PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE – FIRST QUARTER OF FISCAL YEAR 2023
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) 2023 ending September 30, 2022, and the current balance of the Parking Enterprise Fund. This report also provides an update on parking initiatives.
FY 2023 Financial Update
The following table details the preliminary actual revenues and expenditures for FY 2023 compared to FY 2022.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 1st Quarter
FY 2023 1st
Quarter Actuals
FY 2022 1st
Quarter Actuals
Variance FY23
v FY22 ($)
Variance FY23 v
FY22 (%)
July 1st Beginning Fund Balance 4,132,989$ 3,409,461$ 723,528$ 21.2%
REVENUES
Parklet Fee 35,286$ -$ 35,286$ Parking Citations 168,200 146,197 22,003 15.1% Interest Earnings 2,875 0 2,875 28751000.0% Rents & Leases 3,399 10,197 (6,798) -66.7% Parking Kiosks/Meters 674,816 686,414 (11,599) -1.7% Parking Permits 3,850 2,005 1,845 92.0% Miscellaneous Revenue 2,351 26 2,324 8868.5% TOTAL REVENUES 890,777$ 844,839$ 45,937$ 5.4%
EXPENDITURES
Salaries & Wages 51,677$ 41,372$ 10,304$ 24.9% Benefits 15,589 29,834 (14,246) -47.7% Purchased Professional Services 1,402 978 424 43.4% Other Purchased Services 16,054 8,253 7,801 94.5% Operations and Maintenance 27,090 12,627 14,463 114.5% Other Expenses 42,406 28,246 14,159 50.1% TOTAL OPERATING EXPENSES 154,218$ 121,311$ 32,906$ 27.1% NET INCOME / (LOSS) As of
June 30, 2023
736,559$ 723,528$ 13,031$ 1.8% One-time Expenditures 591$ -$ 591$ June 30, 2023 Ending Fund
Balance
4,868,958$ 4,132,989$ 735,968$ 17.8% Carryforward One-time projects 4,070,910$ 722,268$ 3,348,642$ 463.6% June 30, 2023 Available Ending
Fund Balance
798,048$ 4,132,989$ (3,334,942)$ -80.7%
9.D-1Council Agenda 10-18-2022
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the first quarter of FY 2023 (ending September 30, 2022) totaled $890,777, which is 5.4% greater parking revenues compared to FY 2022.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $154,218, which is 27.1% greater than operating expenditures through the first quarter of FY 2022. The projected net operating income (revenues less operating expenses) for the first quarter of FY 2023 is $736,559.
The projected ending balance of the Parking Enterprise Fund at the end of the first quarter is $4,868,958.
In addition to the ongoing expenses, there are one-time budgeted costs of $4,070,910 for one-time projects. These projects include $2,510,231 for the purchase of property to increase the City’s parking inventory, $750,000 for paving the parking lots, $500,000 for the Downtown Police/Parking 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, $70,000 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 $798,048.
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. All remaining parklets utilized throughout the city were removed and underlying parking has been returned to its previous state.
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. Walker Consultants have completed data collection and provided a presentation to the Parking Advisory Committee (PAC) at their meeting on August 24, 2022. An additional meeting with the PAC is anticipated in November 2022.
As the City finds itself in the beginning of the offseason months, parking rates have been reduced to help accommodate the reduced number of vehicles impacting downtown. Staff will continue to monitor and adjust parking rates to encourage parking in appropriate areas Downtown.
FISCAL IMPACT:
No fiscal impact is anticipated by receipt of this update.
9.D-2Council Agenda 10-18-2022
ALTERNATIVES:
1. Direct staff to return with additional information.
ATTACHMENTS:
None.
Submitted by: Meeting Date: October 18, 2022
Matthew Downing, Community Development Director
City Manager Approval:
9.D-3Council Agenda 10-18-2022