Item - 2023.PA2.1

Tracking Status

This item was considered by Toronto Parking Authority on March 3, 2023 and was adopted without amendment.

PA2.1 - Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2022 (Unaudited)

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Board Decision

The Board of Directors, Toronto Parking Authority:

1. Received the report (February 16, 2023) from the President, Toronto Parking Authority for information.

Origin

(February 16, 2023) Report from the President, Toronto Parking Authority

Summary

Toronto Parking Authority's net income for the year ended December 31, 2022 was $31.4 million; $17.0 million higher to plan. Total revenue was $129.2 million; $8.9 million higher to plan as parking revenues improved to 76.2 percent versus pre-pandemic levels (2019). Costs were $97.7 million; $8.2 million lower to plan primarily due to a deliberate management strategy of conserving expenditures including staffing level management reflecting the uncertainty of the recovery in the first half of 2022. The December 31, 2022 Audited Financial statements will be presented at the May 2023 Board meeting.

Background Information

(February 16, 2023) Report from the President, Toronto Parking Authority on Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2022 (Unaudited)
https://www.toronto.ca/legdocs/mmis/2023/pa/bgrd/backgroundfile-234560.pdf

Motions

Motion to Adopt Item moved by Councillor Chris Moise (Carried)