Item - 2024.PA8.4
Tracking Status
- This item was considered by Toronto Parking Authority on March 26, 2024 and was adopted without amendment.
PA8.4 - Toronto Parking Authority - Financial Performance for the Year Ended December 31, 2023 (UNAUDITED)
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Board Decision
The Board of Directors of the Toronto Parking Authority:
1. Received the report (February 26, 2024) from the President, Toronto Parking Authority for information.
Origin
Summary
Toronto Parking Authority's net income for the year ended December 31, 2023, was $38.1 million; +$12.6 million versus plan. Total parking and user revenue was $142.2 million; +$5.7 million versus plan as parking revenues reached 83.1 percent of pre-pandemic levels (2019). Total operating costs were $100.0 million; $1.1 million lower than plan driven by favourability on salaries and facility costs. Financing income was $4.6 million better than plan due to higher interest rates on the cash balance.
Toronto Parking Authority capital spend was $59.1 million, 82.9 percent versus plan. Toronto Parking Authority led capital spend was $50.9 million, +11.8 percent versus plan and represents management’s best capital performance in over 15 years. City-led capital spend was $8.2 million, 32 percent versus plan. Cash position exiting 2023 is $82.7 million.
The 2023 Audited Financial statements will be presented at the April 2024 Audit Committee and May 2024 Board meetings.
Background Information
https://www.toronto.ca/legdocs/mmis/2024/pa/bgrd/backgroundfile-244112.pdf