Toronto Parking Authority - Audit and Risk Management Committee
The full agenda, as filed
All 3 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.
PR7.1adopted
Toronto Parking Authority - 2024 August 31 Year-to-Date Financial Performance
Toronto Parking Authority's net income for the eight months ended August 31st, 2024, was $30.8 million, + $11.2 million vs plan. Total revenue was $108.9 million, +$5.3 million vs plan as parking revenue reached a post-pandemic high of 98.0 percent (versus 2019). Transactions trending at 84.2 percent vs 2019, comparable to plan and higher vs prior year. Costs were $71.6 million, $3.0 million lower than plan driven by favourability on municipal taxes and general and administration, partially offset by higher volume related expenses. Financing income was $3.2 million, +$1.0 million vs plan due to higher interest rates and cash balance than plan. Finance income decreases when Toronto Parking Authority uses cash to pay for capital deployments and quarterly income distribution. Amortization of property and equipment was $9.6 million, $2.0 million lower than plan as assets were in service later than planned. Forecasting full year net income as submitted in City 2025 budget submission is $41.9 million, +$9.2 million better than plan based on current trajectory and no unexpected adverse financial impacts. Toronto Parking Authority forecasting to deliver 94 percent of Toronto Parking Authority led capital spend of adjusted 2024 Board approved budget. As of August 31, 2024, total capex tracking at 79.8 percent vs. Plan. Available cash was $64.2 million at end of August and will decrease as capital funded by Toronto Parking Authority is deployed and income distribution is paid quarterly 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 (September 10, 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.
PR7.2adopted
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. At its meeting of July 19, 2024, Toronto Parking Authority Board of Directors approved 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. 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 June 11 and September 6, 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 (September 10, 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.
PR7.3adopted
Summary of Legal Disputes - 2024 Third 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 about the status of ongoing legal disputes. The Board will be provided with 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 the Board of Directors of the Toronto Parking Authority: 1. Receive the report (September 10, 2024) from the President, Toronto Parking Authority for information. 2. Direct that Confidential Attachment 1 to the report (September 10, 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 the Board of Directors of the Toronto Parking Authority: 1. Receive this report for informative purposes only. 2. 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.