Item - 2022.PA32.2

The Board of Directors of Toronto Parking Authority received the 2022 Capital Performance Update.

The purpose of this report is to provide the Board of Directors, Toronto Parking Authority, with an update regarding the Toronto Parking Authority's capital spend for the eight-months ending August 31, 2022 including full-year outlook.

As illustrated in Figure1 below, actual capital expenditures August year to date total a modest $3.08 million or 5.6 percent of the capital budget of $54.74 million.  However, our capital spend profile is back-end loaded with a projected full-year spend of $29.12 million, which represents 53.2 percent of our original capital plan. Our forecasted variance to plan of $25.6 million (canceled and carry-forward) in 2022 can be attributed to three areas. The first is the cancellation of $3.02 million in projects that are inconsistent with our current state of good repair strategy. Secondly, $8.08 million in deferred capital spending due to construction schedules unable to meet planned expectations. Thirdly, a $14.5 million deferment of the St. Lawrence Market North acquisition due to construction delays. 

Moving forward, management will leverage the capital variance reports with both the Audit Committee and the Board to identify not only the productivity of our capital spending programmes, but to highlight and recommend areas of opportunity to accelerate investments as circumstances warrant.