This report presents the results of the audit of Toronto Parking Authority’s real estate activities. The objective of the audit was to assess the control framework governing the real estate activities of the Toronto Parking Authority.
Through its real estate activities, TPA has leveraged its assets to increase the supply of short-stay parking while also providing a financial return to the City. It is expected that TPA will add 876 new parking spaces and replace 1,141 (net) existing parking spaces through joint venture and property acquisition transactions that have closed within the past 10 years (2006 to 2015). TPA has realized gains from the joint venture sales of property of $134.7 million, resulting in dividends of $32.3 million to 2014 with a further $41.8 million expected for 2015.
While it is clear that the City is receiving value, there are three areas that can be strengthened to ensure both TPA and the City as a whole are achieving maximum value.
- Enhance analysis of value creation
- Increase transparency and accountability
- Improve coordination City-wide
This report contains 13 recommendations along with management’s response to each recommendation.