The Budget Committee recommends to the Executive Committee that:

Capital Budget

1.         City Council approve the 2014 Recommended Capital Budget for the Toronto Parking Authority with a total project cost of $49.636 million, and 2014 cash flow of $57.015 million and future year commitments of $0.635 million comprised of the following:

a.         New Cash Flow Funding for:

i.          48 new / change in scope sub-projects with a 2014 total project cost of $49.636 million that requires cash flow of $49.001 million in 2014 and a future year cash flow commitment of $0.635 million in 2015.

b.         2013 approved cash flow for 7 previously approved sub-projects with carry forward funding from 2013 into 2014 totaling $8.014 million.

2.         City Council approve the 2015-2023 Recommended Capital Plan for the Parking Authority totaling $346.083 million in project estimates, comprised of $78.786 million in 2015; $49.260 million in 2016; $46.235 million in 2017; $34.312 million in 2018; $28.039 million in 2019; $22.568 million in 2020; $23.597 million in 2021; $30.127 million in 2022; and $33.159 million in 2023.

3.         City Council consider operating savings of $2.988 million net in 2015; and $2.966 million net in 2016, $0.460 million in 2017, $0.525 million in 2018, $0.534 million in 2019, $0.983 million in 2020, $1.260 million in 2021, $1.080 million in 2022, $1.470 million in 2023 emanating from the approval of the 2014 Recommended Capital Budget for inclusion in the 2014 and future year operating budgets.

4.         City Council approve all sub-projects with third party financing conditionally, subject to the receipt of such funding in 2014.

Operating Budget

5.         City Council approve the 2014 Recommended Operating Budget for the Toronto Parking Authority of $76.106 million gross and ($62,330) million net, comprised of the following services:

6.         City Council approve the Toronto Parking Authority's 2014 proposed service levels, as outlined on pages 7 and 8 of the 2014 Recommended Budget (Analyst Notes) for the Toronto Parking Authority, and the associated staff complement of 297.4.