Item - 2023.PR4.3

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

1. The Board of Directors of the Toronto Parking Authority receive the report (October 19, 2023) from the President, Toronto Parking Authority for information.

The Chief Financial Officer, Toronto Parking Authority, gave an overview of the 2023 Third Quarter Financial Update (Operating and Capital).

Toronto Parking Authority's net income September 30, 2023 Year-to-Date was $32.2 million; +$13.2 million versus plan. Total revenues $108.2 million; +$4.0 million favourable, driven by better than expected parking revenues (87 index vs 2019; +3 points).  Costs were $73.7 million; $4.3 million lower than plan driven by favourability on salaries due to selective hiring, project consulting programmes and facility costs.

Financing income was $3.5 million better than plan due to the higher interest rates on the cash balance. The monthly income is expected to decrease throughout the year as capital is deployed. 

Current 2023 net income outlook is forecasted to be $37 to $41 million vs plan of $25.4 million.

Capital spend was $31.3 million as of September 30th with in flight commitments of $26.8 million. Management is forecasting to achieve planned Toronto Parking Authority-led annual capital spend.  We are actively engaging our City partners to ensure completion of total planned capital spend of $71.3 million.