Backgrounder
November 3, 2021
Toronto Parking Authority (TPA), better known to residents as Green P, is one of the largest municipal parking operators in North America. TPA is an integral component of Toronto’s transportation system, providing customers with safe, self-sustaining, conveniently located and competitively priced off-street and on-street public parking and bike share services.
TPA is a self-sustaining agency of the City of Toronto. Revenues generated from Green P parking customers and rent from the lease of retail and office space in TPA garage facilities typically exceed the operating costs and capital budget of TPA. This enables TPA to return net revenue to the City by way of dividend and property taxes.
The ongoing COVID-19 pandemic has resulted in reduced demand for TPA services and reduced available parking spaces as a result of various City response initiatives. While TPA continues to monitor and adapt operations to ensure it can meet its self-funding mandate, TPA’s annual income share to the City of Toronto for the 2021 financial year is forecasted to be a loss of $9.5 million, a decrease of $7.3 million from 2020. While the impact of COVID-19 is anticipated to continue into 2022, the TPA is projecting that net income will recover to $14.4 million, generating a $12.2 million dividend to the City.
Toronto Parking Authority overview
- Operates more than 18,000 on-street and 40,000 off-street parking spaces across 307 locations throughout the city, processing more than 34 million customer transactions.
- Manages the Bike Share Toronto program which includes 6,850 bikes and 625 bike stations, spanning 200 square kilometers. The program has more than 460,000 members.
- Generates sufficient revenue to cover minimum operating and administrative costs and either recover past capital costs or allow for future capital investment.
Budget overview
- The recommended 2022 Toronto Parking Authority budgets consist of:
- A gross operating expenditure budget of $105.9 million and $120.3 million in gross revenue for on-street parking, off-street parking and the Bike Share program;
- A capital budget of $35.2 million in 2022; and,
- A 10-year capital plan of $201.5 million.
- Contemplates a parking rate freeze to encourage the return of customers and to support Business Improvement Areas.
Key priorities for 2022
- Build a great place to work by transforming the health and safety culture, talent development, staff engagement and performance management programs, and prioritizing diversity and inclusion.
- Increase customer retention by improving state of good repair, deploying new wayfinding standards at high value locations, and prioritizing security.
- Accelerate growth and financial sustainability by executing phase one of the multi-year electric vehicle charging strategy and modernizing parking payment experience with e-commerce and dynamic pricing to attract more customers.
- Connect with customers by improving digital communications, social media presence and loyalty programs, developing a new three-year Bike Share growth strategy, and launching two innovation hubs to test industry best practices.
- Engage and innovate with strategic partners to future proof financial sustainability.
Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.
