Item - 2023.PA4.5

The Board of Directors of the Toronto Parking Authority received the report (April 21, 2023) from the President, Toronto Parking Authority for information.

At its meeting on May 5, 2023, Toronto Parking Authority - Audit and Risk Management Committee considered item PR2.5 On-Street Paid Parking Growth Strategy and Rate Review Process.

 Summary from the Report (April 21, 2023) from the City Clerk:

The purpose of this report is two-fold. First, to socialize with the Audit and Risk Management Committee of the Board of Directors an overview of Toronto Parking Authority’s on-street parking growth strategy. Secondly, to share with the Committee the complex process involved in the implementation of new rate changes that were last executed 2017.

As background, Toronto Parking Authority operates an extensive inventory of on-street paid parking that includes approximately 21,500 parking spaces. In 2022, the on-street parking portfolio generated $44.7 million in revenues accounting for 36 percent of the $124M in total revenues generated by Toronto Parking Authority.

As part of Management’s growth strategy, Toronto Parking Authority has begun to identify opportunities to optimize performance of its on-street portfolio including pricing, expanded paid hours of operation and incremental inventory. Concurrently, management will be working towards establishing a more efficient regulatory environment in which to operate the business.

Regular updates will be brought forward to the Board throughout the year including proposed amendments to Chapter 179 of the Municipal Code which governs Toronto Parking Authority’s ability to establish and make changes to on-street parking rates. In addition, Toronto Parking Authority will carry out a comprehensive review of on-street paid parking rates and bring forward recommended changes as part of its’ 2024 Operating Budget and 2024 - 2026 Capital Budget.