|
76
<br /> SIX-YEAR FORECAST: SPECIAL REVENUE FUNDS
<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 parking 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 /> 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„568) (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) (13,338) 398,767 (12781) (118111) (1'2,646) (13,635) 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 /> 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 />
|