HomeMy WebLinkAbout05/27/1997, 3 - PARKING FUND RATE REVIEW council M.-6n'�
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CITY OF SAN LUI'S OBISPO
FROM: Michael D.McCluskey,Public Works Direct %
Prepared by: David Elliott,AdministrativeAnalyss '
SUBJECT: Parking Fund Rate Review
CAO RECOMMENDATION
Review and discuss the parking fund rate review
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:
o Operations appropriations will be at levels proposed for the 1997-98 budget and will increase by
three percent each year.
0 Capital project appropriations from fund balance will include:
$30,000 in 1997-98 for Marsh Street Garage Repairs
$15,000 in 1997-98 for Marsh Street Garage Elastomeric Deck Coating
$15,000 in 1997-98 for Parking Garage Pressure Washing
$15,000 in 1997-98 for Palm Street Garage Wall Crack Sealing
$370,000 in 1997-98 for Parking Meter Replacement
$38,000 in 1997-98 for Parking Enforcement Scooter Replacement
$15,000 in 1997-98 for Light Pickup Truck Replacement
$65,000 in 1998-99 for Pahn Street Garage Repainting
$15,000 in 1998-99 for Marsh Street Garage Awning Replacement
$15,000 in 1998-99 for Parking Garage Thermoplastic Striping
$50,000 in 2000-01 for Railroad Square Parking Lot Resealing
0 Although parking garage patronage and revenue increased substantially in 1995-96 after
completion of the Downtown Centre,they will not increase significantly more until the new
garage expansion is built.
0 Parking meter rates will increase by 10 cents per hour in January 1998 as called for in Municipal
Code Section 10.52.010.
o Parking ticket fines will increase by two dollars in January 1998 after review of citation rates as
called for in the Parking Management.
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Council Agenda Report-Parldng Fund Rate Review
Page 2
0 Bond issue proceeds will finance planned appropriations in 1997-98 for the Marsh Street Parking
Garage Expansion and the Wells Fargo Parking Lot Acquisition.
G A reserve approximately equal to annual debt service will be maintained as required by
contractual obligations.
From this worksheet Public Works has drawn the following conclusions:
o Current parking rates plus planned future increases will cover all planned operating expenses,
capital outlays, and debt service obligations from 1997-98 through 2001-02, including additional
debt service for the Marsh Street Parking Garage Expansion and the Wells Fargo Parking Lot
Acquisition.
0 After building the Marsh Street Garage Expansion, acquiring the Wells Fargo Parking Lot, and
enacting planned increases in parking meter rates and parking ticket fines, starting in 2001-02
the parking fund will have about$400,000 available each year for additional debt service --
enough to finance about$4 million worth of future construction.
0 After allowing for all reserve requirements, in 2001-02 there will be about$3 million available
from the unappropriated parking fund balance for future capital appropriations.
Attachments
Changes in Working Capital - Parking Fund
I:\CouncitAgendaReports\ParkingRateReview
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