Item - 2022.PA31.1

Tracking Status

This item was considered by Toronto Parking Authority on July 26, 2022 and was adopted without amendment.

PA31.1 - Toronto Parking Authority - 2022 June 30 Year to Date Financial Performance (H1 Results)

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Board Decision

The Board of Directors, Toronto Parking Authority:

1. Received the report (July 12, 2022) from the President, Toronto Parking Authority for information.

Origin

(July 12, 2022) Report from the President, Toronto Parking Authority

Summary

Toronto Parking Authority's net income June 30 year to date was $11.1m and +$5.0m versus plan. Revenues were $56.4m; ($1.4m) unfavourable to plan driven by First Quarter (Q1) lockdowns negatively impacting customer traffic. Costs were $46m; +$6.0m favourable to plan tracing to a deliberate management strategy of conserving expenditures reflecting the uncertainty of the recovery. In light of first half profit performance and strong Second Quarter revenue recovery, Management is forecasting to exceed full year profit plan between $9m and $13m. Management will provide the Board with a comprehensive full-year 2022 financial forecast at the September 29, 2022 Board meeting.

Background Information

(July 12, 2022) Report from the President, Toronto Parking Authority on Toronto Parking Authority - 2022 June 30 Year to Date Financial Performance (H1 Results).
https://www.toronto.ca/legdocs/mmis/2022/pa/bgrd/backgroundfile-228805.pdf

Motions

Motion to Adopt Item moved by Namby Vithiananthan (Carried)