PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.C
Meeting Date: April 16, 2024
TITLE:
Paid Parking Quarterly Update—Third Quarter of Fiscal Year 2024 RECOMMENDATION:
No action recommended, for information only.
DISCUSSION:
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 March 31, 2024, and the current balance of the Parking Enterprise Fund. This report also provides an update on parking initiatives.
FY 2024 Financial Update
Table 1 details the preliminary actual revenues and expenditures for the third quarter of FY 2024 compared to the third quarter of FY 2023.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 3rd Quarter FY 2024 3rd
Quarter Actuals
FY 2023 3rd
Quarter Actuals
Variance FY24
v FY23 ($)
V ariance FY24 v
FY23 (%)
July 1st Beginning Fund Balance 5,846,885$ 5,409,268$ 437,617$ 8.1%
REVENUES
Parklet Fee 44,298$ (44,298)$ -100.0%
Parking Citations 437,732 353,798 83,933 23.7%
Interest Earnings 118,504 36,488 82,017 224.8% Rents & Leases -3,399 (3,399) -100.0%
Parking Kiosks/Meters 1,812,007 1,271,569 540,439 42.5% Parking Permits 3,621 4,795 (1,174) -24.5%
Miscellaneous Revenue 8,036 3,412 4,625 135.6%
TOTAL REVENUES 2,379,900$ 1,717,758$ 662,142$ 38.5%
EXPENDITURES
Salaries & Wages 143,070$ 134,429$ 8,641$ 6.4% Benefits 44,564 41,151 3,413 8.3%
Purchased Professional Services 3,206 2,804 402 14.3% Other Purchased Services 10,878 41,364 (30,486) -73.7% Operations and Maintenance 65,173 72,827 (7,655) -10.5% Other Expenses 228,687 228,803 (116)-0.1%
TOTAL OPERATING EXPENSES 495,577$ 521,378$ (25,801)$ -4.9% NET INCOME / (LOSS) As of June
30, 2023
1,884,323$ 1,196,380$ 687,943$ 57.5%
One-time Expenditures 2,846,670$ 160,657$ 2,686,014$ 1671.9% June 30, 2024 Ending Fund
Balance
4,884,538$ 6,444,992$ (1,560,454)$ -24.2%
Carryforward One-time projects 4,003,261$ 4,166,254$ (162,993)$ -3.9% June 30, 2024 Available Ending
Fund Balance
881,277$ 2,278,738$ (1,397,461)$ -61.3%
FY 2024 Available Ending Fund Balance is an estimate assuming only 3 quarters of revenues and expenditures Council Agenda 4-16-2024 9.C-1
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the third quarter of FY 2024 (ending March 31, 2023) totaled $2,379,900, which is 38.5% greater parking revenue compared to the same period in FY 2023. This increase is largely due to increases in parking rates and occupancy, parking citations, and interest earnings.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $495,577, which is 4.9% less than operating expenditures through the third quarter of FY 2023. The projected net operating income (revenues less operating expenses) through the third quarter of FY 2024 is $1,884,323. After accounting for one-time expenditures of $2,846,670, the projected ending balance of the Parking Enterprise Fund at the end of the third quarter is $4,884,538.
In addition to the ongoing expenses, there are one-time budgeted costs of $6,849,931 for one-time projects. These projects include $4,000,000 to support the parking functions and related public safety support of parking functions associated with and located within the Public Safety Facility project; $1,305,496 for the purchase of parking inventory; $1,159,056 for the Police Department Parking Division Substation; $291,884 for additional parking meters; $88,398 for the Addie Street Parking and Access Improvements project; $4,000 for a radio system upgrade and reliability project; and $1,097 for other projects. After considering these one-time costs of $2,846,670 and carrying forward the $4,003,261 remaining project balances to the next fiscal year, the projected available fund balance is $881,277.
Parking Initiatives
The paving project in the Price Street area commenced on April 8, 2024, and includes construction of a center median on Price Street between Bay Street and Pomeroy Avenue and installation of parking meters in this same area including the adjacent stub streets.
Loading zones are also being added west of Price Street at Wadsworth Avenue, Pismo Avenue, Hollister Avenue, and Main Street. The loading zones will be restricted to active commercial loading use between the hours of 6:00 a.m. and 6:00 p.m. Monday through Friday and Saturday from 6:00 a.m. to 2:00 p.m. Outside of these hours, the loading zones will be available for parking.
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 2023 summer. This allowed the community to test the reconfiguration for the season and allow continued business outreach to determine appropriateness for permanent installation. Since implementation of the test reconfiguration, staff held four meetings with businesses on Price Street to understand how the configuration 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.”
Council Agenda 4-16-2024 9.C-2
As the City heads into the summer months, staff will monitor parking demand and rates will be adjusted to encourage parking in less congested areas.
The Parking Advisory Committee is scheduled to discuss possible changes to the downtown parking requirements, including options for updating the structure of the parking in-lieu program, in accordance with the City Council’s February 16, 2024 direction, at its April 24, 2024 meeting. Staff will report back to Council on the outcome of the Parking Advisory Committee downtown parking discussion.
FISCAL IMPACT:
There is no fiscal impact from staff’s recommendation.
Submitted by: Scot Graham, Community Development Director City Manager Approval:
Council Agenda 4-16-2024 9.C-3