Item - 2015.AU4.11
Tracking Status
- City Council adopted this item on November 3, 2015 with amendments.
- This item was considered by the Audit Committee on October 23, 2015 and adopted without amendment. It will be considered by City Council on November 3, 2015.
AU4.11 - Toronto Parking Authority - Phase 1: Audit of Real Estate Activities
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
City Council Decision
City Council on November 3 and 4, 2015, adopted the following:
1. City Council request the Chief Corporate Officer to resolve issues to ensure the Chief Corporate Officer's delegated authority for real estate matters can be used effectively by the Toronto Parking Authority.
2. City Council request the Chief Corporate Officer to report to the April 4, 2016 meeting of the Government Management Committee on the resolution of issues related to the Chief Corporate Officer's delegated authority for the Toronto Parking Authority's real estate activities.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84756.pdf
(October 7, 2015) Placeholder Report from the Auditor General - Toronto Parking Authority - Phase 1: Audit of Real Estate Activities
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84557.pdf
Motions (City Council)
That City Council request the Chief Corporate Officer to report to the April 4, 2016 meeting of the Government Management Committee on the resolution of issues related to the Chief Corporate Officer's delegated authority for the Toronto Parking Authority's real estate activities.
11a - Toronto Parking Authority -Phase 1: Audit of Real Estate Activities - October 22, 2015 Decision of the Board of DIrectors, Toronto Parking Authority
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84908.pdf
AU4.11 - Toronto Parking Authority - Phase 1: Audit of Real Estate Activities
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Audit Committee recommends that:
1. City Council request the City’s Chief Corporate Officer to resolve issues to ensure the Chief Corporate Officer's delegated authority for real estate matters can be used effectively by the Toronto Parking Authority.
Origin
Summary
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.
1. Enhance analysis of value creation
2. Increase transparency and accountability
3. Improve coordination City-wide
This report contains 13 recommendations along with management's response to each recommendation.
Background Information
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84756.pdf
(October 7, 2015) Placeholder Report from the Auditor General - Toronto Parking Authority - Phase 1: Audit of Real Estate Activities
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84557.pdf
Motions
11a - Toronto Parking Authority -Phase 1: Audit of Real Estate Activities - October 22, 2015 Decision of the Board of DIrectors, Toronto Parking Authority
Origin
Summary
Advising, for the information of the Audit Committee, that the Board of Directors of the Toronto Parking Authority, at its meeting of October 22, 2015, considered the report (October 15, 2015) from the Auditor General, entitled "Auditor General's Report -Toronto Parking Authority - Phase 1: Audit of Real Estate Activities", and passed the following motions:
1. Receive the report of the Auditor General dated October 15, 2015.
2. Adopt recommendations numbered 1 through 13 in the Audit Report from the City of Toronto Auditor General's Office: "Toronto Parking Authority -Phase 1: Audit of Real Estate Activities, dated October 15, 2015".
3. Thank the Auditor General for presenting the results of the audit and for joining the Toronto Parking Authority Board at their meeting of October 22, 2015 to answer questions from the Board. Staff from both the Auditor General's Office and the Toronto Parking Authority involved in the Audit were thanked for their hard work and efforts.
4. Direct that the attached report dated October 15, 2015 from the Auditor General be forwarded to the Committee Administrator for inclusion in the Audit Committee agenda for October 23, 2015.
Background Information
https://www.toronto.ca/legdocs/mmis/2015/au/bgrd/backgroundfile-84908.pdf