Item - 2025.PA14.4

The Board of Directors of the Toronto Parking Authority:

1. Received the report (March 31, 2025) from the President, Toronto Parking Authority for information.

At its meeting on April 24, 2025, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR9.4 and made recommendations to the Board of Directors of the Toronto Parking Authority.

Summary from the report (March 31, 2025) from the President, Toronto Parking Authority:

Toronto Parking Authority's (TPA) net income for the three months ending March 31, 2025, was $8.4 million; +$1.2 million versus plan.

Total revenue was $37.8 million; -$1.3 million versus plan.  Transactions were 80.6 percent of pre-pandemic transactions levels (2019) as businesses continue to adapt to a hybrid work model. In February, revenue across all the business lines were affected by a major snowstorm that impacted roads, particularly affecting 47 percent of the On-street inventory located on snow routes.

Total operating costs were $26.5 million; $2.0 million lower than plan driven mainly by lower salaries and benefits, municipal taxes, volume related costs and management of discretionary expenses.

Finance income was $0.9 million, comparable to plan, while amortization of assets was $0.6 million lower due to timing of capital delivery.

Toronto Parking Authority capital spend was $2.1 million, with 40 percent plus currently committed to date. Management is on track to deliver an annual capital plan of $55.6 million supported by $25.8 million of direct capital funding for Bike Share and Electric Vehicle (EV) from the City of Toronto.