Resolution No.
PARKING AUTHORITY OF THE CITY OF STOCKTON
RESOLUTION APPROVING BUDGET FOR THE 2024-25 FISCAL YEAR In December 2013, the City Council by Resolution 2013-12-17-1209 established the Parking Authority, as a separate entity, to protect the general fund and improve the quality and efficiency of parking operations, consistent with terms negotiated with NPFG in the bankruptcy process; and The Parking Authority is comprised of the garages, other downtown parking structures and lots, and downtown parking meter and parking enforcement revenues; and These revenues are pledged to the modified schedule of payments on the Parking Structure Lease Back (Parking Bonds debt service), and the City’s General Fund will have no liability for the modified payment schedule; and The budget for parking operation revenues and expenses is budgeted in the Parking Authority fund 630; and now, therefore, BE IT RESOLVED BY THE BOARD OF THE PARKING AUTHORITY OF THE CITY OF STOCKTON, AS FOLLOWS:
The Board hereby approves the Fiscal Year 2024-25 Annual Budget for the Parking Authority fund 630, which is attached hereto as Exhibit 1.
The Executive Director is hereby authorized to take any and all actions deemed necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED June 18, 2024 .
ATTEST:
KEVIN J. LINCOLN II, Chairperson
of the Parking Authority Board
KATHERINE ROLAND, Secretary
of the Parking Authority Board