Item - 2024.PA9.14

The Board of Directors of the Toronto Parking Authority:

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

Rose-Ann Lee, Chief Financial Officer, Toronto Parking Authority gave a presentation to the Board of Directors of the Toronto Parking Authority.

Toronto Parking Authority's net income for the quarter ended March 31, 2024 was $8.8 million + $4.5 million vs plan.

Total revenue was $36.4 million; $3.2 million higher to plan as parking revenue reached a post-pandemic high of 98.8 percent (versus 2019). Transactions improved to 90 percent vs 2019 and comparable to plan. Costs were $25.3 million; $0.5 million lower than plan driven by favourability on municipal taxes and timing of expenses.

Financing income was $1.1 million +$0.3 million vs plan due to higher cash balance than plan. This is expected to decrease throughout the year as capital is deployed.

Amortization of property and equipment was $3.4 million, $0.5 million lower than plan as assets were in service later than planned.

Forecasting full year net income to range between $36 million to $39 million; +$4 to $7 million better than plan driven by better than plan parking revenues and cost productivity.

Capital spend was $2.4 million and is tracking to our planned run rate.