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PISMO BEACH CITY COUNCIL STAFF REPORT
'O- BEPc� Agenda Item #9.0
Meeting Date: October 15, 2024
TITLE:
Paid Parking Quarterly Update-First Quarter of Fiscal Year 2025 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) 2025 for the quarter ending September 30, 2024, and the current balance of the Parking Enterprise Fund. This report also provides an update on parking initiatives.
FY 2025 Financial Update
Table 1 details the preliminary actual revenues and expenditures for the first quarter of FY 2025 compared to the first quarter of FY 2024.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 1st Quarter FY 2025 1st FY 20241st Variance FY25 Variance FY25 v Quarter Actuals Quarter Actuals v FY24($) FY24(%)
July 1st Beginning Fund Balance $ 3,225,097 $ 5,846,885 $ (2,621,788) -44.8%
REVENUES
Parking Citations 90,500 80,169 10,331 12.9% Interest Earnings 9,529 6,455 3,073 47.6% Parking Kiosks/Meters 867,873 886,634 (18,761) -2.1% Parking Permits 1,545 2,730 (918) -37.3% Miscellaneous Revenue (469) 2,463 (2,932) -100.0% TOTAL REVENUES $ 968,977 $ 978,451 $ (9,206) -1.0%
EXPENDITURES
Salaries&Wages $ 52,912 $ 65,226 $ (12,314) -18.9% Benefits 20,868 18,466 2,402 13.0% Purchased Professional Services 1,831 1,603 228 14.2% Other Purchased Services 531 17,850 (17,320) -97.0% Operations and Maintenance 42,953 20,820 22,133 106.3% Other Expenses 57,636 56,112 1,524 2.7% TOTAL OPERATING EXPENSES $ 176,730 $ 180,077 $ (3,347) -1.9% NET INCOME/(LOSS)As of $ 792,247 $ 798,374 $ (6,127) -0.8% September 30,2024
One-time Expenditures $ 18,233 $ 1,318,326 $ (1,300,093) -98.6% June 30,2025 Ending Fund $ 3,999,111 $ 5,326,933 $ (1,327,822) -24.9% Balance
Carryforward One-time projects $ 255,187 $ 4,003,261 $ (3,748,074) -93.6% June 30,2025 Available Ending $ 3,743,924 $ 1,323,672 $ 2,420,252 182.8% Fund Balance
*FY2025 Beginning Fund balance is an estimate only.
Council Agenda 10-15-2024 9.C-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 2025 (ending September 30, 2024) totaled $968,977 which is 1.0% fewer parking revenues compared to the same period in FY 2024.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $176,730, which is 1.9% less than operating expenditures through the first quarter of FY 2024. The projected net operating income (revenues less operating expenses) through the first quarter of FY 2025 is $792,247. After accounting for one-time expenditures of $18,233, the projected ending balance of the Parking Enterprise Fund at the end of the first quarter is $3,999,111.
In addition to the ongoing expenses, there are one-time budgeted costs of $273,420 for one-time projects. These projects include $171,500 for the Police Department Parking Division Substation; $62,588 for the Addie Street Parking and Access Improvements project; $31,477 for additional parking meters; $4,000 for a radio system upgrade and reliability project; and $3,855 for other projects. After considering these one-time costs of $18,233 and assuming the remaining budget of $255,187 is either spent or carried forward to next fiscal year, the projected available fund balance is $3,743,924.
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.
Installation of parking meters will occur in the first quarter of Fiscal Year 2025. The City Council authorized the purchase of the parking meters on January 17, 2023.
On April 24, 2024, and July 24, 2024, the Parking Advisory Committee (PAC) discussed possible changes to the downtown parking requirements, including options for updating the structure of the parking in-lieu program. The PAC made the following recommendations to City Council:
1. Reduce parking In-Lieu fees from $36,000 to $9,000 a space. Requires adoption of a resolution setting the In-lieu fee at $9,000.
2. Look at reducing overall parking requirements for allowed uses in the downtown.
Requires Zoning Code amendment.
3. Create parking maximums to go along with the existing minimum parking requirements. Requires Zoning Code amendment.
4. Revise Zoning Code to allow uses in existing buildings in the downtown to change out without triggering a requirement for additional parking. Requires a Zoning Code Amendment.
5. Increase the number of in-lieu parking spaces that can be purchased from 30% to 100%, with Planning Commission approval. Requires Zoning Code amendment.
6. Prohibit the payment of in-lieu fees in association with satisfying the parking requirement associated with any transient lodging, residential or non-commercial use in the Downtown Planning area. Already included in Draft Zoning Code.
Council Agenda 10-15-2024 9.C-2
The PAC recommendations will be reviewed by City Council under a separate business item on this same October 15, 2024, Council agenda.
FISCAL IMPACT:
There is no fiscal impact from staff's recommendation. Fiscal impacts from parking revenues and expenditures are outlined in the above report.
Prepared by:
Nadia Feeser, Administrative Services Director
Scot Graham, Community Development Director
Jeff Smith, Police Chief
Submitted by: Scot Graham, Community Development Director City Manager Approval:
Council Agenda 10-15-2024 9.C-3