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Home My WebLink About05/29/2001, 3 - PARKING FUND REVIEW 2001-02 C', � � I council °�° sow acEnaa RepoRt I'�mH 3 CITY O F SAN LUIS O B I S P O FROM: Michael D. McCluskey, Public Work Director Prepared By: David Elliott, Administrative Analyst SUBJECT: Parking Fund Review 2001-02 CAO RECOMMENDATION Consider and accept the Parking Fund Review DISCUSSION Assumptions Used for Financial Projections 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 2001-02 to 2005-06. Worksheet projections are based on the following assumptions:. 1. Revenue from parking meters, garage fees, pass card sales, meter permits, and fines will increase by one percent each year due to increased parking demand. 2. Annual fine and forfeiture revenue will rise by $50,000 when approved increases to parking fines take effect in July 2001. 3. Annual parking garage revenue will rise by $123,000 when an approved reduction to the initial free parking period takes effect in July 2001. 4. Annual parking garage revenue collections will rise by $25,000 when an approved increase in the daily maximum parking rate takes effect in July 2001. 5. Annual long-tern parking revenue will rise by$7,500 after an approved increase to the monthly rate for long-term parking takes effect in July 2001 6. Annual parking garage revenue will rise by $250,000 after completion of the Marsh Street Parking Garage Expansion in September 2002. 7. Annual lease revenues will rise by $25,000 after completion of the Marsh Street Parking Garage Expansion in September 2002. 8. Annual parking meter collection revenue will rise by $254,200 when meter rates increase by 10 cents per hour in January 2003 as called for in Municipal Code Section 10.52.010. 9. Annual parking garage revenue will rise by$138,800 when garage parking rates increase by 10 cents per hour in January 2003 to keep pace with the meter rate increase. 10. Proceeds from a loan or bond issue in the amount of$7.9 million will finance appropriations for the construction phase of the Marsh Street Parking Garage Expansion. 11. Annual debt service for the Marsh Street Parking Garage Expansion will cost about $627,000 starting in 2002-03. 12. Proceeds from a bond issue in the amount of$14.9 million will finance appropriations for land acquisition, design, and construction of the North Area Regional Facility (NARF).. 13. Annual debt service for the NARF will cost about $1,100,000 starting in 2005-06. - - 3- 1 Council Agenda Report—Parking Fund Review 2001-02 Page 2 14. After 2002-03, operations appropriations will increase by three percent each year. 15. CIP project appropriations will include: • North Area Regional Facility-Parking @ $100,000 in 2001-02, $140,000 in - 2002-03, $1,350,000 in 2003-04, and $13,500,000 in 2004-05 • Palm Street Garage Glare Deflector Replacement @ $75,000 in 2001-02 • Parking Facilities GIS Application @ $18,000 in 2001-02 • Parking Meter Housing Replacement @ $150,000 in 2001-02 • Parking Meter Software Upgrade @ $20,000 in 2001-02 • Marsh Street Parking Garage Repainting @ $70,000 in 2002-03 • Palm Street Garage Lighting Replacement @ $90,000 in 2002-03 • Parking Lot Resealing @ $125,000 in 2002-03 • Parking Lot Lighting Replacement @ $40,000 in 2003-04 • Marsh Street Garage Lighting Replacement @ $85,000 in 2004-05 16. There will be one significant operating program change: Additional Parking Garage Staffing @ $7,800 per year starting in 2001-02 and another$17,300 per year starting in 2002-03. 17. According to Council direction, there will an additional $20,000 appropriated each year in the operating budget for parking demand reduction. 18. A reserve approximately equal to annual debt service will be maintained as required by contractual obligations. Projections do not include potential financial effects of the Chinatown Historical District/Court Street development project, although there is apparently enough financial capacity to accommodate those effects. Also, projections do not anticipate increases to parking in-lieu fees. Conclusions From the worksheet Public Works has drawn the following conclusions:. 1. Current parking rates plus planned future increases will coverall planned operating expenses, capital outlays, and debt service obligations from 2001-02 through 2005-06, including additional debt service for construction of the Marsh Street Parking Garage Expansion and the NARF. 2. After building the Marsh Street Garage Expansion and the NARF, annual revenues and expenditures will be nearly equal, although additional revenue from operation of the NARF have not been calculated or included in projections. Capital outlays and program expansions after 2004-05 will have to come from a) increases in parking fees b)NARF operating revenue or c)unappropriated fund balance. 3. After allowing for all reserve requirements, in 2005-06 there will be about $6.4 million available from the unappropriated parking fund balance. 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