Item - 2022.PR3.4

The Toronto Parking Authority - Audit and Risk Management Committee recommends that:

1.  The Board of Directors of Toronto Parking Authority receive the report (October 17, 2022) from the President, Toronto Parking Authority for information.

At its meeting of November 8, 2021, the Board of Directors, Toronto Parking Authority reviewed, approved and endorsed an update to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority, as amended by resolution. Among other things, these amendments increased the Toronto Parking Authority President's authority to make commitments on behalf of Toronto Parking Authority from an amount not exceeding $250,000 to an amount not exceeding $500,000.

At the same meeting, the Board of Directors also established an Audit and Risk Management Committee and adopted the mandate and Terms of Reference presented in Item PA27.13. Under the Roles and Responsibilities adopted by the Board, the Audit and Risk Management Committee shall review a list prepared by Management that summarizes the items where the Toronto Parking Authority President has used the increased delegation of authority.

The purpose of this report is to provide a summary outlining the Toronto Parking Authority President's use of the increased delegation of authority between April 23, 2022, and October 6, 2022. This report also highlights areas of refinement that Toronto Parking Authority will be recommending be incorporated into future amendments to Toronto Parking Authority Policy Resolution 5-10: Delegation of Authority.