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.
PR12.1not yet heard
Audit and Risk Management Committee - Auditor's 2025 Work Plan
This report presents the Auditor's 2025 Audit Work Plan for the audited financial statements for the Toronto Parking Authority (TPA) for the year ended December 31, 2025. KPMG Audit Partner, Kevin Travers, will be attending the November 14, 2025, Audit and Risk Management Committee meeting to review with the Committee, the work plan to deliver the audit for the Toronto Parking Authority's 2025 Financial Statements (see Attachment 1).
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.
PR12.2not yet heard
Toronto Parking Authority - 2026 Operating Budget and 2026-2028 Capital Budget
The Board received the proposed budget for information at its meeting on October 16, 2025. The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors with Management's recommended 2026 Operating Budget and 2025 - 2027 Capital Budget in further detail. Formal approval will be requested at the December 5, 2025 Board meeting where Management will also present the 2026 Annual Operating Plan. This timeline affords both the Board and Management sufficient opportunity to discuss the proposed budget and the 2026 Annual Operating Plan, while adhering to the City's 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, head count and favourability on municipal taxes and volume-related costs. Toronto Parking Authority's 2025 capital delivery of $49.9 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 modestly advanced 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.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the proposed 2026 Operating Budget and 2026 - 2028 Capital Budget for Toronto Parking Authority as presented in Attachment 1 to this report.
PR12.3not yet heard
Delegation of Authority Update: September 1 - October 31, 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 Policy Resolution 5-10: Delegation of Authority as outlined in Appendix B to the report (June 11, 2024) from the Toronto Parking Authority 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 September 1, 2025, and October 31, 2025.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.
PR12.4not yet heard
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, 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, 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 provides an additional update subsequent to the reoccurring update last provided to the Board in October 2025 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.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. Toronto Parking Authority Board of Directors directs that the confidential information contained in Confidential Attachment 1 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.