Item - 2026.PA19.1

The Board of Directors of the Toronto Parking Authority:

1.  Approved the Toronto Parking Authority’s Audited Financial Statements for the year ended December 31, 2025, in Attachment 2 to the report (May 14, 2026) from the President, Toronto Parking Authority.

2.  Recommended that City Council approve the 2025 Audited Financial Statements, in Attachment 2 to the report (May 14, 2026) from the President, Toronto Parking Authority.

Kevin Travers, Partner, KPMG gave a presentation on Toronto Parking Authority - 2025 Audited Financial Statements.

The purpose of this report is to provide the Board of Directors of Toronto Parking Authority (TPA) with the draft audited financial statements for the year ended December 31, 2025.

KPMG LLP has completed their audit of Toronto Parking Authority’s financial statements for the year ended December 31, 2025, and has delivered a clean audit opinion. A draft of the financial statements along with a copy of KPMG's year-end report to the Board of Directors is provided in Attachments 1 and 2. KPMG Audit Partner, Kevin Travers, will be attending the May 29, 2026 Board meeting to provide a summary on significant accounting and financial reporting matters dealt with during the audit process.