PARKING FUND 3-YEAR PROJECTION WITH NEW RATES AND HOUR SCHEDULE FY2023-2024 FY2024-2025 FY2025-2026
REVENUE $7,576,0001,2 $7,926,0004 $8,987,0004,5
EXPENSES $8,559,0003 $7,492,000 $7,738,000
NET GAIN/LOSS ($983,000) $434,000 $1,249,000
1 Does not include $1,500,000 ARPA Funds allocated in February 2023 2 Implementation of Parking Rates and Hour Schedule could take 3-4 months, so revenues might be adjusted lower. 3 Includes $620,000 FY2023-2024 implementation costs (expanded labor hours, web-app, signage, public outreach, marketing, etc.) 4 Downtown 24/7 and Unreserved Permits increase annually by $15/mo. and Reserved Permits increase annually by $20/mo. 5 Nightly Flat Rates and Special Event Rates increase by $5 in FY2025-2026
QUALITY OF LIFE ITEMS FUNDED BY NEW RATES AND HOUR SCHEDULE
DESCRIPTION OF ITEMS COST
Garage Stairwell Pressure Washing (Weekly) $96,0001
Garage Floor Pressure Washing (Monthly) $90,0002
Garage Security Guards (16 Hrs./Day 7 Days/Week) $300,0003 Garage Lighting Upgrades (All Garages) $190,0004
Garage Structural Maintenance (Garage 3 and 6) $500,0005 1 This is a weekly cleaning service for the garage stairwells to be implemented in FY2023-2024 2 This is a monthly cleaning service for the garage floors to be implemented in FY2023-2024 3 This is a daily security detail for the garages 2 guards/shift, two 8-hr shifts/day, 7 days/week, to be implemented in FY2023-2024 4 This is a one-time lighting upgrade project to increase safety in the garages, needs RFP published in FY2023-2024 5 This is a one-time structural maintenance project for Garages 3 and 6, needs RFP published in FY2023-2024