PARKING UPDATE
Downtown Subcommittee
April 5, 2022
Alan Alton
Chief Financial Officer
1 Electric Vehicle Charging Signage
2 REVIEW OF COUNCIL FEE
WAIVERS
3 Timeline of Council Action
• April 14, 2020: Council authorizes free hourly parking at all parking meters and garages to be effective 4/15/20.
Council also authorizes all permit fees for garages and lots retroactive to 4/1/20.
• June 16, 2020: Council authorizes resumption of paid
parking and fee reductions
• July 1, 2020: fee reductions begin
• December 15, 2020: Council extends fee reductions
• June 22, 2021: Council extends fee reductions
• December 14, 2021: Council extends fee reductions
• Current end date set for June 30, 2022
4 Cumulative Reductions
• Weeknights $201,000
• 1st Hr Free $117,000
• Weekends $207,000
• Reservation Fees $350,000
• Value Zone Price Drop $41,000
• Estimated Mar-Jun $180,000
• 2 years of fee reductions $1,096,000
5 PARKING TRENDS
6 Where people are parking
Pre-Covid
Feb 2020 Feb 2021 Feb 2022
Garages 19% 15% 22%
On-Street 68% 70% 65%
Lots 13% 15% 13%
7 Parking Transactions
8 -
50,000
100,000
150,000
200,000
250,000
300,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Pre-COVID Average
FY21
FY22
Meter Transaction Comparison
9 -
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Jul Aug Sep Oct Nov Dec Jan Feb
RRSQ FY20 RRSQ FY22 CP FY20 CP FY22
PARKING FUND FINANCIAL
SUMMARY
10 Parking Fund Summary
FY 22 FY 23 Change %
Operating Rev 3,604,851 3,809,260 204,409 6%
Non-Op Rev 200,000 200,000 - -
Transfer In 1,183,368 1,191,027 7,659 1%
Total Revenue $4,988,219 $5,200,287 $212,068 4%
Operating Expenses 5,319,862 5,633,735 313,873 6%
O&M Projects - 575,293 575,293
CIP Projects 1,242,300 641,062 (601,238)
Transfers Out 121,290 120,571 (719)
Total Expenditures $6,683,452 $6,970,661 287,209 4%
Surplus/(Deficit) ($1,695,233) ($1,770,374) 11
Status of Parking Fund Reserves
Amount
FYE 2020-21 Reserves for
Contingencies $7.6M
FY 22 Estimated Use of
Reserves Based on Budget (1.7M)
Mid-Year Changes to Budget
(Sale of Lot 2) 1.3M
Estimated Reserves at
6/30/2022 $5.9M
11 Year AMP
FY 2023-24 $2.9M
FY 2024-25 $2.6M
FY 2025-26 $4.6M
Total $10.3M
QUESTIONS?
13