PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.D
SUBJECT/TITLE:
PAID PARKING QUARTERLY UPDATE-FIRST QUARTER OF FISCAL YEAR 2024 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) 2024 for the quarter ending September 30, 2023, and the current balance of the Parking Enterprise Fund. This report also provides an update on parking initiatives.
FY 2024 Financial Update
The following table details the preliminary actual revenues and expenditures for the first quarter of FY 2024 compared to the first quarter of FY 2023.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 1st Quarter FY 2024 1st
Quarter Actuals
FY 2023 1st
Quarter Actuals
Variance FY24
v FY23 ($)
V ariance FY24 v
FY23 (%)
July 1st Beginning Fund Balance 6,859,511$ 5,409,268$ 1,450,243$ 26.8%
REVENUES
Parklet Fee 35,286$ (35,286)$ -100.0%
Parking Citations 184,484$ 168,200 16,284 9.7% Interest Earnings 6,455 2,875 3,580 124.5%
Rents & Leases -3,399 (3,399) -100.0%
Parking Kiosks/Meters 886,634 674,816 211,818 31.4%
Parking Permits 2,730 3,850 (1,120) -29.1%
Miscellaneous Revenue 2,463 2,351 112 4.8%
TOTAL REVENUES 1,082,766$ 890,777$ 191,989$ 21.6%
EXPENDITURES
Salaries & Wages 65,226$ 51,677$ 13,549$ 26.2% Benefits 18,466 15,589 2,878 18.5%
Purchased Professional Services 1,603 1,402 201 14.3% Other Purchased Services 17,850 16,054 1,796 11.2%
Operations and Maintenance 20,820 27,090 (6,270) -23.1% Other Expenses 56,112 42,406 13,707 32.3%
TOTAL OPERATING EXPENSES 180,077$ 154,218$ 25,859$ 16.8% NET INCOME / (LOSS) As of June
30, 2023
902,689$ 736,559$ 166,130$ 22.6%
One-time Expenditures 1,318,326$ 4,336$ 1,313,990$ 30303.2% June 30, 2024 Ending Fund
Balance
6,443,874$ 6,141,491$ 302,383$ 4.9%
Carryforward One-time projects -$ 4,043,705$ (4,043,705)$ -100.0% June 30, 2024 Available Ending
Fund Balance
6,443,874$ 2,097,786$ 4,346,088$ 207.2% *FY 2024 Beginning Fund balance is an estimate only.
FY 2024 Available Ending Fund Balance is an estimate assuming only 1 quarter of revenues and expenditures Council Agenda 10-17-2023 9.D-1
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the first quarter of FY 2024 (ending September 30, 2023) totaled $1,082,766, which is 21.6% greater parking revenue compared to the same period in FY 2023 due to increase parking rates and occupancy.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $180,077, which is 16.8% greater than operating expenditures through the first quarter of FY 2023. The projected net operating income (revenues less operating expenses) through the first quarter of FY 2024 is $902,689. After accounting for one-time expenditures of $1,318,326, the projected ending balance of the Parking Enterprise Fund at the end of the first quarter is $6,443,874. Note that the FY 2024 beginning fund balance is an estimate and the resulting FY 2024 available ending fund balance is an estimate assuming only the first quarter revenues and expenditures.
In addition to the ongoing expenses, there are one-time budgeted costs of $4,772,932 for one-time projects. These projects include $2,504,412 for the purchase of property to increase the City’s parking inventory, $1,159,056 for the Police Department Parking Division Substation, $750,000 for paving the parking lots, $260,884 for additional parking meters, $88,398 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 $1,097 for other projects.
Parking Management Implementation
Work has been completed to bring forward the Parking Management Plan (PMP) to the City Council on October 17, 2023. The PMP was prepared by Walker Consultants and 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.
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 has allowed the community to test the reconfiguration for the season and allow continued business outreach to determine appropriateness for permanent installation. Since the test reconfiguration has been implemented, staff has held four meetings with businesses on Price Street to understand how the system is functioning. On October 3, 2023, the City Council directed staff to implement the “hybrid option” for Price Street, with alternating center diagonal parking and center parallel parking on the “off blocks.” Staff will continue working to implement this direction prior to the 2024 summer season.
As the City concludes the summer months, parking rates will be adjusted in response to the decreased 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 Council Agenda 10-17-2023 9.D-2
downtown has been positively impacted by the successful lease negotiation of the portion of the Main Street lot known as the Wolosz Lot, returning 76 spaces to the downtown parking supply. It is anticipated that beyond the positive impact to reestablishing the additional inventory, parking revenues for FY 2024 should reflect a full year of net revenues for the Main Street lot.
FISCAL IMPACT:
No fiscal impact is anticipated by receipt of this update.
ALTERNATIVES:
1. Direct staff to return with additional information.
ATTACHMENTS:
None.
Prepared by: Meeting Date: October 17, 2023
Matthew Downing, Community Development Director
Nadia Feeser, Administrative Services Director
Jeff Smith, Chief of Police
Submitted by: Matthew Downing, Community Development Director City Manager Approval:
Council Agenda 10-17-2023 9.D-3