Toronto Parking Authority - Audit and Risk Management Committee
The full agenda, as filed
All 7 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.
PR9.1amended
The purpose of this report is to establish the 2025 Work Plan (Attachment 2) for Audit and Risk Management Committee of the Board of Directors of Toronto Parking Authority (TPA) and to review its Terms of Reference as noted in Attachment 1.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority: 1. Amend the 2025 Audit and Risk Management Committee Work Plan in Attachment 1 to the report (April 3, 2025) from the President, Toronto Parking Authority by moving the Cybersecurity Update from the fourth quarter to the third quarter.
Staff recommendation as filed
The President, Toronto Parking Authority recommends that: 1. The Board of Directors, Toronto Parking Authority, receive this report for information.
PR9.2adopted
Toronto Parking Authority - 2024 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 (TPA) with the draft audited financial statements for the year ended December 31, 2024. Toronto Parking Authority is North America's largest municipal operator of public parking with over 25 million transactions in 2024. In addition to its parking operations, Toronto Parking Authority also operates Bike Share Toronto, North America's third largest Bike Share program. In 2024, Bike Share Toronto attracted over 40,000 members (+5,000 v 2023) and achieved ridership of 6.9 million (+1.2 m v 2023) marking a nearly 300 percent increase in ridership since 2019. Toronto Parking Authority's electric vehicle (EV) charging network, which now comprises over 450 chargers, places Toronto Parking Authority as the operator of the largest municipally owned EV charging network in Canada. This network attracted over 20,000 unique customers and generated over $1.1 million in revenue. A summary of key accomplishments achieved in 2024 will be presented at the May 15, 2025, Board meeting through Toronto Parking Authority's 2024 Annual Report. KPMG LLP has completed their audit of Toronto Parking Authority's financial statements for the year ended December 31, 2024, and has delivered a clean audit opinion. 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 Toronto Parking Authority Board of Directors. KPMG Audit Partner, Kevin Travers, will attend the 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 the Board of Directors of the Toronto Parking Authority: 1. Approve the Toronto Parking Authority's Audited Financial Statements for the year ended December 31, 2024, in Attachment 2 to the report (April 10, 2025) from the President, Toronto Parking Authority. 2. Recommend that City Council approve the 2024 Audited Financial Statements, in Attachment 2 to the report (April 10, 2025) from the President, Toronto Parking Authority.
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, 2024, in Attachment 2. 2. The Board of Directors, Toronto Parking Authority recommend that City Council approve the 2024 Audited Financial Statements, in Attachment 2 of this report.
PR9.3adopted
2024 Capital Review and 2025 Plan
The purpose of this report is to provide the Toronto Parking Authority (TPA) Board of Directors with an in-depth analysis of the Capital Expenditure (CapEx) performance for 2024 and the plan for 2025. Building on our successful results in 2023, the Toronto Parking Authority has now delivered two consecutive years of capital spend rate exceeding 80 percent of budget. In 2024, total capital expenditures reached $57.1 million, representing 80.1 percent of budget. In addition, Toronto Parking Authority-led spending amounted to $36.2 million, exceeding the target of $35.6 million by $0.6 million. Executionally, substantial progress was made in 2024, 91 percent of our projects were completed on time or ahead of schedule. Furthermore, 93 percent of projects were delivered on or under budget, 89 percent met their scope targets, resulting in a favorable cost variance of $2.37 million. Critically, the State of Good Repair (SOGR) program experienced no safety incidents, underscoring our commitment to maintaining a safe working environment. Organizationally, the Toronto Parking Authority has strengthened its capital planning, delivery, and funding processes by adopting a proactive long-term approach to capital management. Capital initiatives were rigorously assessed through the lens of Strategic Imperatives, Enterprise Risk Management (ERM), our Annual Operating Plans (AOP), Asset Management Plan (AMP) and our Net Income Share commitments to the City of Toronto. This comprehensive evaluation allowed Toronto Parking Authority to prioritize and effectively execute the capital program while gaining a thorough understanding of associated risks and opportunities, ultimately ensuring optimized financial performance and resource allocation. As part of the 2025 budget process, management successfully secured Board approval for an investment of $55.6 million in the 2025 Capital Plan, positioning the Toronto Parking Authority for continued growth and innovation.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority: 1. Receive the report (March 31, 2025) 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.
PR9.4adopted
Toronto Parking Authority - 2025 March 31 Year-to-Date Financial Performance (First Quarter Results)
Toronto Parking Authority's (TPA) net income for the three months ending March 31, 2025, was $8.4 million; +$1.2 million versus plan. Total revenue was $37.8 million; -$1.3 million versus plan. Transactions were 80.6 percent of pre-pandemic transactions levels (2019) as businesses continue to adapt to a hybrid work model. In February, revenue across all the business lines were affected by a major snowstorm that impacted roads, particularly affecting 47 percent of the On-street inventory located on snow routes. Total operating costs were $26.5 million; $2.0 million lower than plan driven mainly by lower salaries and benefits, municipal taxes, volume related costs and management of discretionary expenses. Finance income was $0.9 million, comparable to plan, while amortization of assets was $0.6 million lower due to timing of capital delivery. Toronto Parking Authority capital spend was $2.1 million, with 40 percent plus currently committed to date. Management is on track to deliver an annual capital plan of $55.6 million supported by $25.8 million of direct capital funding for Bike Share and Electric Vehicle (EV) from the City of Toronto.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority: 1. Receive the report (March 31, 2025) 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.
PR9.5adopted
As North America's largest municipally-owned commercial parking operator with ample competition in the off-street parking arena, Toronto Parking Authority (TPA) uses rate setting or pricing as a tool to respond to evolving consumer behaviour and remain competitive while continuing to meet its mandate to provide short-stay, high turnover parking. Toronto Parking Authority's approach to rate setting at its off-street parking facilities is guided by Toronto Parking Authority Policy Resolution 2-1: Parking Rates - Off-Street Facilities. Under the current framework, Management carries out a comprehensive review of Toronto Parking Authority's off-street facilities at least once a year with the results of the review and recommended rate changes then brought forward to Toronto Parking Authority Board of Directors for approval as part of the annual budget process. As consumer behaviour continues to evolve post-COVID, the use of annual rate changes is placing Toronto Parking Authority at a competitive disadvantage as private sector parking operators can make day-of rate changes in response to real time conditions. To further strengthen Toronto Parking Authority's competitiveness, Management is proposing to amend Policy 2-1 to allow the President to authorize rate changes +/- 25 percent, on an as needed basis. These proposed amendments build upon other rate setting authorities delegated by the Board to the President as part of the 2024 and 2025 budget submissions to adjust special event rates on an as-needed basis and to offer new permit products at discounted rates where the sale of such permits did not compromise Toronto Parking Authority's ability to accommodate short-term parking needs of the facility. As part of this report, Management is also seeking authority to make the necessary administrative and editorial amendments to Toronto Parking Authority Policy Resolution 2-1: Parking Rates - Off-Street Facilities and Toronto Parking Authority Policy Resolution 2-3: Monthly Parking Permits to simplify the language and incorporate the authorities for event pricing and new permit products previously approved by the Board in 2023 and 2024.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority: 1. Approve the amendments to Toronto Parking Authority Policy Resolution 2-1 - Parking Rates - Off-Street Facilities in Revised Attachment 1 to the report (April 2, 2025) from the President, Toronto Parking Authority, and direct the President, Toronto Parking Authority, to enact this Policy Resolution, as amended. 2. Approve the amendments to Toronto Parking Authority Policy Resolution 2-3 - Monthly Permits in Revised Attachment 2 to the report (April 2, 2025) from the President, Toronto Parking Authority.
Staff recommendation as filed
The President, Toronto Parking Authority, recommends that: 1. The Board of Directors of Toronto Parking Authority approve the amendments to Toronto Parking Authority Policy Resolution 2-1 - Parking Rates - Off-Street Facilities in Attachment 1 to the report (April 2, 2025) from the President, Toronto Parking Authority, and direct the President, Toronto Parking Authority, to enact this Policy Resolution, as amended. 2. The Board of Directors of Toronto Parking Authority approve the amendments to Toronto Parking Authority Policy Resolution 2-3 - Monthly Permits in Attachment 2 to the report (April 2, 2025) from the President, Toronto Parking Authority.
PR9.6adopted
Delegation of Authority Update
At its meeting of November 8, 2021, the Board of Directors, Toronto Parking Authority (TPA) 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 October 22, 2024 and April 2, 2025.
The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority: 1. Receive the report (April 2, 2025) 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.
PR9.7adopted
Summary of Legal Disputes - 2025 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 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. Direct that the confidential information contained in Confidential Attachment 1 to the report (April 2, 2025) 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. Toronto Parking Authority Board of Directors directs 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.