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Toronto Parking Authority - Audit and Risk Management Committee

2024-06-25 · 0 stories from 4 items

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.

PR6.1adopted
Toronto Parking Authority - 2024 May 31 Year-to-Date Financial Performance
Toronto Parking Authority's net income for the five months ended May 31, 2024 was $17.4 million + $7.8 million vs plan. Total revenue was $64.9 million; $5.4 million higher to plan as parking revenue reached a post-pandemic high of 98.1 percent (versus 2019). Transactions improved to 86 percent vs 2019 and comparable to plan. Costs were $43.7 million; $1.0 million lower than plan driven by favourability on municipal taxes and prudent management of expenses. Financing income was $2.0 million +$0.5 million vs plan due to higher cash balance than plan. This is expected to decrease throughout the year as capital is deployed. Amortization of property and equipment was $5.7 million, $0.9 million lower than plan as assets were in service later than planned. Forecasting full year net income to range between $38 million to $40 million; +$6 to $8 million better than plan based on the current trajectory and no unexpected adverse financial impacts. Toronto Parking Authority will deliver 100% of Toronto Parking Authority led capital spend of adjusted Board approved budget. Total capex tracking at 68.5% vs. Plan. Available cash was $65.9 million at end of May and expected to decrease as capital funded by Toronto Parking Authority is deployed and income distribution is paid at end of year under the new income sharing framework.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority receive the report (June 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.
PR6.2adopted
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 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 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 4 and June 11, 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 (June 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.
PR6.3received
Electric Vehicle Charging May 2024 Year-to-Date
The Vice President, Operations, Toronto Parking Authority, will give a presentation on Electric Vehicle Charging May 2024 Year-to-Date.
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.
PR6.4adopted
Proposed Amendments to Toronto Parking Authority Policy Resolutions 5-10: Delegation of Authority
The purpose of this report is to reconcile an inconsistency between Toronto Parking Authority Policy Resolutions with respect to the authority of the President and certain Management to award a contract through a non-competitive procurement process or limited solicitation. Under Toronto Parking Authority Policy Resolution 5-7: Procurement, the President and certain Management are provided the authority to award a contract through a non-competitive procurement process or limited solicitation. These same authorities are not reflected in Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority. To reconcile this inconsistency, Management is recommending that Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority be amended to recognize the authorities under Toronto Parking Authority Policy Resolution 5-7 for the President and Vice Presidents to award a contract through a non-competitive procurement process in an amount not exceeding $250,000 and $20,000, respectively. This same proposed amendment was contemplated as part of the broader amendments to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority and the delegation of operational policies that the Board received through Item PA9.6 for information at its meeting of May 28, 2024. Although PA9.6 was deferred by the Board to the July 18, 2024, meeting, Management is now seeking the Board's approval of the specific amendment contained herein and recommending that the balance of what was presented in Item PA9.6 be deferred to the first quarter of 2025.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the 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 and direct the President, Toronto Parking Authority, to enact Policy Resolution 5-10: Delegation of Authority, as amended.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority approve the proposed amendments to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority as outlined in Appendix B and direct the President, Toronto Parking Authority, to enact this Policy Resolution, as amended.