PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE–FOURTH 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 June 30, 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 4th Quarter FY 2023 4th
Quarter Actuals
FY 2022 4th
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$ 73,248$ (28,950)$ -39.5%
Parking Citations 519,850 630,134 (110,284) -17.5% Interest Earnings 72,729 15,564 57,165 367.3%
Rents & Leases 3,399 40,788 (37,389) -91.7%
Parking Kiosks/Meters 1,817,018 1,982,542 (165,524) -8.3% Parking Permits 6,335 4,570 1,765 38.6%
Miscellaneous Revenue 6,872 4,957 1,915 38.6%
TOTAL REVENUES 2,470,501$ 2,751,803$ (281,302)$ -10.2%
EXPENDITURES
Salaries & Wages 185,069$ 200,135$ (15,066)$ -7.5% Benefits 57,029 67,501 (10,472) -15.5%
Purchased Professional Services 3,463 3,042 421 13.8% Other Purchased Services 57,739 66,430 (8,691) -13.1% Operations and Maintenance 94,139 89,377 4,762 5.3% Other Expenses 340,208 205,729 134,479 65.4%
TOTAL OPERATING EXPENSES 737,647$ 632,214$ 105,433$ 16.7% NET INCOME / (LOSS) As of June
30, 2023
1,732,854$ 2,119,589$ (386,736)$ -18.2%
One-time Expenditures 282,611$ 4,336$ 278,275$ 6417.6% June 30, 2023 Ending Fund
Balance
6,859,511$ 5,524,714$ 1,334,796$ 24.2%
Carryforward One-time projects 4,043,705$ 3,733,906$ 309,799$ 8.3% June 30, 2023 Available Ending
Fund Balance
2,815,805$ 1,790,808$ 1,024,997$ 57.2%
9.D-1Council Agenda 7-18-2023
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the fourth quarter of FY 2023 (ending June 30, 2023) totaled $2,470,501, which is 10.2% less parking revenue 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 $737,647, which is 16.7% greater than operating expenditures through the fourth quarter of FY 2022. The projected net operating income (revenues less operating expenses) through the fourth quarter of FY 2023 is $1,732,854. After accounting for one-time expenditures of $282,611, the projected ending balance of the Parking Enterprise Fund at the end of the third quarter is $6,859,511.
In addition to the ongoing expenses, there are one-time budgeted costs of $4,043,705 for one-time projects. These projects include $2,504,596 for the purchase of property to increase the City’s parking inventory, $750,000 for paving the parking lots, $421,689 for the Downtown Police/Parking Substation, $260,884 for additional parking meters, $97,220 for the Addie Street Parking and Access Improvements project, $5,085 for the Parking Management Study, $4,000 for a radio system upgrade and reliability project, and $825 for other projects. After carrying forward the $4,043,705 remaining project balances to the next fiscal year, the projected available fund balance is $2,815,805.
Parking Management Implementation
Work continues on the update to the Parking Management Plan (PMP) being prepared by Walker Consultants. The PMP will incorporate the updated parking meters and will also address alternative topics such as electric bike infrastructure to help ensure the public can enjoy the downtown and the coast. The Parking Advisory Committee has reviewed the PMP and has recommended the City Council approve the document. This is anticipated to be considered by the Council in late summer 2023.
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. Since the test reconfiguration has been implemented, staff has held three meetings with businesses on Price Street to understand how the system is functioning and any improvements that can be made to a future recommendation for Council consideration.
As the City is in the summer months, parking rates have been adjusted 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. The supply of parking downtown has been impacted by the closure of the portion of the Main Street lot known as the Wolosz Lot, removing 76 spaces from the downtown parking supply. Continued monitoring of parking management will be important to ensure vehicular turnover for downtown businesses and coastal access.
9.D-2Council Agenda 7-18-2023
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 18, 2023
Matthew Downing, Community Development Director
Interim City Manager Approval:
9.D-3Council Agenda 7-18-2023