HomeMy WebLinkAbout06/06/2000, 4C - PARKING FUND REVIEW 2000-01 Council o0
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CITY OF SAN LUIS O B I S P O
FROM: Michael D. McCluskey,Public Works Director MV-
Prepared By: David Elliott, Administrative Analyst
SUBJECT. Parking Fund Review 2000-01
CAO RECOMMENDATION
Review and discuss the worksheet"Changes in Working Capital-Parking Fund"
DISCUSSION
The attached worksheet, "Changes in Working Capital-Parking Fund",projects sources of
revenue and uses of revenue for the parking fund over the five year period from 2000-01 to 2004-
05.
00405. Worksheet projections are based on the following assumptions:
1. Revenue from parking meters, garage fees,passcard sales,meter permits,and fines will
increase by one percent each year due to increased parking demand.
2. Parking meter rates will increase by 10 cents per hour in January 2003 as called for in
Municipal Code Section 10.52.010.
3. Annual parking garage revenue will increase by$100,000 after completion of the Marsh
Street Parking Garage Expansion in 2001-02.
4. Annual lease revenues will increase by$25,000 after completion of the Marsh Street
Parking Garage Expansion in 2001-02.
5. Interest earnings will decline as cash balances are used for capital projects.
6. Proceeds from a loan or from a bond issue in the amount of$5.4 million will finance
appropriations for the construction phase of the Marsh Street Parking Garage Expansion.
7. Operations appropriations will increase by three percent each year.
8. Operating the Marsh Street Parking Garage after expansion will cost an additional$50,000
each year beginning in 2001-02.
9. Capital project appropriations from fund balance will include:
10. $60,000 in 2000-01 for Railroad Square Parking Lot Resealing
11. $2,400 in 2000-01 for a portion of Office Application Software Replacement
12. Debt service on for the Marsh Street Parking Garage Expansion will cost$432,000 each
year. In 2000-01,half of this annual cost will be incurred.
13. 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:
1. Current parking rates plus planned future increases will cover all planned operating
expenses, capital outlays, and debt service obligations from 2000-01 through 200405,
including additional debt service for construction of the Marsh Street Parking Garage
Expansion.
4C-1
Council Agenda Report—Parking Fund Review 2000-01
Page 2
2. After building the Marsh Street Garage Expansion 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$7.5 million
worth of future construction.
3. After allowing for all reserve requirements, in 2003-04 there will be about$5 million
available from the unappropriated parking fund balance for future capital appropriations.
ATTACHMENT
1. Changes in Working Capital- Parking Fund
Parlang Fund Review 00-01
4C-2
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