PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE–SECOND QUARTER OF FISCAL YEAR 2023
RECOMMENDATION:
No action recommended; for 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 December 31, 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 2nd Quarter
FY 2023 2nd
Quarter Actuals
FY 2022 2nd
Quarter Actuals
Variance FY23
v FY22 ($)
V ariance FY23 v
FY22 (%)
July 1st Beginning Fund Balance 5,409,268$ 3,409,461$ 1,999,807$ 58.7%
REVENUES
Parklet Fee 39,018$ -$ 39,018$ Parking Citations 209,872 226,374 (16,502) -7.3% Interest Earnings 8,846 4,054 4,792 118.2% Rents & Leases 3,399 23,793 (20,394) -85.7% Parking Kiosks/Meters 977,461 1,057,217 (79,756) -7.5% Parking Permits 4,305 2,635 1,670 63.4% Miscellaneous Revenue 3,161 2,400 761 31.7% TOTAL REVENUES 1,246,061$ 1,316,472$ (70,410)$ -5.3%
EXPENDITURES
Salaries & Wages 92,071$ 106,364$ (14,293)$ -13.4% Benefits 29,287 44,230 (14,943) -33.8% Purchased Professional Services 2,804 978 1,826 186.7% Other Purchased Services 24,542 36,006 (11,464) -31.8% Operations and Maintenance 57,637 43,035 14,601 33.9% Other Expenses 88,404 86,615 1,789 2.1% TOTAL OPERATING EXPENSES 294,745$ 317,229$ (22,484)$ -7.1% NET INCOME / (LOSS) As of June
30, 2023
951,317$ 999,243$ (47,926)$ -4.8% One-time Expenditures 14,313$ 3,600$ 10,713$ 297.6% June 30, 2023 Ending Fund
Balance
6,346,271$ 4,405,104$ 1,941,167$ 44.1% Carryforward One-time projects 4,056,597$ -$ 4,056,597$ June 30, 2023 Available Ending
Fund Balance
2,289,674$ 4,405,104$ (2,115,430)$ -48.0%
9.D-1Council Agenda 1-17-2023
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the second quarter of FY 2023 (ending December 31, 2022) totaled $1,246,061, which is 5.3% fewer parking revenues compared to the same period in FY 2022.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $294,745, which is 7.1% less than operating expenditures through the second quarter of FY 2022. The projected net operating income (revenues less operating expenses) through the second quarter of FY 2023 is $951,317. The projected ending balance of the Parking Enterprise Fund at the end of the second quarter is $6,346,271.
In addition to the ongoing expenses, there are one-time budgeted costs of $4,056,597 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, $70,000 for additional parking meters, $21,278 for the Parking Management Study, $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 $2,289,674.
Parking Management Implementation
As previously reported, all parklets utilized throughout the city were removed and the underlying parking returned to its previous state on September 30, 2022. On November 15, 2022, the City Council determined not to pursue a permanent outdoor dining program.
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. The City Council will consider authorizing the purchase of the parking meters on January 17, 2023. Staff is working 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 conducted 2-2-1 interviews with the members of the Parking Advisory Committee to continue their data gathering before moving forward with recommendations on the PMP.
As the City finds itself in the middle 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 1-17-2023
ALTERNATIVES:
1. Direct staff to return with additional information.
ATTACHMENTS:
None.
Submitted by: Meeting Date: January 17, 2023
Matthew Downing, Community Development Director
City Manager Approval:
9.D-3Council Agenda 1-17-2023