Item - 2023.PA5.4

The Board of Directors of the Toronto Parking Authority received the report (June 30, 2023) from the President, Toronto Parking Authority for information.

Toronto Parking Authority's net income May 31 year to date was $16.2 million; +$8.0 million versus plan. Operating revenues $56.2 million; +$1.6 million favourable driven by better than expected parking revenues (86 index vs 2019; +2 points.).  Costs were $38.6 million; $4.2 million lower than plan driven by favourability on timing of salaries and benefits, project consulting programmes and facility costs.

Financing income was $1.7 million better than plan due to the higher interest rates on the cash balance. This is expected to decrease throughout the year as capital is deployed. 

Current 2023 net income outlook is forecasted to be between $35 million to $39 million. Management will provide the Toronto Parking Authority Board Audit and Risk Management Committee with our formal full year guidance post June close.

Capital spend was $8.4 million as at May 31st including in flight commitments exceeding $30.0 million. Management is forecasting Toronto Parking Authority -led capital spend of $45.5 million and total planned capital spend of $71.3 million. These numbers would represent on-plan performance.