Item - 2023.PA4.2
Tracking Status
- This item was considered by Toronto Parking Authority on May 25, 2023 and was adopted without amendment.
PA4.2 - Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Board Decision
The Board of Directors of the Toronto Parking Authority received the report (April 21, 2023) from the President, Toronto Parking Authority for information.
Origin
Summary
At its meeting on May 5, 2023, the Toronto Parking Authority – Audit and Risk Management Committee considered Item PR2.2 and made a recommendation to the Board of Directors of Toronto Parking Authority.
Summary from the report (April 21, 2023) from the President, Toronto Parking Authority
Toronto Parking Authority's net income March 31 quarter to date was $8.6 million; $6.1 million higher versus plan.
Total revenue was $31.5 million; $1.4 million higher to plan as parking revenue reached a post-pandemic high of 84.6 percent (versus 2019). Costs were $22.1 million; $3.5 million lower than plan driven by favourability on salaries, utilities, maintenance, and consulting costs.
Financing income was $1.1 million better than plan due to the higher interest rates on cash balance. This is expected to decrease throughout the year as capital is deployed.
Management will be providing a full-year forecast in conjunction with Second Quarter (Q2) results.
Capital spend was $2.8 million and is tracking to our planned spending curve.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/pa/bgrd/backgroundfile-236557.pdf
(April 21, 2023) Report from the President, Toronto Parking Authority on Toronto Parking Authority - 2023 March 31 Year-to-Date Financial Performance (First Quarter Results)
https://www.toronto.ca/legdocs/mmis/2023/pa/bgrd/backgroundfile-236564.pdf