Item - 2025.PR9.4

The Toronto Parking Authority - Audit and Risk Management Committee recommends that the Board of Directors of the Toronto Parking Authority:

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

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.