Toronto Parking Authority - Audit and Risk Management Committee
The full agenda, as filed
All 9 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.
PR5.1adopted
The purpose of this report is to establish the 2024 Work Plan (Attachment 2) for Audit and Risk Management Committee of the Board of Directors of the Toronto Parking Authority and to review its Terms of Reference as noted in Attachment 1.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 3, 2024) 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 the Toronto Parking Authority receive this report for information.
PR5.2adopted
Toronto Parking Authority - 2023 Audited Financial Statements
The purpose of this report is to provide the Audit and Risk Management Committee of the Board of Directors of the Toronto Parking Authority with the draft audited financial statements for the year ended December 31, 2023. KPMG LLP has completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2023. 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 Board of Directors of the Toronto Parking Authority. KPMG Audit Partner, Kevin Travers, will be attending the April 25, 2024, 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, 2023 in Attachment 2 to the report (April 11, 2024) 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 Toronto Parking Authority's Audited Financial Statements for the year ended December 31, 2023 in Attachment 2.
PR5.3adopted
2023 Capital Review and 2024 Plan
The purpose of this report is to provide the Board of Directors of the Toronto Parking Authority with a detailed review of the Capital Expenditure (CapEx) performance for the year 2023 and the plan for the 2024 CapEx. In the fiscal year ending December 31, 2023, the Toronto Parking Authority deployed $59.1 million in capital, representing 82 percent of the allocated budget of $71.3 million. The expenditure of Toronto Parking Authority-led projects reached $50.9 million, indexing 111 percent to plan. This marks the Toronto Parking Authority's most significant capital investment in the past 15 years, underpinning the organization's commitment to delivering against our strategic priorities. From an executional standpoint, good progress was made from a project management perspective as 91 percent of our projects were completed on-time or ahead of schedule driving a $1.9 million cost favourability As part of the 2024 budget process, management secured Board approval to invest $76.8 million in its 2024 Capital Plan. However, due to the unresolved income sharing agreement with the City and the need to preserve cash reserves; management elected to reduce Toronto Parking Authority's 2024 capital budget by $14.1 million to $71.3 million. The Board approved this change at its March 26, 2024 meeting. Notwithstanding the aforementioned, Management will deliver its revised capital plan in 2024.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 11, 2024) 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 the Toronto Parking Authority receive this report for information.
PR5.4adopted
Toronto Parking Authority Enterprise Risk Management Report
Enterprise Risk Management is a continuous process to identify and assess risks and opportunities at an enterprise level. The Toronto Parking Authority currently does not have a formal Enterprise Risk Management strategy and after the release of a Request for Proposals in the second quarter of 2023, the successful proponent, KPMG LLP (KPMG), was engaged to support the setup of the Enterprise Risk Management Program. With the support of KPMG, in line with industry good practices, Toronto Parking Authority 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 for KPMG to provide a report on the completion of the setup of the Enterprise Risk Management Program.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 5, 2024) 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 the Toronto Parking Authority receive this report for information.
PR5.5adopted
Delegation of Authority Update
At its meeting of November 8, 2021, the Board of Directors of the 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 of the Toronto Parking Authority 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 August 24, 2023 and April 4, 2024.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 11, 2024) 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 the Toronto Parking Authority receive this report for information.
PR5.6adopted
Toronto Parking Authority aspires to be the world's best provider of sustainable parking, Bike Share and last mile mobility experiences. As part of this journey, Management is continually seeking opportunities to streamline its policies, systems, and decision-making processes to provide greater agility for Team Toronto Parking Authority to deliver real-time outcomes and compete in the marketplace. The purpose of this report is to provide the Toronto Parking Authority - Audit and Risk Management Committee and the Board of Directors of the Toronto Parking Authority with a preview of amendments that Management will be proposing to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority and a proposed delegation of operationally focused policies to the President, Toronto Parking Authority. Formal approval will be requested at the July 19, 2024, meeting of the Board. Management is proposing to clarify an inconsistency in Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority with Toronto Parking Authority Policy Resolution 5-7: Procurement and provide a modest increase in the President's authority to amend contracts originally awarded in an amount greater than $500,000 by the lesser of twenty percent (instead of fifteen percent) or a further $500,000 in commitments. Administrative amendments are also proposed to simplify and clarify language to ensure consistency in the application of the policy. At the same time, Management is proposing that the Board of Directors of the Toronto Parking Authority delegate its authority over seventy-eight (75) operationally focused Toronto Parking Authority Policy Resolutions that address internal practices and procedures governing the day-to-day activities and operations of the organization. These policies, which are summarized in Appendix C will be the subject of a comprehensive review to ensure that there is alignment with Toronto Parking Authority 's current mandate and commercial focus to drive revenue. It is expected that this review will drive a reduction in the number of policies that are now redundant or no longer applicable. The twenty-eight (28) remaining policies are proposed to remain under the oversight of the Board of Directors of the Toronto Parking Authority. These policies address governance, risk and/or compliance-based issues where the Board of Directors of the Toronto Parking Authority has express responsibility for ensuring that Toronto Parking Authority complies with the requirements of law, policies identified in the City of Toronto - Toronto Parking Authority Relationship Framework and decisions by Council where Council has required that Toronto Parking Authority comply with the requirements of the decision. Appendix D includes a summary of the Policy Resolutions that Toronto Parking Authority is proposing remain under the oversight of the Board.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (April 6, 2024) 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 the Toronto Parking Authority receive this report for information.
PR5.7adopted
Summary of Legal Disputes - 2024 First Quarter 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, such as 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 of Directors of the Toronto Parking Authority about the status of ongoing legal disputes. The Board of Directors of the Toronto Parking Authority will be provided updates on a regular basis 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 the Toronto Parking Authority receive the report (April 5, 2024) from the President, Toronto Parking Authority for information. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (April 5, 2024) from the President, Toronto Parking Authority 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 the Toronto Parking Authority receive this report for informative purposes only. 2. The Board of Directors of the Toronto Parking Authority direct 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.
PR5.8adopted
Lease Arrears at 598 Gerrard Street East
The purpose of this report is to provide information and seek instructions relating to a dispute and related litigation arising from a now-terminated lease for the main floor of 598 Gerrard Street East, Toronto, Ontario (the "Premises").
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (March 27, 2024) from the City Solicitor and the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to 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 City Solicitor and the President, Toronto Parking Authority, recommend that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential recommendations contained in Confidential Attachment 1. 2. The Board of Directors of the Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 to this report remain confidential in its entirety, as it is about litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.
PR5.9adopted
Lease Arrears at 50 Cumberland Street, Units 11 and 12
The purpose of this report is to provide information and seek instructions relating to a dispute and related litigation arising from a terminated lease for 50 Cumberland Street, Units 11 and 12 (the "Premises").
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential instructions to staff in Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority. 2. The Board of Directors of the Toronto Parking Authority direct that Confidential Attachment 1 to the report (March 27, 2024) from the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to 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 City Solicitor and the President, Toronto Parking Authority recommend that: 1. The Board of Directors of the Toronto Parking Authority adopt the confidential instructions to staff set out in Confidential Attachment 1. 2. The Board of Directors of the Toronto Parking Authority direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it is about litigation or potential litigation that affects Toronto Parking Authority and contains advice or communications that are subject to solicitor-client privilege.