|
SIX-YEAR FORECAST: SPECIAL REVENUE FUNDS
<br />
<br />PARKING FUND
<br />The Parking Fund provides for parking meter and parking lot operations and for the
<br />maintenance of the Downtown Parking Structure and various other public parking locations.
<br />Revenue to this fund is from the collection of parking meter receipts, parking lot space rentals,
<br />and rental spaces at the downtown parking structure and surface park ing lots. Beginning
<br />July 1, 2019 parking citation revenues will also be supporting the operating expenditures of
<br />the Parking Fund.
<br />Analysis
<br />The LEED-certified Estudillo/Callan downtown parking garage re-opened in November 2012.
<br />The four-story structure contains 384 parking spaces and includes 2,000 sq. ft. of commercial
<br />space along Estudillo Avenue and enhancements have been made to Paseo del Oro, the
<br />pedestrian entry to the garage. In January 2019 new parking meters were installed in Pelton
<br />Plaza and West Juana Avenue to coincide with the City’s Downtown Management Plan. And
<br />on March 18, 2019 City Council approved SP Plus to provide parking enforcement services
<br />starting July 1, 2019. Revenues are estimated to increase as a result of dedicated staff to
<br />monitor and enforce parking violations in order to support the program operating costs.
<br />
<br />
<br />Assumptions
<br /> Increases to parking fees for subsequent years are based on CPI.
<br /> Revenue is estimated to increase.
<br /> Annual maintenance costs and consulting costs for SP Plus included in expenditures for
<br />the parking fee collection management system and parking enforcement, respectively.
<br /> Building maintenance and utility costs increasing due to the two elevators and other
<br />amenities in the City garage.
<br />
<br />
<br />2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br />Parking Fund 132 Actual Actual Projected Projected Projected Projected Projected Projected Projected
<br />Beginning Fund Balance (114,508) (127,546) 271,221 198,440 79,729 7,083 (3,556) 23,346 61,355
<br />Revenue
<br />Parking Fees 249,154 222,554 243,000 305,000 305,000 325,150 347,255 357,672 368,402
<br />Parking Violations - - - 200,000 250,000 300,000 325,000 334,750 344,793
<br />Interest Income 149 601,943 2,400 - - - - - -
<br /> Total Revenues 249,303 824,497 245,400 505,000 555,000 625,150 672,255 692,422 713,195
<br />Expenditures
<br /> Personnel 90,321 119,051 123,950 99,106 103,041 104,981 108,260 110,954 113,779
<br /> Non-Personnel 172,020 306,679 194,231 524,605 524,605 530,808 537,092 543,459 549,909
<br /> Total Expenditures 262,341 425,730 318,181 623,711 627,646 635,789 645,352 654,413 663,689
<br />Annual Surplus/(Shortfall)(13,038) 398,767 (72,781) (118,711) (72,646) (10,639) 26,902 38,009 49,506
<br />Ending Fund Balance (127,546) 271,221 198,440 79,729 7,083 (3,556) 23,346 61,355 110,861
<br />76
<br />98
|