��TY OR
PISMO BEACH CITY COUNCIL STAFF REPORT
'O-syoBEPc� Agenda Item #9.E
Meeting Date: January 21, 2025
TITLE:
Paid Parking Quarterly Update-Second 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 December 31, 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 second quarter of FY 2025 compared to the second quarter of FY 2024.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 2nd Quarter FY 2025 2nd FY 2024 2nd Variance FY25 Variance FY25 v Quarter Actuals Quarter Actuals v FY24($) FY24(%) July 1st Beginning Fund Balance $ 3,713,836 $ 5,846,885 $ (2,133,049) -36.5%
REVENUES
Parking Citations 272,033 293,426 (21,393) -7.3% Interest Earnings 63,592 58,975 4,617 7.8% Rents &Leases - - - ' #DIV/0!
Parking Kiosks/Meters 1,388,352 1,302,479 85,873 6.6% Parking Permits 2,000 2,606 ' (5,080) -71.8% Miscellaneous Revenue (79,644) 7,080 (86,724) -104.8% TOTAL REVENUES $ 1,646,333 $ 1,664,566 $ (22,707) -1.1%
EXPENDITURES
Salaries&Wages $ 110,087 $ 99,836 $ 10,251 10.3% Benefits 40,065 28,107 11,958 42.5%
Purchased Professional Services 3,588 3,206 382 11.9% Other Purchased Services 2,569 40,132 (37,562) -93.6% Operations and Maintenance 66,037 42,589 23,449 55.1% Other Expenses 155,673 109,204 46,469 42.6% TOTAL OPERATING EXPENSES $ 378,020 $ 323,073 $ 54,947 17.0% NET INCOME/(LOSS)As of $ 1,268,313 $ 1,341,493 $ (73,179) -5.5% September 30, 2024
One-time Expenditures $ 224,558 $ 1,447,751 $ (1,223,194) -84.5% June 30, 2025 Ending Fund $ 4,757,592 $ 5,740,626 $ (983,035) -17.1% Balance
Carryforward One-time projects $ 372,679 $ - $ 372,679 ' #DIV/0! June 30, 2025 Available Ending $ 4,384,913 $ 5,740,626 $ (1,355,713) -23.6% Fund Balance
Council Agenda 1-21-2025 9.E-1
As shown in Table 1, the preliminary estimate of revenues of the Parking Enterprise Fund at the end of the second quarter of FY 2025 (ending December 31, 2024) totaled $1,646,333 which is 1.1% 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 $378,020, which is 17.0% greater than operating expenditures through the second quarter of FY 2024. The projected net operating income (revenues less operating expenses) through the second quarter of FY 2025 is $1,268,313. After accounting for one-time expenditures of $372,679, the projected ending balance of the Parking Enterprise Fund at the end of the second quarter is $4,757,592.
In addition to the ongoing expenses, there are one-time budgeted costs of $597,237 for one-time projects. These projects include $300,000 for the Public Safety Facility project to support the parking functions and related public safety support of parking functions; $195,317 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 $224,558 and assuming the remaining budget of $372,679 is either spent or carried forward to next fiscal year, the projected available fund balance is $4,384,913.
Parking Initiatives
The paving project in the Price Street area, which commenced on April 8, 2024, has been successfully completed. This project included the construction of a center median on Price Street between Bay Street and Pomeroy Avenue and the installation of parking meters in this same area, including the adjacent stub streets. The parking meters are now operational.
Additional work remains to enhance the parking infrastructure. Poles for new street signs indicating "2-hour parking Monday through Thursday" and "paid parking Friday through Sunday" are yet to be installed. These signs will provide clear guidance to motorists about the new parking regulations.
Furthermore, the City will be installing medallions in each parking space. These medallions will correspond with the number displayed on the parking meters, facilitating easier identification and payment for parking. This remaining work is anticipated to be completed by late January 2025.
The City Council reviewed the Parking Advisory Committee (PAC) recommendations for changes to the downtown parking requirements, including options for updating the structure of the parking in-lieu program, in October and November of 2024. City Council direction to staff was as follows:
Council Agenda 1-21-2025 9.E-2
1. Reduce parking In-Lieu fees from $36,000 to $9,000 a space. Implemented through adoption of Council Resolution No. R-2024-065 on November 19, 2024.
2. Reducing overall parking requirements for allowed uses in the downtown. Will be brought forward as part of the Zoning Code update.
3. Create parking maximums to go along with the existing minimum parking requirements. Will be brought forward as part of the Zoning Code update.
4. Revise Zoning Code to allow uses in existing buildings in the downtown to change out without triggering a requirement for additional parking. Will be brought forward as part of the Zoning Code update.
5. Increase the number of in-lieu parking spaces that can be purchased from 30% to 100%, with Planning Commission approval. Will be brought forward as part of the Zoning Code update.
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. Implemented through adoption of Council Resolution No. R-2024-065 on November 19, 2024. It is also being included in the Zoning Code update.
FISCAL IMPACT:
There is no fiscal impact from staff's recommendation. Fiscal impacts from parking revenues and expenditures are outlined in the above report.
ATTACHMENTS:
None
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 1-21-2025 9.E-3