Item - 2025.PA15.3

The Board of Directors of Toronto Parking Authority:

1. Received the report (June 11, 2025) from the President, Toronto Parking Authority for information.

At its meeting on June 25, 2025, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR10.1 and made recommendations to the Board of Directors of the Toronto Parking Authority.

Summary from the report (June 11, 2025) from the President, Toronto Parking Authority:

Toronto Parking Authority's (TPA) net income for the five months ending May 31, 2025, was $18.1 million, +$2.4 million versus plan.

Total revenue reached $69.2 million, -$1.0 million versus plan; +$4.3 million or 7 percent higher than 2024. Parking transactions totaled 10.0 million; 674 thousand fewer than the prior year. The snow event in February drove about 371 thousand fewer transactions due to the closure of 47 percent of our on-street inventory for snow removal.  Excluding the February event, transactions were down by 260 thousand, or 3 percent, compared to 2024.

Total operating costs were $46.3 million, -$2.4 million lower than plan, driven mainly by lower salaries and benefits, municipal taxes, volume-related costs and management of discretionary expenses.

Finance income was $1.4 million, comparable to plan, while amortization of assets was $1.1 million lower due to the timing of capital delivery.

As of May 31, 2025, Toronto Parking Authority has invested $5.6 million in capital projects, with over 70 percent of annual plan already committed. The organization remains on track to execute its full-year capital plan of $55.6 million, bolstered by $25.8 million in direct funding from the City of Toronto for Bike Share and Electric Vehicle (EV) initiatives. This positions Toronto Parking Authority to achieve a rolling three-year capital spend rate exceeding 80 percent and 2025 on track to exceed 90 percent.

Management is forecasting delivery of full-year 2025 financial performance targets, with projected net income between $44 million to $47 million, exceeding plan by $2 million to $5 million.