PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.C
Meeting Date: April 15, 2025
TITLE:
Paid Parking Quarterly Update—Third 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 March 31, 2025, 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 third quarter of FY 2025 compared to the third quarter of FY 2024.
Table 1: Parking Enterprise Fund Revenues & Expenditures through 3rd Quarter FY 2025 3rd
Quarter Actuals
FY 2024 3rd
Quarter Actuals
Variance FY25
v FY24 ($)
V ariance FY25 v
FY24 (%)
July 1st Beginning Fund Balance 3,713,836$ 5,846,885$ (2,133,049)$ -36.5%
REVENUES
Parking Citations 419,906 437,732 (17,825) -4.1%
Interest Earnings 96,587 118,504 (21,917) -18.5%
Parking Kiosks/Meters 1,847,152 1,812,007 35,145 1.9% Parking Permits 2,190 3,621 (1,431) -39.5%
Miscellaneous Revenue (76,321) 8,036 (84,357) -1049.7% TOTAL REVENUES 2,289,515$ 2,379,900$ (90,385)$ -3.8%
EXPENDITURES
Salaries & Wages 165,029$ 143,070$ 21,959$ 15.3% Benefits 56,325 44,564 11,761 26.4%
Purchased Professional Services 4,324 3,206 1,118 34.9% Other Purchased Services 8,660 10,878 (2,218) -20.4% Operations and Maintenance 220,870 65,173 155,697 238.9% Other Expenses 233,118 228,687 4,431 1.9%
Debt Service 600,000 - 600,000
TOTAL OPERATING EXPENSES 1,288,326$ 495,577$ 792,749$ 160.0% NET INCOME / (LOSS) As of
September 30, 2024
1,001,190$ 1,884,323$ (883,134)$ -46.9%
One-time Expenditures 3,547,795$ 2,846,670$ 701,125$ 24.6% June 30, 2025 Ending Fund
Balance
1,167,231$ 4,884,538$ (3,717,307)$ -76.1%
Carryforward One-time projects 350,958$ -$ 350,958$ June 30, 2025 Available Ending
Fund Balance
816,273$ 4,884,538$ (4,068,265)$ -83.3%
Council Agenda 4-15-2025 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 2025 (ending March 31, 2025) totaled $2,289,515, which is 3.8% fewer parking revenues compared to the same period in FY 2024. This is largely due to a one-time downward adjustment of $79,746 for overstated prior-year revenues, an 18.5% drop in interest earnings, a 4.1% decline in parking citation revenues, and a reduction in parking permit revenues by 39.5%.
Operating expenses at the end of this same period, which include personnel costs, operating expenses, and contract services, totaled $1,288,326, which is 160.0% greater than operating expenditures through the third quarter of FY 2024. The largest increase is due to Parking Enterprise Fund supporting an annual $600,000 for the Public Safety Facility debt service costs, $65,000 for ongoing beautification of the pier and pier plaza, and $50,000 for concrete and asphalt repairs. The projected net operating income (revenues less operating expenses) through the third quarter of FY 2025 is $1,001,190.
After accounting for one-time expenditures of $3,547,795, the projected ending balance of the Parking Enterprise Fund at the end of the third quarter is $4,757,592.
In addition to the ongoing expenses, there are one-time budgeted costs of $3,898,752 for one-time projects. These projects include $3,301,516 for the purchase of 350 Pismo Avenue, the former “Wolosz lot” and now called the Dolliver Street Parking Lot; $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 $3,547,795 and assuming the remaining budget of $350,958 is either spent or carried forward to next fiscal year, the projected available fund balance is $816,273.
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.
Poles for new street signs indicating "2-hour parking Monday through Thursday" and "paid parking Friday through Sunday" have been installed. These signs provide clear guidance to motorists about the new parking regulations.
The City has also installed medallions in each parking space that correspond with the number displayed on the parking meters, facilitating easier identification and payment for parking.
Parking staff have begun replacing the meters on the 100 and 200 block of Pomeroy.
These meters have outlasted their useful life and have been in need of replacement.
Council Agenda 4-15-2025 9.C-2
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 4-15-2025 9.C-3