Toronto Parking Authority - Audit and Risk Management Committee
The full agenda, as filed
All 5 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.
PR2.1adopted
Toronto Parking Authority - 2022 Audited Financial Statements
The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority with the draft audited financial statements and highlights of the 2022 financial results for the year ended December 31, 2022. KPMG LLP has completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2022. 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 TPA Board of Directors. KPMG Audit Partner, Kevin Travers, will be attending the May 5, 2023 Audit and Risk Management Committee meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.
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, 2022.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, approve the Toronto Parking Authority's Audited Financial Statements for the year ended December 31, 2022.
PR2.2adopted
Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)
Toronto Parking Authority's net income March 31 quarter to date was $8.6 million; $6.1 million higher versus plan. Total revenue was $31.5 million; $1.4 million higher to plan as parking revenue reached a post-pandemic high of 84.6 percent (versus 2019). Costs were $22.1 million; $3.5 million lower than plan driven by favourability on salaries, utilities, maintenance, and consulting costs. Financing income was $1.1 million better than plan due to the higher interest rates on cash balance. This is expected to decrease throughout the year as capital is deployed. Management will be providing a full-year forecast in conjunction with Second Quarter (Q2) results. Capital spend was $2.8 million and is tracking to our planned spending curve.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive this report (April 21, 2023) 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.
PR2.3adopted
The purpose of this report is to present an update on the status of Toronto Parking Authority's action plans which mitigate the cyber security risks identified from the cyber threat risk assessment conducted in 2021, as well as those identified in the submission to the City's Chief Security Officer under the City's Cyber Security Confirmation Program. This report contains a confidential attachment describing the mitigation and remediation plans from the 2021 cyber security risk assessment and the risks identified in Toronto Parking Authority's submission to the City's Cyber Security Confirmation Program. Gurvinder Gill, Chief Information Officer, will provide a presentation to the Toronto Parking Authority Board Audit and Risk Management Committee (refer to Confidential Attachment 1). These matters will require a closed-session discussion as it relates to the security of property belonging to the City or one of its agencies or corporations.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive this report (April 18, 2023) from the President, Toronto Parking Authority, for information. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 and Confidential Appendix A to the report (April 18, 2023) from the President, Toronto Parking Authority, remain confidential in their entirety, as they involve the security of property belonging to the City or one of its agencies or corporations.
Staff recommendation as filed
The President recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information. 2. The Board of Directors of Toronto Parking Authority directs that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it involves the security of property belonging to the City or one of its agencies or corporations.
PR2.4received
Electric Vehicle Charging First Quarter 2023 Business Review
Presentation to be Delivered by Phil Safos
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the item for information.
PR2.5adopted
On-Street Paid Parking Growth Strategy and Rate Review Process
The purpose of this report is two-fold. First, to socialize with the Audit and Risk Management Committee of the Board of Directors an overview of Toronto Parking Authority's on-street parking growth strategy. Secondly, to share with the Committee the complex process involved in the implementation of new rate changes that were last executed 2017. As background, Toronto Parking Authority operates an extensive inventory of on-street paid parking that includes approximately 21,500 parking spaces. In 2022, the on-street parking portfolio generated $44.7 million in revenues accounting for 36 percent of the $124M in total revenues generated by Toronto Parking Authority. As part of Management's growth strategy, Toronto Parking Authority has begun to identify opportunities to optimize performance of its on-street portfolio including pricing, expanded paid hours of operation and incremental inventory. Concurrently, management will be working towards establishing a more efficient regulatory environment in which to operate the business. Regular updates will be brought forward to the Board throughout the year including proposed amendments to Chapter 179 of the Municipal Code which governs Toronto Parking Authority's ability to establish and make changes to on-street parking rates. In addition, Toronto Parking Authority will carry out a comprehensive review of on-street paid parking rates and bring forward recommended changes as part of its' 2024 Operating Budget and 2024 - 2026 Capital Budget.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority r eceive the report (April 21, 2023) 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.