transactions. The Bike Share system drove favourable revenues of $1.6 million in 2025 which has mitigated in part some of the parking softness. Operating expenses are forecasted at $119.4 million which is $2.4 million lower than plan driven by disciplined cost management of discretionary costs and head count partially offset by favourability on municipal taxes and volume-related costs. Toronto Parking Authority 2025 capital delivery of $52.6 million includes expanding Bike Share Toronto across all 25 wards and the Toronto Islands, adding 750 bikes and 180 stations. To improve revenue performance at off-street facilities, management is advancing the EV charging network with 86 new chargers, increasing the total to 547 citywide. Investments also focused on reducing the State of Good Repair (SOGR) backlog through targeted car park upgrades. Additional service enhancements include modernization of equipment, customer experience, and data insights. These initiatives are guided by our multi-year capital strategy which supports our strategic priorities.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the 2026 Operating Budget and 2026-2028 Capital Budget report as outlined in Attachment 1 to the report (September 9, 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 of Toronto Parking Authority receive the proposed 2026 Operating Budget and 2026 - 2028 Capital Budget for Toronto Parking Authority as outlined in this report (September 9, 2025) for information.
PR11.3adopted
Procurement Policy Updates - Adoption of the Mayor's Economic Action Plan to United States Tariffs
At its meeting on May 15, 2025, the Board of Directors of the Toronto Parking Authority received Item PA14.15 - Mayor's Economic Action Plan in Response to United States Tariffs which included a recommendation for the City's agencies and corporations to adopt similar policies where possible. The purpose of this report is to provide the Audit and Risk Management Committee and the Board with a preview of amendments that Management will be proposing to Toronto Parking Authority Policy Resolution 5-7: Procurement Policy towards adoption of the Mayor's Economic Action Plan to United States Tariffs. Formal approval will be requested at the October 16, 2025, meeting of the Board. Management is proposing to adopt the Mayor's recommendation fully, as adopted by the City of Toronto in its Schedule A to Chapter 195 - Procurement. At the same time, Management is proposing additional amendments to Policy 5-7, which was last updated in 2017, to further address any inconsistencies and align with Chapter 195 - Procurement of the City of Toronto.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority approve the recommended amendments to Toronto Parking Authority Policy Resolution 5-7 - Procurement Policy in Attachment 1, Attachment 2 (Appendix A) and Attachment 3 (Appendix B), to the report (September 4, 2025) from the President, Toronto Parking Authority, and direct the President, Toronto Parking Authority, to enact this Policy Resolution with Appendices, as amended.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the recommended amendments to Toronto Parking Authority Policy Resolution 5-7 - Procurement Policy in Attachment 1, Attachment 2 (Appendix A) and Attachment 3 (Appendix B), to the report (September 4, 2025) from the President, Toronto Parking Authority, and direct the President, Toronto Parking Authority, to enact this Policy Resolution with Appendices, as amended.
PR11.4adopted
Delegation of Authority Update: June 2 - August 31, 2025
At its meeting of November 8, 2021, the Board of Directors, Toronto Parking Authority (TPA) reviewed, approved and endorsed an update to TPA Policy Resolution 5-10: Delegation of Authority, as amended by resolution. Among other things, these amendments increased the TPA 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 TPA President has used the increased delegation of authority. At its meeting of July 19, 2024, the 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 and 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 June 2, 2025, and August 31, 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 (September 4, 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 of Toronto Parking Authority receive this report for information.
PR11.5amended
The purpose of this paper is to deliver Management's semi-annual update regarding our Cyber security posture including efforts to mitigate threats and risks to the Toronto Parking Authority. For context, the Cyber threat landscape continues to be a clear and present danger to organizations across the globe. Adversaries have grown their sophistication and frequency of attacks to unprecedented levels. For the Toronto Parking Authority (TPA), this heightened threat environment has required the organization to heighten its vigilance in defence of our business. As detailed in our Enterprise Risk Management (ERM) strategy, Cyber Security has been identified as one of the preeminent risks to the Toronto Parking Authority. The threat environment facing the TPA has evolved from technical vulnerabilities to an existential business risk. The evidence is unequivocal: in an era of nefarious adversaries leveraging AI-enabled threats, our cyber resilience will define our capacity to defend and protect our operational continuity, stakeholder confidence, and brand reputation. As we accelerate our digital transformation-from integrated customer payment systems across our portfolio to AI supported business analytics-it is incumbent upon Management to institutionalize Cyber Security into the operating culture of the TPA including continued IT investments, employee upskilling, leadership development and critically, continued strategic oversight by the Executive team and Board. The confidential attachment accompanying this report outlines our investments and security enhancements critical to maintaining our defensive posture. Given the sensitive nature of these matters, this presentation will be held in a closed session.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 and Confidential Attachment 2 to the report (September 11, 2025) remain confidential in its entirety, as it involves the security of property belonging to the City or one of its agencies or corporations.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 to the report (September 11, 2025) remain confidential in its entirety, as it involves the security of property belonging to the City or one of its agencies or corporations.
PR11.6adopted
Summary of Legal Disputes Update
As part of Toronto Parking Authority's operation of commercial parking, the management of tenanted properties and Bike Share Toronto, TPA 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, including 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 about the status of ongoing legal disputes. The Board will be provided with updates twice annually as substantive changes occur to the status of the specific legal disputes.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 to the report (September 2, 2025) 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 President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 to the report (September 2, 2025) 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.