Item - 2021.PA23.8
Tracking Status
- This item was considered by Toronto Parking Authority on May 12, 2021. The Toronto Parking Authority postponed consideration of this item. Consult the text of the decision for further information on the deferral.
PA23.8 - Toronto Parking Authority - First Quarter 2021 Financial Update
- Decision Type:
- ACTION
- Status:
- Deferred
- Wards:
- All
Board Decision
The Board of Directors of Toronto Parking Authority:
1. Deferred consideration of the item to a special meeting to be called by the Chair.
Origin
Summary
Early 2021 lockdown measures and vaccination supply challenges continue to create operating cash flow pressure, requiring Toronto Parking Authority to continue to perform only critical activities while investing in the delivery of key strategic initiatives designed to ensure both employee and customer safety and Toronto Parking Authority's long-run financial sustainability.
Toronto Parking Authority's operating loss for the first quarter of 2021 is $(4.5) million as parking transaction volume paces -55 percent below 2020 levels. Toronto Parking Authority has approximately $84.6 million in cash and cash equivalents as of March 31, 2021, down $0.6 million from December 31, 2020.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/pa/bgrd/backgroundfile-166218.pdf
Motions
That consideration of this item be deferred to a special meeting to be called by the Chair.