HomeMy WebLinkAbout05/25/1999, 3 - PARKING FUND REVIEW council
j agenda Report 3
CITY OF SAN LUIS OBISPO
FROM: Michael D. McCluskey,Public Workz Director
Prepared By: David Elliott, Administrative Analys,
SUBJECT: Parking Fund Review
CAO RECOMMENDATION
1. Review and discuss the worksheet"Changes in Working Capital- Parking Fund"
2. Approve one minor adjustment to the preliminary budget for Parking
DISCUSSION
The attached worksheet, "Changes in Working Capital-Parking Fund",projects sources of
revenue and uses of revenue for the parking fund over the next five years. Worksheet projections
are based on the following assumptions:
• Operations appropriations will be at levels proposed for the 1999-00 budget and will increase
by three percent each year.
• Capital project appropriations from fund balance will include:
$20,000 in 1999-00 for Vehicle Replacement-Mid-Size Sedan
$100,000 in 1999-00 for Palm II Parking Garage-Study and Conceptual Design
$60,000 in 2000-01 for Railroad Square Parking Lot Resealing
$350,000 in 2000-01 for Palm Il Parldng Garage-Land Acquisition and Environmental Review
$2,400 in 2000-01 for a portion of Office Application Software Replacement
$1,300,000 in 2002-03 for Palm II Parldng Garage-Design
• Parking garage patronage and revenue will increase after completion of the Marsh Street
Parking Garage Expansion project.
• Parking meter rates will increase by 10 cents per hour in January 2003 as called for in
Municipal Code Section 10.52.010.
• Bond issue proceeds will finance appropriations for the construction phase of the Marsh
Street Parking Garage Expansion and the land acquisition phase of the Palm H Parking
Garage.
• A reserve approximately equal to annual debt service will be maintained as required by
contractual obligations.
From the worksheet Public Works has drawn the following conclusions:
• Current parking rates plus planned future increases will cover all planned operating expenses,
capital outlays, and debt service obligations from 1999-00 through 2003-04, including
additional debt service for construction of the Marsh Street Parking Garage Expansion and
land acquisition for the Palm II Parking Garage.
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Council Agenda Report—Parldng Fund Review
Page 2
• After building the Marsh Street Garage Expansion, acquiring land and designing the Palm II
Parking Garage, and enacting planned increases in parking meter rates, starting in 2003-04
the parking fund will have about$600,000 available each year for additional debt service—
enough to finance about$6 million worth of future construction.
• After allowing for all reserve requirements, in 2003-04 there will be about$4 million
available from the unappropriated parking fund balance for future capital appropriations.
FISCAL IMPACT
As the preliminary budget was being prepared, one minor contradiction occurred. Public Works
submitted a CIP project request to replace one sedan in 1999-00 at a cost of$20,000. Because of
a clerical error, the replacement year in the project phasing section of the request was shown as
2001-02 instead of 1999-00. Public Works is recommending adjustments to correct this problem
and clarify that the replacement year should in fact be 1999-00.
ATTACHMENT
Changes in Working Capital -Parking Fund
Packing Rmd Review 99-00
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