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.
PR3.1adopted
Audit and Risk Management Committee - Auditor's 2022 Work Plan
At its meeting of November 8, 2021, the Board of Directors, Toronto Parking Authority, established an Audit and Risk Management Committee. This report presents the Auditor's 2022 Audit Work Plan for the audited financial statements for the Toronto Parking Authority for the year ended December 31, 2022. KPMG Audit Partner, Kevin Travers, will be attending the November 8, 2022 Audit and Risk Management Committee meeting to review with the Committee, the work plan to deliver the audit for the Toronto Parking Authority's 2022 Financials (see Attachment 1).
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority receive the report (October 18, 2022) 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.
PR3.2adopted
Toronto Parking Authority's net income September 30 year to date was $21.5 million; $9.7 million higher to plan. Total revenue was $92.0 million; $1.7 million higher to plan as parking revenue were 75.1 percent versus pre-pandemic levels (2019). Costs were $72.1 million; $6.7 million lower to plan primarily due to a deliberate management strategy of conserving expenditures including staffing level management reflecting the uncertainty of the recovery in the first half of 2022. In light of the strong revenue recovery in Third Quarter (Q3), Management is forecasting to exceed full year plan by $16.2 million.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority receive the report (October 25, 2022) 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.
PR3.3adopted
Toronto Parking Authority - 2023 Operating Budget and 2023-2032 Capital Budget
The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors with Management's recommended 2023 Operating and Capital Budgets. As part of the approval process (and in recognition that this is an election year), the Board received the proposed budget for information at its meeting on September 29, 2022. Management will discuss the budget in further detail with the Toronto Parking Authority Board's Audit and Risk Management Committee on November 8, 2022 and request formal approval of the 2023 Budget at the November 14, 2022 Special Board meeting. Management is planning for 2023 full year net income of $25.4 million with parking revenue improving to 84 percent of pre-pandemic (2019) levels. Executionally, Management will remain focused on our five (5) strategic platforms: Build a Great Place to Work, Strengthen the Core, Drive Sustainable Growth Connect with our Customers, and Engage and Innovate with our Strategic Partners. The proposed 2023-2025 Capital Budget totals $176.3 million. The 2023 Capital budget is $71.3 million to support critical deliverables that include a more robust Health and Safety Strategy, accelerated growth of Toronto Parking Authority's Electric Vehicle Charging Program, expansion of the Bike Share Toronto program, and development and execution of our Asset Management plan. Based on our successful financial performance in 2022 and robust 2023 capital expenditure plans Management is forecasting that we will spend the entirety of our cash reserves by end of second quarter (Q2) 2024. Consistent with earlier discussions with the Board, Management has embarked upon negotiations with City Finance to secure a new income sharing agreement that supports our robust growth agenda.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority approve the 2023 Operating Budget and 2023-2025 Capital Budget for Toronto Parking Authority as outlined in the report (October 26, 2022) from the President, Toronto Parking Authority and direct the President, Toronto Parking Authority, to forward the 2023-2032 Capital Budget to the City of Toronto as part of the 2023 budget process. 2. The Board of Directors of Toronto Parking Authority approve the rates at the off-street parking facilities identified in Attachment 1 to the report (October 26, 2022) from the President, Toronto Parking Authority and direct the President, Toronto Parking Authority, to implement these rates on or before February 1, 2023. 3. The Board of Directors of Toronto Parking Authority provide authority to the President, Toronto Parking Authority to establish limited-time event rates at off-street parking facilities, as operationally required. 4. The Board of Directors of Toronto Parking Authority defer the 2022 comprehensive on-street rate review and the 2022 Parking Market Rate Analysis to the 2024 budget cycle.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the 2023 Operating Budget and 2023-2025 Capital Budget for Toronto Parking Authority as outlined in this report and direct the President, Toronto Parking Authority, to forward the 2023-2032 Capital Budget to the City of Toronto as part of the 2023 budget process. 2. The Board of Directors of Toronto Parking Authority approve the rates at the off-street parking facilities identified in Attachment 1 to this report and direct the President, Toronto Parking Authority, to implement these rates on or before February 1, 2023. 3. The Board of Directors of Toronto Parking Authority provide authority to the President, Toronto Parking Authority to establish limited-time event rates at off-street parking facilities, as operationally required. 4. The Board of Directors of Toronto Parking Authority defer the 2022 comprehensive on-street rate review and the 2022 Parking Market Rate Analysis to the 2024 budget cycle.
PR3.4adopted
Delegation of Authority Update
At its meeting of November 8, 2021, the Board of Directors, 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 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 April 23, 2022, and October 6, 2022. This report also highlights areas of refinement that Toronto Parking Authority will be recommending be incorporated into future amendments to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority receive the report (October 17, 2022) 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.
PR3.5adopted
Toronto Parking Authority Board Audit and Risk Management Committee - May 10, 2022 Action Items
The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority and Board of Directors of Toronto Parking Authority with a status update to the May 10, 2022 Action Items.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of Toronto Parking Authority receive the report (October 26, 2022) 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.