Item - 2021.PA25.1

The Board of Directors of Toronto Parking Authority:

1.  Directed that Confidential Attachment 1 to the report (July 5, 2021) from the President, Toronto Parking Authority remain confidential in its entirety, as it pertains to the security of property belonging to the City or one of its agencies or corporations.

Toronto Parking Authority's operating loss for the first half of 2021 is $(8.1) million: $(4.6) million worse than plan. Operating revenues missed plan by $(11.3) million driven by parking transactions which were down -23 percent versus 2020 (Table One).  Bike Share operating losses for the first half of the year narrowed to $(1.2) million, +$0.7 million favourable versus plan driven by membership growth of +50 percent during the first half of the year.

Due to the unexpected duration of Covid-19 restrictions during the first half, Toronto Parking Authority's full year operating loss is forecasted to be $(9.5) million or $(7.3) million versus plan. Second half year performance will miss plan by $(1.4) million as revenue is forecasted to slowly return to plan during the summer as pandemic restrictions lift.

Focus remains on cash preservation including aggressive controllable cost management and deferment of planned capital investments. $26.8 million of planned capital investments will be postponed which will offset the cash losses anticipated by the increased forecasted financial operating loss of $(9.5) million. Notwithstanding these deferments, Management continues to focus its capital investments in safety, infrastructure improvements, enterprise operating systems and customer centred technologies, including Electric Vehicle  infrastructure, designed to maximize revenue and future proof parking operations.

In the second half of 2021, Management will be partnering with our colleagues across the City as we develop and negotiate an updated Relationship Framework including new revenue and net income sharing agreements that will form the basis of the financial model for Toronto Parking Authority going forward. Management will update the Board on its progress throughout the balance of 2021.