PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE – FOURTH QUARTER OF FISCAL YEAR 2022
RECOMMENDATION:
Receive report; information only.
BACKGROUND:
This report provides the City Council and public with information on preliminary actual revenues and expenditures for Fiscal Year (FY) 2022 ending June 30, 2022, and the current balance of the Parking Enterprise Fund. This report also provides an update on parking initiatives.
FY 2022 Financial Update
The following table details the preliminary actual revenues and expenditures for FY 2022 compared to FY 2021.
Council Agenda 7-19-2022 9.D-1
Table 1: Parking Enterprise Fund Revenues & Expenditures through 4th Quarter
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the fourth quarter of FY 2022 (ending June 30, 2022) totaled $2,751,803, which is 2.9% greater parking revenues compared to FY 2021.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $632,214, which is 6.6% less than operating expenditures through the fourth quarter of FY 2021. The projected net operating income (revenues less operating expenses) for FY 2022 is $2,119,589. The projected ending balance of the Parking Enterprise Fund at the end of the fourth quarter is $5,524,714.
In addition to the ongoing expenses, there are one-time budgeted costs of $3,773,242 for one-time projects. These projects include $2,513,831 for the purchase of property to FY 2022 4th
Quarter Actuals
FY 2021 4th
Quarter Actuals
Variance
FY22 v FY21
($)
Variance
FY22 v
FY21 (%)
July 1st Beginning Fund Balance 3,409,461$ 2,701,171$ 708,290$ 26.2%
REVENUES
Parklet Fee 73,248$ -$ 73,248$ Parking Citations 630,134 398,252 231,882 58.2% Interest Earnings 15,564 16,289 (725) -4.4% Rents & Leases 40,788 39,996 792 2.0% Parking Kiosks/Meters 1,982,542 2,213,348 (230,806) -10.4% Parking Permits 4,570 3,990 580 14.5% Miscellaneous Revenue 4,957 2,430 2,527 104.0% TOTAL REVENUES 2,751,803$ 2,674,305$ 77,498$ 2.9%
EXPENDITURES
Salaries & Wages 200,135$ 179,529$ 20,606$ 11.5% Benefits 67,501 75,633 (8,132) -10.8% Purchased Professional Services 3,042 3,345 (303) -9.1% Other Purchased Services 66,430 77,026 (10,596) -13.8% Operations and Maintenance 89,377 85,059 4,318 5.1% Other Expenses 205,729 256,003 (50,274) -19.6% TOTAL OPERATING EXPENSES 632,214$ 676,595$ (44,381)$ -6.6% NET INCOME / (LOSS) As of June
30, 2022
2,119,589$ 1,997,710$ 121,879$ 6.1% One-time Expenditures 4,336$ 1,452,036$ (1,447,699)$ -99.7% June 30, 2022 Ending Fund
Balance
5,524,714$ 3,246,846$ 2,277,869$ 70.2% Carryforward One-time projects 3,768,000$ 722,268$ 3,045,732$ 421.7% June 30, 2022 Available Ending
Fund Balance
1,756,714$ 3,246,846$ (1,490,131)$ -45.9% Council Agenda 7-19-2022 9.D-2
increase the City’s parking inventory, $750,000 for paving the parking lots, $250,000 for the Downtown Police Substation, $100,854 for the Secure Communication Radio project, $100,000 for the Addie Street Parking and Access Improvements project, $35,000 for the Parking Management Study, $18,732 for additional parking meters, $4,000 for a radio system upgrade and reliability project, and $825 for other projects. After considering these one-time costs and carrying forward these project budgets to the next fiscal year, the projected available fund balance is $1,756,714.
Parking Management Implementation
To continue assisting restaurants during the period of pandemic recovery and transition, on February 1, 2022, the City Council determined to allow outdoor parklet operations to remain for dine-in service through September 30, 2022. This includes the five parklets utilized throughout the city, but no longer includes the Temporary Outdoor Dining Area Certifications (TODAC), which were required to be removed by April 30, 2022.
As part of the upcoming paving project, parking meters will be installed on Price Street between Pomeroy and San Luis Avenues and the adjacent stub streets. On May 3, 2022, the City Council authorized an agreement with Walker Consultants for an update to the City’s Parking Management Plan (PMP). The PMP will incorporate the updated parking meters but will also address alternate topics such as electric bike infrastructure to help ensure the public can enjoy the downtown and the coast.
As the City finds itself in the middle of the summer months, parking rates have been increased to help accommodate the increased number of vehicles impacting downtown.
Staff will continue to monitor and adjust parking rates to encourage parking in less congested areas.
FISCAL IMPACT:
No fiscal impact is anticipated by receipt of this update.
ALTERNATIVES:
1. Direct staff to return with additional information.
ATTACHMENTS:
None.
Submitted by: Meeting Date: July 19, 2022
Matthew Downing, Community Development Director
City Manager Approval:
Council Agenda 7-19-2022 9.D-3