Item - 2024.PA11.1

The Board of Directors of the Toronto Parking Authority:

1. Received the report (September 10, 2024) from the President, Toronto Parking Authority for information.

At its meeting on September 24, 2024, Toronto Parking Authority - Audit and Risk Management Committee considered Item PR7.1 and made recommendations to the Board of Directors of the Toronto Parking Authority.

Summary from the report (September 10, 2024) from the President, Toronto Parking Authority:

Toronto Parking Authority's net income for the eight months ended August 31st, 2024, was $30.8 million, + $11.2 million vs plan.

Total revenue was $108.9 million, +$5.3 million vs plan as parking revenue reached a post-pandemic high of 98.0 percent (versus 2019). Transactions trending at 84.2 percent vs 2019, comparable to plan and higher vs prior year. Costs were $71.6 million, $3.0 million lower than plan driven by favourability on municipal taxes and general and administration, partially offset by higher volume related expenses.

Financing income was $3.2 million, +$1.0 million vs plan due to higher interest rates and cash balance than plan. Finance income decreases when Toronto Parking Authority uses cash to pay for capital deployments and quarterly income distribution.

Amortization of property and equipment was $9.6 million, $2.0 million lower than plan as assets were in service later than planned.

Forecasting full year net income as submitted in City 2025 budget submission is $41.9 million, +$9.2 million better than plan based on current trajectory and no unexpected adverse financial impacts.

Toronto Parking Authority forecasting to deliver 94 percent of Toronto Parking Authority led capital spend of adjusted 2024 Board approved budget. As of August 31, 2024, total capex tracking at 79.8 percent vs. Plan.

Available cash was $64.2 million at end of August and will decrease as capital funded by Toronto Parking Authority is deployed and income distribution is paid quarterly under the new income sharing framework.