For the fifth consecutive year, the Toronto Parking Authority’s profit increased substantially over the previous year establishing new record highs. Net income rose to $38.5 million an increase of $3.9 million over 2001 results and the City of Toronto share of income increased to $28.7 million; $2.8 million greater than last year. This represents a savings of 3 to 4% on taxpayers’ City of Toronto property taxes.
In terms of gross revenue, significant increases were achieved for both on and off-street results. Total gross revenue increased by $8.5 million, $4.9 million being from our off-street parking program and $3.6 million from the on-street program. The opening of new off-street lots combined with the use of new technologies such as pay and display machines was the major contributing factor to increased gross revenues and net profits over the last six years. The implementation of new technology is the single most significant factor contributing to these record results. The city’s on-street program which the Parking Authority assumed through amalgamation in 1998 has been revamped. The conventional parking meter has been replaced with new pay and display technology allowing customers to pay for their service on-street with not only coins, but with credit cards. Payment by credit card is now accepted in all Toronto Parking Authority off-street facilities. Over the last four years using Toronto as its example, other major cities in North America are adopting these new systems.
