Item - 2022.PA32.5

The Board of Directors of Toronto Parking Authority:

1.  Approved and recommended to City Council an in-year budget adjustment to the 2022 Approved Capital Budget and Plans as detailed in the Toronto Parking Authority - 2022 Operating Budget and 2022-2031 Capital Budget, including a reallocation of $2.99 million from the cancelled projects outlined in Table 1 to the report (September 15, 2022) from the President, Toronto Parking Authority, to the Four (4)-Year Bike Share Expansion Phase 1 Project.

The purpose of this report is to seek Toronto Parking Authority Board of Director approval for in-year adjustments to the 2022 Approved Capital Budget, which will allow Toronto Parking Authority to redirect excess funding capacity to accelerate the continued expansion of the Bike Share Toronto program.

Toronto Parking Authority has identified $3.02 million within its Approved 2022 Capital Budget of $54.74 million that had been planned for projects that have since been identified as redundant. The cancellation of these projects provides an opportunity to reallocate the surplus capital of $3.02 million against priority projects.

Using the capital variance process, Management intends to use the surplus capital of $3.02 million to pay a deposit of $2.99 million against the Bike Share 2023 Equipment purchase. The early purchase of equipment will support year two of the four-year expansion of Bike Share Toronto by ensuring that the procured equipment is delivered by second quarter 2023.

Should Toronto Parking Authority Board of Directors adopt the recommendations of this report, the proposed in-year adjustment to Toronto Parking Authority's 2022 Approved Capital Budget will be referred to City Council for approval, a standard part of the process for making in-year adjustments to Council-approved Capital Budgets.

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