HomeMy WebLinkAbout05/23/1995, 5 - PARKING FUND RATE REVIEW 11111�I�gglp j� J� j City Of SAn LUIS OBISPO s 3AT 5
Mi;% COUNCIL AGENDA REPORT 1TF7 NUM ER:
FROM: Michael D. McCluskey, Public Works Directof-lb*k
Keith Opalewski, Parking Manager
PREPARED BY: David Elliott, Administrative Analys/
SUBJECT: Parking Fund Rate Review
CAO RECOMMENDATION:
Receive and file the parking fund rate review
DISCUSSION:
The attached worksheet "Changes in Fund Balance - Parking Fund" projects revenues and expenses
for the parking fund over the next four years. Worksheet projections are based on the following
assumptions:
0 Operating expenses will be at levels proposed in the 1995/97 Financial Plan and will increase
by four percent in 1997/98 and 1998/99.
0 Capital improvements will include:
acquiring a third parking garage site ($1,545,000)
resealing parking lots ($20,000)
renovating parking lot landscape areas and sidewalks ($40,000) .
improving information systems ($14,000)
The appropriations for these four projects will be made from current fund balances.
0 Parking patronage will not increase until new facilities are built.
o Parking meter rates will increase by 10 cents per hour in January 1998 as called for in
Municipal Code Section 10.52.010. ,
0 Parking ticket fines will increase by $2.00 in January 1998.
o A required reserve approximately equal to annual debt service will be maintained.
From this worksheet the public works staff has drawn the following conclusions:
0 Current parking rates will adequately cover all planned operating expenses, capital outlays,
and debt service obligations from 1995/96 through 1998/99.
0 After the planned increases in parking meter rates and parking ticket fines, starting in 1998/99
the parking fund will have about $550,000 available each year for additional debt service --
enough to finance about $5.5 million worth of future construction.
0 After allowing for all reserve requirements (including future debt service), in 1998/99 there
will be another $2.5 million available from the unappropriated parking fund balance to pay for
future construction.
ATTACEMIENT:
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AGENDA
DATE IL ITEM #
_ ►�y � _ Sass N
MEMBERS OF THE CITY COUNCII,
JOHN DUNN
MAY 23, 1995
REF: PROPOSED NIPOMO STREET PURCHASE
Earlier this month, the Business Improvement Association
parking committee was asked for input concerning the purchase of
property for future parking. Subsequently, two meetings were held
to discuss the purchase.
Time constraints prevented us from assembling a quorum at
either of these meetings, but those involved feel confident in
making the following recommendations subject to the approval of
the entire parking committee and the full board:
1. assurances from staff confirming adequate moneys are
available to complete our short term goals. Specifically adding onto
the Marsh Street structure and purchasing the Wells Fargo site.
2. should adequate funds not be available to complete short
term goals, the propertywould be sold and proceeds used to
complete those goals. OR otherequivalent assets•would be sold to
facilitate the completion of short term projects.
3. any studies required for the Marsh Street expansion should
be completed in-house, the logic being that if we are able to make
long term decisions we should be able to make short term decisions
as well. (You will recall a letter dated April 3, 1995 was addressed to
you regarding a BIA consensus of not doing a comprehensive study
to determine expansion of the Marsh Street structure or to identify
potential sites for acquisitions).
In conclusion, we believe the property in question fits the long
term requirements, but in no way should the purchase jeopardize
our short term direction or interfere with the moment underway.
Substantial energy has been spent developing consensus among city
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P.O.Bar 1402•Son Lair Obi"•C-1•93406.805/541-0296
Page 2
City Council/John Dunn
May 23, 1995
staff and BIA members concerning our future parking needs, we do
not wish to compromise that work, nor negate that energy.
Sincerely,
'ke Spangler
Chair
Parking Committee
cc: Peter Terhune
BIA President