HomeMy WebLinkAbout06-10-2014 B2d PPP Pkg Fund Rev 2013-14.pdf2013-14 Parking Fund Review
City Council
June 10, 2014
Overview
The Parking Fund continues to be healthy.
Revenues and service levels are higher with
the investment of Credit card meters,
Sundays, and increased neighborhood
enforcement.
The Garden Street Terraces and the
Chinatown projects will likely necessitate the
building of the Palm Nipomo parking
structure.
Major Accomplishments 2013-14
2014-15 Parking Budget
$3.64 Million
27%
32%
18%
6%
17%
0%
Debt Service
Staffing
Contract Services
Operating
General Gov't
CIPs
2014-15 Revenues
$4.08 Million
13%
33%
21%
10%
1% 17%
0%
5% Meters-Lots
Meters-Streets
Structures
Long-Term
Investments
Fines
Parking In-Lieu
Lease
Major Assumption Changes
Garden Street Terraces
Lost parking mitigation reduced from $1,860,000 to $0
Loan to developer reduced from $2,400,000 to $500,000
Loan repayment reduced from $165,000 for 30 years to
$36,000 for 10 years
Rent increased from $0 to $204,379 for 9 years
In-Lieu for unmet parking increased from $0 to $245,960
Chinatown Phase 1
Anticipated start date moved from July 2014 to July 2015
Palm-Nipomo
Estimated debt service increased from $1.3 million per
year to $1.4 million per year
Questions/Comments
CHANGES IN FINANCIAL POSITION - PARKING FUND BUDGET
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Actual Revised
Budget Projection Projection Projection Projection
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 547144 529780 535700 546200 555500
9
Capital Improvement Projects
Parking Capital Program 2013-14 2014-15 2015-16 2016-17 2017-18
Budget Budget Projected Projected Projected
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 $ 0.00 $ 27,100 $ 23,615,700
Revenue Comparison
Revenues 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Actual Actual Actual Actual Actual Revised Revised
Metered Lots 362,800 392,100 402,900 426,142 519,900 525,100 530,300
Meters on Street 1,036,000 1,141,900 1,193,000 1,204,753 1,305,600 1,312,000 1,325,100
Structures 743,000 713,700 739,500 756,008 821,600 822,600 863,800
Long-Term Parking 376,900 349,900 364,200 394,569 386,700 387,600 391,500
Leases 216,400 204,800 209,300 204,743 205,300 216,100 218,300
Parking In-Lieu 15,100 12,800 15,400 4,449 822,300 18,300 857,400
Parking Fines 770,500 690,500 645,500 536,669 631,100 701,300 708,300
Investments 442,100 292,200 165,400 154,916 33,600 35,000 30,000
Totals 3,962,800 3,797,900 3,735,200 3,682,249 4,726,100 4,018,000 4,924,700
2014-15 Operating Budget
$2.65 Million
44%
25%
8%
23% Staffing
Contract Services
Operating
General Gov't
Key Assumptions
Interest on Investments
Reduced from 2% to 0.5% of fund balance
CalJPIA
Adjustment increased $10,796 + $977 in 2013-14
Other
Revenues from 100 IPS credit card meters moved after
GST & CT lot closures to Zone B and Zone G