Toronto City Council Approves Expanded Climate Action Programs with TPA
Toronto ON – Toronto City Council has approved a new agreement with the Toronto Parking Authority (TPA) aimed at expanding the agency’s climate action initiatives, including Bike Share Toronto and electric vehicle (EV) charging stations. This move will also ensure continued revenue for the City of Toronto.
Under the new Net Income Sharing Agreement for 2024-2026, jointly developed by the TPA and the City, the TPA will retain 25 per cent of its net income from operations, which marks a 10 per cent increase from the previous agreement. This adjustment provides the TPA with greater financial stability to invest in strategic capital programs, while the City will receive 75 per cent of the net income.
The agreement will allow the TPA to address its backlog in maintaining infrastructure while enabling the City to fund the expansion of Bike Share Toronto and EV charging programs. These initiatives are in line with the City’s TransformTO Net Zero Strategy, which aims to tackle climate change effectively.
Since 2002, the TPA has contributed $1.4 billion to the City, supporting vital municipal services and programs. The new agreement will continue this tradition, providing financial support for essential services.
The full report on the 2024-2026 City of Toronto-Toronto Parking Authority Net Income Share Agreement is available on the City’s website: 2024.EX15.9.
Toronto City Council has adopted an ambitious strategy to reduce community-wide greenhouse gas emissions to net zero by 2040, one of the most ambitious targets in North America. More information about the TransformTO Net Zero Strategy is available on the City’s website: TransformTO.
Quotes:
“Our continued partnership with the Toronto Parking Authority will ensure the continued operation and expansion of essential programs like Bike Share Toronto and EV Charging while maintaining important infrastructure and continuing substantial contributions to the City’s budget. We look forward to the positive impact this will have on our TransformTO climate action goals and Toronto residents.” – Mayor Olivia Chow
