PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE – THIRD 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 March 31, 2023, 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 3rd Quarter FY 2023 3rd
Quarter Actuals
FY 2022 3rd
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 44,298$ 36,570$ 7,728$ 21.1%
Parking Citations 353,798 416,068 (62,269) -15.0%
Interest Earnings 36,488 4,603 31,884 692.6%
Rents & Leases 3,399 30,591 (27,192) -88.9%
Parking Kiosks/Meters 1,271,569 1,416,097 (144,528) -10.2% Parking Permits 4,795 2,950 1,845 62.5%
Miscellaneous Revenue 3,412 3,381 31 0.9%
TOTAL REVENUES 1,717,758$ 1,910,260$ (192,501)$ -10.1%
EXPENDITURES
Salaries & Wages 134,429$ 151,031$ (16,602)$ -11.0% Benefits 41,151 54,574 (13,424) -24.6%
Purchased Professional Services 2,804 3,042 (238)-7.8% Other Purchased Services 41,364 49,155 (7,792) -15.9%
Operations and Maintenance 72,827 64,699 8,128 12.6% Other Expenses 228,803 141,287 87,516 61.9%
TOTAL OPERATING EXPENSES 521,378$ 463,789$ 57,589$ 12.4% NET INCOME / (LOSS) As of June
30, 2023
1,196,380$ 1,446,470$ (250,090)$ -17.3%
One-time Expenditures 160,657$ 4,336$ 156,320$ 3605.1% June 30, 2023 Ending Fund
Balance
6,444,992$ 4,851,596$ 1,593,396$ 32.8%
Carryforward One-time projects 4,166,254$ 3,733,906$ 432,348$ 11.6% June 30, 2023 Available Ending
Fund Balance
2,278,738$ 1,117,689$ 1,161,049$ 103.9%
9.D-1Council Agenda 4-18-2023
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the third quarter of FY 2023 (ending March 31, 2023) totaled $1,717,758, which is 10.1% 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 $521,378, which is 12.4% greater than operating expenditures through the third quarter of FY 2022. The projected net operating income (revenues less operating expenses) through the third quarter of FY 2023 is $1,196,380. After accounting for one-time expenditures of $160,657, the projected ending balance of the Parking Enterprise Fund at the end of the third quarter is $6,444,992.
In addition to the ongoing expenses, there are one-time budgeted costs of $4,326,910 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, $326,000 for additional parking meters, $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, $4,000 for a radio system upgrade and reliability project, and $825 for other projects. After considering these one-time costs of $160,657 and carrying forward the $4,166,254 remaining project balances to the next fiscal year, the projected available fund balance is $2,278,738.
Parking Management Implementation
Work continues on the update to the Parking Management Plan (PMP) being completed by Walker Consultants. 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. It is anticipated that the draft PMP will be brought to the Parking Advisory Committee at its next meeting.
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 authorized the purchase of the parking meters on January 17, 2023. Associated with this work, on February 21, 2023, the City Council directed staff to temporarily restripe Price Street with a “double-loaded” center diagonal parking for the summer. This will allow the community to test the reconfiguration for the season and allow continued business outreach to determine appropriateness for permanent installation. The reconfiguration increases parking inventory on Price Street by approximately 26 spaces.
As the City enters the summer months, parking rates will increase 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.
9.D-2Council Agenda 4-18-2023
ALTERNATIVES:
1. Direct staff to return with additional information.
ATTACHMENTS:
None.
Submitted by: Meeting Date: April 18, 2023
Matthew Downing, Community Development Director
City Manager Approval:
9.D-3Council Agenda 4-18-2023