Item - 2021.PA24.1
Tracking Status
- This item was considered by Toronto Parking Authority on May 14, 2021 and was adopted without amendment.
PA24.1 - Toronto Parking Authority - First Quarter 2021 Financial Update
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Board Decision
The Board of Directors of Toronto Parking Authority received the report (April 26, 2021) from the President, Toronto Parking Authority for information.
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-166885.pdf