Loading...
HomeMy WebLinkAbout06-10-2014 B2d Parking Enterprise Fund ReviewCity of San Luis Obispo, Council Agenda Report, Meeting Date, Item Number FROM: Daryl Grigsby, Director of Public Works Prepared By: Robert Horch, Parking Services Manager SUBJECT: 2014 PARKING FUND REVIEW RECOMMENDATION 1. Review and discuss the 2014 Parking Fund Review. 2. Conceptually approve the Parking Enterprise Fund budget of 2014-15, with final action on June 17, 2014 with the adoption of the 2014-15 Financial Plan. DISCUSSION This report presents the annual 2014 Parking Fund review. Overall, the Parking Fund continues to be healthy meets its expenses, capital projects, and debt service obligations. Additionally the Parking Fund is able to maintain the minimum 20% reserve in working capital in accordance with the City Financial Management policies. This report highlights some adjustments made to the Parking Fund since the 2013 Fund Review and the approval of the 2013-15 City Budget. One exciting feature of this report is the final debt service payments for the 842 Palm Street structure and the original Marsh Street structure will be made this month. The 842 Palm Street structure opened in 1988 and the original Marsh Street parking structure opened in 1990. Paying off the debt service will reduce the Parking fund debt expenses by about $500,000 annually. Essentially this enables that amount to be utilized for other critical parking needs and services. Two downtown projects are poised to begin construction in approximately one year: the Garden Street Terraces project and the first phase of the Chinatown project. Both projects eliminate public parking supply and when completed, will increase parking demand. This combination will likely necessitate the need for the City to proceed with the Palm-Nipomo parking structure. There have been some modifications and adjustments for both of these projects that are highlighted in this report. For the purposes of this financial report all projects are programmed the soonest they can occur. Garden Street Terraces and Chinatown are assumed to remove public parking in July 2015 and the Palm Nipomo parking structure is assumed to begin construction July 2017. Parking Fund Accomplishments in 2013-14 Although the Fund Review is focused on financial and budgetary information, it is important to look back at the accomplishments that have occurred during this past fiscal year. Council’s approval of the Parking Fund budget allows the City to provide improved services and support. The following is a list of some of the highlights that Parking Services has accomplished in the 2013-14 fiscal year. 1. Marsh Street Expansion structure painting (enhances aesthetics and structure longevity) 2. Resurfacing of lots 2, 3, and 11 (enhances public safety) June 10, 2014 B2d B2d - 1 2014 Parking Fund Review Page 2 3. Repainted parking space lines in lot 4 4. Fleet replacement of two officer scooters and one Administrative sedan 5. Renegotiation of 837 Marsh Street lease space (corner of Marsh & Chorro Streets) 6. New Parking apps (facilities customer access to parking) 7. Settlement of billboard issue at Railroad Square 8. Consolidated trash and recycling service in Parking Lot 2 (improves public health and aesthetics) 9. New articulating gate arm at 842 Palm Street structure 10. Published 2012-13 Annual Report 11. Installed donation meters to deter panhandling downtown (component of Major City Goal on Homelessness) 12. Hired consultant and started the Parking Organizational Assessment 13. Expanded pilot program for downtown overnight parking to parking in lot 14 14. Approval of the Mission Orchard residential parking district (addresses long-standing community issue) Garden Street Terraces Within the last few months the City renegotiated the Garden Street Terraces Memorandum of Agreements (MOU). The new agreement improves the overall financial implications for the City but changes many of the prior assumptions for the Parking Fund. The Parking Fund is made whole with these changes and will also receive additional parking in-lieu fees. This project is assumed to begin July 2015. The following list details the assumptions changed in the last year. 1. The Parking Fund loan to the Applicant is reduced from $2.4 Million to $500,000. 2. The estimated loan repayment amount has been lowered from $165,000 a year to $36,000. 3. The applicant is no longer paying $1.86 Million in lost on-site public parking replacement fees. 4. The estimated base rent of $204,379 is assumed to go to the Parking Fund for approximately 9 years to make the fund whole due to the loss of the parking replacement fees. Thereafter the rent will go to the General Fund. 5. Addition of $245,960 in Parking In-Lieu fees for 13 unmet parking spaces not provided in the project. Chinatown The Chinatown project assumptions have not changed other than staff’s estimate on when the first phase will begin. The applicant originally estimated construction would begin this July, however construction plans have yet to be submitted. Staff estimates it will take about a year from first building permit submittal until actual construction work will begin. Staff now estimates a construction start date of July 2015. All other assumptions can be found in the attached Fund Analysis. Palm-Nipomo Debt Service The Palm-Nipomo parking structure assumptions have not significantly changed except for the estimated annual cost of the debt service. In the last year the City has hired a new Financial Advisor and staff requested they take a fresh look at the debt service estimate for the Palm Nipomo parking structure. Their new estimate is $100,000 more per year, increasing the annual B2d - 2 2014 Parking Fund Review Page 3 amount from $1.3 million to $1.4 million per year. Estimates are based on current market rates and may be lower or higher at the time the City builds the structure. Expense Changes There have been a few minor changes to the Parking expenses in the last year. 1. The Parking Fund repayment of the increased CalJPIA expense of $83,500 was paid in 2012-13, it was originally reported to be paid in 2013-14. 2. The Parking Fund is also sharing in the cost of the current CalJPIA retrospective adjustments in the amount of $10,796 (workers compensation) and $977 (liability insurance) which were added to 2013-14 expenses. 3. The Mission Orchard residential permit district added $21,200 for the signs and parking meters being installed in that area. Parking Fund Revenues Parking revenues continue to be healthy with the investment in two full years of credit card meters, Sunday parking services, and increased residential parking enforcement. Council approved these changes to provide additional capital for the construction and operation of the Palm-Nipomo parking structure. These increases can be seen directly in meter revenues and indirectly in structure revenues. The higher “super-core” rate of $1.50 an hour motivates more drivers to park in structures that have half the hourly rate ($0.75 an hour) with the first 60 minutes free. Long term and lease revenues have remained stable while fine and investment revenues have decreased. Fine revenues have declined partially due to the convenience of our credit card meters and more compliance with the parking rules throughout the City. One interesting trend is that, excluding Sunday enforcement, we have issued 9% less expired meter violations annually since the credit card meters were installed. There is a sharp decrease in interest earnings is the result of the steady decline in the number of higher yielding investments from the city’s portfolio as they mature over time and are replaced with equally credit worthy but lower yielding investments. Parking In-Lieu fees continue to rise and fall based on major redevelopments like Chinatown and Garden Street Terraces. These fees although shown as revenues are to be used for the construction and maintenance of public parking. The large payments of parking in-lieu fees will assist the City with the pending construction of Palm-Nipomo. Table 1: Parking Fund Revenue Trends 2008-092009-102010-112011-122012-132013-142014-15 Revenues ActualActualActualActualActual RevisedRevised Metered Lots 362,800392,100402,900426,142519,900525,100 530,300 Meters on Street 1,036,0001,141,9001,193,0001,204,7531,305,6001,312,000 1,325,100 Structures 743,000713,700739,500756,008821,600822,600 863,800 Long-Term Parking 376,900349,900364,200394,569386,700387,600 391,500 Leases 216,400204,800209,300204,743205,300216,100 218,300 Parking In-Lieu 15,10012,80015,4004,449822,30018,300 18,500 Parking Fines 770,500690,500645,500536,669631,100701,300 708,300 Investments 442,100292,200165,400154,91633,60035,000 21,000 Totals3,962,8003,797,9003,735,2003,682,2494,726,1004,018,000 4,076,800 B2d - 3 2014 Parking Fund Review Page 4 The $1.50 an hour “super-core” credit card meters continue to be successful for our customers and the City. The percentage of revenue derived from credit card acceptance has increased from 29% in 2012 to 42% in 2014. This trend suggests that the public is increasingly making use of the credit card option for paying a parking meter. From a financial perspective it means higher credit card revenues along with higher costs for merchant fees and meter company expenses. In 2013 we received $324,460 in credit card revenue and paid $98,727 for credit card merchant fees and expenses. These fees and expenses were identified as a program cost and covered by the higher meter rates in the super-core area where credit card capable meters were installed. Why not add more credit card meters? From a customer service standpoint, it would be ideal if all of the City’s parking meters accepted credit cards. These meters provide a second option of payment and lowers the chance someone will get an expired parking meter ticket. However, credit card meters are not always cost effective. For example, 10-hour meters with a rate of $0.75 an hour may not cover the minimum monthly cost of $5.75 for gateway and software expenses. While Parking Services does not propose additional credit card capable meters at this time, Staff does propose relocating the 200 credit card meters located in the lots of the Garden Street Terraces and Chinatown projects. The meters will be moved to other high demand parking areas with $1.25 an hour rate when those projects move forward. Once all high demand parking areas are served by credit card meters, staff will evaluate the feasibility of using credit card meters at locations with lower hourly meter rates. City Council may want to provide direction to staff to study specific areas to add more credit card meters, incrementally or on a much wider basis. Each addition can be studied to see whether it is worth the $600 per meter capital investment and the associated expenses currently about $245 a year per meter. As of the date of this report there are approximately 1,120 parking meters that only accept coins. As expressed above staff is not recommending this action at this time. FISCAL IMPACT Attached to this report is a detailed analysis of the Parking Fund revenues, expenditures, and changes in financial position. The 2014 Parking Fund Analysis includes the key assumptions used in preparing Fund projections. Consistent with the analysis presented to the Council in this report and in the 2013-15 Financial Plan, there are sufficient funds to support operations, capital projects, and debt service needs of the Parking Fund. ALTERNATIVES Council, at its discretion, can adopt all or part of the of the requested significant operating program changes, capital improvement projects, or revenue enhancements presented in this report. ATTACHMENTS 1. 2014 Parking Fund Analysis t:\council agenda reports\2014\2014-06-03\enterprise fund review (grigsby-mattingly)\parking enterprise fund reivew\car 2014 pkg fund rev.docx B2d - 4 ATTACHMENT 1 Parking Enterprise Fund 2013-14 Financial Plan Supplement Parking Enterprise Fund 2014 Fund Analysis June 10, 2014 B2d - 5 Attachment 1 Page 2 2014 Parking Fund TABLE OF CONTENTS Contents I. OVERVIEW ........................................................................................................................... 3 II. 2011-13 FINANCIAL PLAN ................................................................................................. 3 a. Summary of Operating Programs ........................................................................................ 3 b. Capital Improvement Program ............................................................................................. 3 c. Revenues .............................................................................................................................. 4 d. Debt Service ......................................................................................................................... 4 III. ASSUMPTIONS .................................................................................................................. 5 1. General Assumptions ........................................................................................................... 5 2. Parking Lots ......................................................................................................................... 5 3. Street Parking ....................................................................................................................... 6 4. Parking Structures ................................................................................................................ 6 5. Long Term Parking .............................................................................................................. 6 6. Parking Leases ..................................................................................................................... 6 7. Parking In-Lieu .................................................................................................................... 6 8. Investment Earnings............................................................................................................. 7 9. Parking Fines ....................................................................................................................... 7 10. Transportation & General Government Expenses ........................................................... 7 11. Capital Improvement Plan (CIP) Expenses ...................................................................... 8 12. Debt Service ..................................................................................................................... 8 IV. EXHIBIT A – 2013-15 Changes in Financial Position ....................................................... 9 B2d - 6 Attachment 1 Page 3 2014 Parking Fund Report I. OVERVIEW This report presents the financial condition of the Parking Fund, based on the revised 2013-15 Financial Plan and changes to fund during the current 2013-14 fiscal year. The Chinatown and Garden Street Terraces projects have been programmed in July 2015, however these projects may or may not occur in the time frames projected. The Palm- Nipomo parking structure is programed in July 2017 to show the future fiscal impacts to the Parking Fund. This report also reflects the final payment of the debt service for the 842 Palm Street and original Marsh Street structures in 2014-15. This review highlights a healthy fund in its ability to support both current and anticipated expenses, capital projects, and debt service obligations while maintaining the minimum 20% reserve level in working capital in accordance with the City Financial Management policies. II. 2013-15 FINANCIAL PLAN a. Summary of Operating Programs Below is the summary of the revised 2013-15 Financial Plan operating budget projections for the Parking Services Enterprise Fund. 2013-142014-152015-162016-172017-18 BudgetBudget ProjectedProjectedProjected Staffing 1,193,000$ 1,179,900$ 1,209,400$ 1,239,600$ 1,270,600$ Contract Services 718,600$ 653,800$ 670,200$ 686,900$ 704,100$ Other Operating Expenses 203,000$ 211,000$ 216,900$ 223,000$ 229,200$ CalJPIA Retrospective Work Comp 10,800$ CalJPIA Retrospective Alloc. Lib.1,000$ Credits -$ -$ (22,200)$ (22,700)$ (30,600)$ Total Parking Services 2,126,4002,044,7002,074,3002,126,8002,173,300 b. Capital Improvement Program Below is the summary of the revised 2013-15 Financial Plan capital project budget projections for the Parking Services Enterprise Fund. The table below shows the 2013-15 Capital Improvement Program and assumptions for capital projects in the Parking Fund. The Palm-Nipomo Parking Structure is projected for July 2017; the earliest date at which construction could occur. B2d - 7 Attachment 1 Page 4 Parking Capital Program 2013-142014-152015-162016-172017-18 BudgetBudget ProjectedProjectedProjected Parking Lot Resurfacing (lots 2,3,11)99,400$ Fleet Replacement: 2 Go-4s 78,800$ Fleet Replacement: Administration Vehicle 27,100$ Fleet Replacement: Utility Vehicle 27,100$ Retrofit of 919 Palm Stairs 50,000$ Palm Nipomo Construction 23,600,000$ Marsh Lighting Replacement 130,000$ Mobil Lifts & Safety Stands 2,000$ IT MS Office Replacement 5,700$ IT Document Management 2,400$ IT Firewalls 5,500$ IT Network Security Upgrades 3,100$ IT Network Switching Repl.9,500$ IT Enterprise Storage Growth 1,300$ IT Radio Replacement 10,100$ IT Storage Capacity Upgrade 5,600$ Carryover from Previous Years 1,800,200$ Total Parking Capital Program 2,197,800$ 17,200$ -$ 27,100$ 23,615,700$ c. Revenues Parking Fund revenues have increased with the addition of credit card parking meters and Sunday parking in 2012. Like other City revenues, it is anticipated that revenues will continue to steadily grow with the economy. Revenue projections assume a conservative 1% annual growth. A periodic rate adjustment of 10 % is assumed in 2015-16 and every 3 years thereafter. 2012-13 2013-142014-152015-162016-172017-18 Actual Revised ProjectionProjectionProjectionProjection Revenues Service Charges Parking Meter Collections Lots 519,900 525,100530,300349,900353,400344,400 Streets 1,278,300 1,311,9001,325,0001,520,1001,535,3001,550,600 Parking Structure Collections 821,600 822,600863,8001,044,2001,054,7001,071,400 Long-Term Parking Revenues 386,700 387,600391,500430,600434,900439,300 Lease Revenues 205,300 216,100218,300480,500482,900485,300 Parking In-Lieu Fees 822,200 18,30018,5001,105,30020,60020,800 Other Service Charges 27,300 100 100 100 100 100 Total Service Charges 4,061,300 3,281,7003,347,5004,930,7003,881,9003,911,900 Investment and Property Revenues 33,600 35,00021,00023,40031,00036,800 Fines and Forfeitures 631,100 701,300708,300700,200710,800710,700 Other Revenues Total Revenues 4,726,000 4,018,0004,076,8005,654,3004,623,7004,659,400 d. Debt Service Debt Service for 842 Palm and the original Marsh parking structures ends in 2014-15. Debt Service for the Palm - Nipomo Parking Structure is scheduled to begin in July 2017, the earliest date the project could occur. B2d - 8 Attachment 1 Page 5 Parking Debt Service 2013-142014-152015-162016-172017-18 BudgetBudget ProjectedProjectedProjected 842 Palm & Marsh until Jun 2014 502,079 Marsh Expansion until Aug 2031 422,197421,399420,577419,729418,856 919 Palm until Jun 2036 540,439537,847540,439539,899538,755 Palm-Nipomo until 2048 702,088 Dispatch Center Upgrade until Jun 2039 9,900 9,900 9,8009,8009,800 1,474,600969,100970,800969,4001,669,500 III. ASSUMPTIONS The following assumptions have been programmed into the long term forecast of the Parking Fund. The Chinatown and Garden Street Terraces projects will impact three of the City’s parking lots. For consistency in Fund projections, the estimated project dates are assumed at the soonest the projects could occur. If the projects occur later than anticipated, it will allow for additional revenues to accumulate for the Fund. 1. General Assumptions Minimum working capital (reserve) should equal at least 20% of the total Operating Program expenditures according to the City's fiscal policy and Standard and Poor's rating criteria. Based upon this policy, the minimum reserve level should be approximately $540,000 to $600,000. The year-end working capital greatly exceeds the minimum reserve policy levels. 2. Parking Lots a. Assumes a conservative 1% growth in parking demand. b. Consistent with previously adopted policies, 10% rate increases are assumed for 2015-16 and every 3 years thereafter for periodic rate adjustments. c. The Memorandum of Agreement between the City of San Luis Obispo and Garden Street SLO Partners, L.P., assumes that all parking spaces for Lot 2 will be eliminated when the project begins. The soonest this will occur is July 2015. All parking-related direct revenues will cease for this location in 2015-16. d. The first phase of the Chinatown project that removes parking for the Monterey Street development will reduce parking revenues in Parking Lots 3 & 11 by approximately 41 parking spaces. It is assumed that there will be an approximate loss of 25% of parking revenue in Lot 3 and a 32% loss of parking revenue in Lot 11. The soonest this will occur is July 2015. e. It is anticipated that some of the drivers that would have parked in Lots 2, 3, and 11 will instead park in garages due to the loss of lot parking spaces. With the first hour free policy in garages, it is anticipated that only 50% of the revenues formally tied to Lots 2, 3, and 11 will be retained through garage parking fees. f. Some of the credit card meters removed in Lots 2, 3, and 11 will be relocated to Lot 10 and increase revenues by approximately 38%. g. Parking revenues from Lot 14 will cease due to the construction of the Palm- Nipomo parking structure in 2017-18. h. It is anticipated that the drivers that park in Lot 14 will shift to buying 10 hour meter permits when Palm-Nipomo construction begins on the site of Lot 14 in 2017-18. B2d - 9 Attachment 1 Page 6 3. Street Parking a. Assumes a conservative 1% growth in parking demand. b. Consistent with previously adopted policies, 10% rate increases are assumed for 2015-16 and every 3 years thereafter for periodic rate adjustments. c. Some of the credit card meters removed from Lots 2, 3, and 11 will be relocated to high demand street locations and increase the revenue at those locations by approximately 38%. 4. Parking Structures a. Assumes a conservative 1% growth in parking demand. b. Consistent with previously adopted policies, 10% rate increases are assumed for 2015-16 and every 3 years thereafter for periodic rate adjustments. c. It is anticipated that some of the drivers that would have parked in Lots 2, 3, and 11 will instead park in garages due to the loss of lot parking spots. Due to the first hour free policy in garages, it is anticipated that only 50% of the revenues formerly tied to Lots 2, 3, and 11 will be retained through garage parking fees. 5. Long Term Parking a. Assumes a conservative 1% growth in parking demand. b. Consistent with previously adopted policies, 10% rate increases are assumed for 2015-16 and every 3 years thereafter for periodic rate adjustments. c. The proposed 10-hour Residential Meter Permit increase is not included in the revenue projections. 6. Parking Leases a. Assumes a conservative 1% growth in parking demand. b. Section 16 of the Memorandum of Agreement between the City of San Luis Obispo and Garden Street SLO Partners, L.P. states that the Parking Fund will loan the developer $500,000, assumed in 2015-16. In the same year, the developer will begin repayment to the City Parking Fund by paying approximately $36,000 per year for 10 years with a balloon payment at the end of the 10 years. 7. Parking In-Lieu a. Under City ordinance the developer for Garden Street is responsible for payment of parking in-lieu fees for the unmet parking demand for the Garden Street Terraces project. Staff estimates that number at 13 spaces (13 x $18,920 = 245,960) with payment estimated to occur in 2015-16. b. Under City ordinance the developer for the Chinatown project, the developer is responsible for payment of in-lieu fees for the unmet parking demand of the Monterey Street development. Staff estimates that number at 45 spaces. (45 x 18,920 = 851,400) with payment estimated to occur in 2015-16. c. According to the agreement for the Chinatown and the EIR mitigation measure San Luis Obispo Resolution No. 9960, Section 4 states that the parking in-lieu fee will be adjusted on July 1 of each year by the annual percentage change in the B2d - 10 Attachment 1 Page 7 U.S. Bureau of Labor Statistics consumer price index for all urban consumers for the prior calendar year. This is estimated at 2.8% for the five (5) years within this report. The one-time payment for the replacement of public parking removed for the Chinatown Project is adjusted by CPI according to the Agreement. 8. Investment Earnings a. Assumes projected interest earnings of 0.5% annually. 9. Parking Fines a. Assumes a conservative 1% growth in parking demand. b. Transfer of parking fines to the Police Department is approximately $104,000 annually. c. State and County surcharges of $13 per paid parking citation is added then deducted from fine revenues. d. A total 10% decrease in fine revenues is due to the loss of 62 parking spaces resulting from the construction of the Garden Street Terraces Project starting in 2015-16. e. Parking fine revenues are not reduced for the loss of 41 parking spaces resulting from the construction of the first phase of the Chinatown Project-Monterey Street development starting in 2015-16 because it is currently under-used. f. A total 1% decrease in fine revenues due to the loss of Lot 14 for the construction of Palm-Nipomo parking structure in 2017-18. g. 10% rate increases are assumed for 2015-16, and every 3 years thereafter for periodic fine adjustments. h. The proposed $50 increase of the disabled parking fine to $338 to cover the County Linkage surcharge is not included in the revenue projections. 10. Transportation & General Government Expenses a. Transportation operating expenses were increased by $8,400 in 2013-14 and $8,600 in 2014-15 in response to the SOPC request for additional state mandated fire alarm testing and inspection. b. Transportation operating expenses were increased by $7 7,400 in 2013-14 and $16,200 in 2014-15 in response to the SOPC request for the Parking Organizational Assessment and Staffing Retention. c. Transportation operating expenses attributed to Parking Lot 2 will decrease by $22,200 in 2015-16 and thereafter. d. Transportation operating expenses attributed to Parking Lot 14 will decrease by $7,400 in 2017-18 and thereafter. e. Contract Services cost adjustments reflect projected annual CPI increases of 2.5% in staffing costs and 2.8% in other operating expenses. f. General Government expenses were increased to $609,300 in 2013-14 due to recent changes in the City’s methodology for calculating direct and indirect costs in the Cost Allocation Plan. B2d - 11 Attachment 1 Page 8 g. One time repayment of the Parking Fund’s portion of the CalJPIA increase of $83,500 occured in 2012-13. h. Non-staffing savings of 2.25% bi-annually are programmed beginning 2014-15, and 2016-17 (found in Other Sources – Savings Non-Staffing). i. Staffing savings of 2% are programmed in 2014-15 and 2.5% annually thereafter (found in Other Sources – Savings Staffing). j. CalPers costs will see an increase of 1% in 2014-15 and another 1% in 2015-16 and annually thereafter (found in Other Sources – PERS Contribution). k. One time CalJPIA payment for the retrospective adjustment for Workers Compensation of $10,796 and Allocation Liability of $977 in 2013-14. 11. Capital Improvement Plan (CIP) Expenses a. The Palm Nipomo parking structure construction is estimated at $23.6 million in 2017-18. There will be a $6,000,000 contribution from working capital and $17,600,000 proceeds from debt financing or Bond Issuance. b. Assumes Finance and Information Technology capital projects that have associated Parking Fund support will occur in the projected years. 12. Debt Service a. Debt service for the 2004 Lease Revenue Bonds for 842 Palm Street and original Marsh Street parking structures ends in 2014-15, reducing annual bond payments by $500,000 annually. b. Assumes a 30-year level debt service, net proceeds of $17,600,000 and bond issuance on July 1, 2018. Interest payment and principal payment is due beginning in 2017-18, estimated at $1.4 million annually. B2d - 12 Attachment 1 Page 9 IV. EXHIBIT A – 2013-15 Changes in Financial Position 2013-15 PARKING FUND FINANCIAL SCHEDULES B2d - 13 CHANGES IN FINANCIAL POSITION - PARKING FUND BUDGET 2012-132013-142014-152015-16 2016-172017-18 Actual Revised Budget ProjectionProjectionProjectionProjection Revenues Service Charges Parking Meter Collections Lots 519,900 525,100 530,300 349,900 353,400 344,400 Streets 1,278,300 1,311,900 1,325,000 1,520,100 1,535,300 1,550,600 Parking Structure Collections 821,600 822,600 863,800 1,044,200 1,054,700 1,071,400 Long-Term Parking Revenues 386,700 387,600 391,500 430,600 434,900 439,300 Lease Revenues 205,300 216,100 218,300 480,500 482,900 485,300 Parking In-Lieu Fees 822,200 18,300 18,500 1,105,300 20,600 20,800 Other Service Charges 27,300 100 100 100 100 100 Total Service Charges 4,061,300 3,281,700 3,347,500 4,930,700 3,881,900 3,911,900 Investment and Property Revenues 33,600 35,000 21,000 23,400 31,000 36,800 Fines and Forfeitures 631,100 701,300 708,300 700,200 710,800 710,700 Other Revenues Total Revenues 4,726,000 4,018,000 4,076,800 5,654,300 4,623,700 4,659,400 Expenditures Operating Programs Transportation 1,848,500 2,126,400 2,044,700 2,074,300 2,126,800 2,173,300 General Government 592,100 609,320 604,200 604,200 604,200 604,200 Total Operating Programs 2,440,600 2,735,720 2,648,900 2,678,500 2,731,000 2,777,500 Capital Improvement Plan Projects 56,300 2,197,800 17,200 - 27,100 23,615,700 Debt Service 1,498,700 1,474,600 969,100 970,800 969,400 1,669,500 Total Expenditures 3,995,600 6,408,120 3,635,200 3,649,300 3,727,500 28,062,700 Other Sources (Uses) Cashflow adjustment for working capital (27,800) Savings Non-Staffing 19,447 252,360 Savings Staffing 23,328 30,235 30,991 31,766 PERS 1% Contribution (5,400) (11,200) (11,400) (11,700) Proceeds from Debt Financing 17,600,000 Other (100,700) (500,000) Potential MOA Adjustments Total Other Sources (Uses)(128,500) - 37,375 (480,965) 271,951 17,620,066 Revenues and Other Sources; Over (Under) Expenditures and Other Uses 601,900 (2,390,120) 478,975 1,524,035 1,168,151 (5,783,234) Working Capital, Beginning of Year 5,985,100 6,587,000 4,196,880 4,675,855 6,199,890 7,368,041 Working Capital, End of Year 6,587,000 4,196,880 4,675,855 6,199,890 7,368,041 1,584,806 Reserve 547,144 529,780 535,700 546,200 555,500 B2d - 14