PortsToronto Presents 2017 in Review and Announces Community Investment Plans for Dock Wall Improvements at Annual General Meeting

Toronto (June 14, 2018) –  PortsToronto held its Annual General Meeting at the Westin Harbour Castle earlier today where management and members of the Board of Directors provided an overview of the organization’s 2017 fiscal year, confirmed release of its 2017 Annual Report, and announced three projects that it will fund, in whole or in part, to restore dock walls within Toronto’s harbour.
PortsToronto reported its tenth consecutive year of profitability in 2017. All of PortsToronto’s core business operations – Billy Bishop Toronto City Airport (Billy Bishop Airport), the Port of Toronto, the Outer Harbour Marina and Property and Other (real estate) – were profitable in 2017, generating $60.8 million in overall revenue with net income (excluding the gain on the sale of the 30 Bay Street/60 Harbour Street Property) of $6.4 million. Audited Financial Statements for 2017 were released May 10, 2018, and are available on the PortsToronto website.
In addition to discussing 2017 financial results at the meeting, PortsToronto’s Chief Executive Officer, Geoffrey Wilson, discussed the future of the organization with continued focus on investing in the community, implementing environmental sustainability initiatives, and developing transportation and marine infrastructure, including three projects related to dock walls in the harbour.
PortsToronto confirmed that it will contribute $500,000 towards rehabilitation of the western channel dock wall (south of Ireland Park) which is owned by the City of Toronto and is located in close proximity to PortsToronto’s ferry and slip which services Billy Bishop Airport. This contribution will be in addition to funds committed by the City of Toronto towards restoring the aging walls. PortsToronto is also a financial contributor to the City of Toronto's rehabilitation of the adjacent Canada Malting property, which when complete will include environmental remediation and the construction of new public open spaces on the waterfront.
PortsToronto also confirmed that it will remove the crumbling pier in the East Gap harbour entrance. Although not owned by PortsToronto, the pier will be removed by PortsToronto in an effort to maintain a safe and navigable harbour. Work on removing the pier will begin this summer and PortsToronto is committed to working with the City of Toronto and the community to explore possible replacement options after the pier is removed. The concrete rubble removed from the area will be transported to Tommy Thompson Park to reinforce areas damaged and/or washed away during the high-water/flooding experienced in spring 2017.
The third project announced at the AGM is specific to the south dock wall in the Western Gap which will be repaired and enhanced to create a public space for passengers and the community. The work will be undertaken in phases with the first phase focusing on reinforcing the wall, and subsequent phases to include the installation of decking, plants/trees and seating to encourage use of the space. Throughout the project PortsToronto will work with the City of Toronto to ensure alignment with the Bathurst Quay Neighbourhood Plan. Work on phase one of the project will begin later this summer.
“PortsToronto’s AGM is an opportunity for our Board of Directors and senior management to meet with stakeholders and members of the community to present an overview of the year past, and provide updates on the year underway and the priorities and objectives of the organization,” said Geoffrey Wilson, Chief Executive Officer, PortsToronto. “The year 2017 was another strong one for PortsToronto as we moved forward on many significant initiatives and reported our tenth consecutive year of profitability and growth. Given that PortsToronto is mandated to be financially self-sufficient, our infrastructure development projects, environmental initiatives and community investment program are dependent on our ability to maintain profitability. We are proud of our financial record and our community investment record and look forward to another strong year in 2018.”
PortsToronto’s 2017 Annual Report is available online. Copies of the 2017 Audited Financial Statements are also available on our website.
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About PortsToronto (https://www.portstoronto.com)
For more than 100 years PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed 2.8 million passengers in 2017; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $10 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government.
Media Contact:                   
Sarah Sutton, Manager, Communications & Government Relations
Tel: (416) 863-2065
Cell: (647) 298-0544
E-mail: ssutton@portstoronto.com