Adopted Budget 2015-2016

Infrastructure - Parking Fund

BUDGET SUMMARY

2013-14

2014-15 Budget

2015-16 Adopted

2016-17 Projected

Actual

Expenditures:

Personnel Costs

545,976

657,870

759,169

789,899

Maintenance & Operations

1,120,712

1,882,154

2,140,012

1,906,726

Capital Outlay

0

0

28,500

0

Total

1,666,688

2,540,024

2,927,681

2,696,625

Total FTE Positions

11.000

13.000

13.750

13.750

Revenues:

Parking Fees

2,228,135

2,175,000

2,644,535

2,684,625

All Other

30,242 232,485

12,000 353,024

12,000 271,146

12,000

Appropriated Fund Balance

0

Subtotal

2,490,862

2,540,024

2,927,681

2,696,625

General Fund Contribution

0

0

0

0

Total

2,490,862

2,540,024

2,927,681

2,696,625

BUDGET HIGHLIGHTS

 The FY 15-16 Budget for the Parking Fund is increasing by $387,657, or 15.3%.  Three positions from the General Fund are being reallocated to other funds based on time allocation. Two of the positions, totaling .75 FTE, are being partially allocated to the Parking Fund at a cost of $58,485.  Based on the recommendations of an outside consultant, the City is increasing on-street and surface lot hourly rates and increasing monthly parking rates to prepare for capital and maintenance needs and to be more in line with peer city rates. The City is maintaining hourly deck rates. The rate increases will result in approximately $450,000 in additional parking revenue in FY 15-16.  An enhancement in FY 15-16 will provide an additional parking enforcement vehicle to help improve parking enforcement throughout downtown. The enhancement is being funded through the reduction of contract enforcement personnel, which will provide additional savings beyond the cost of the new vehicle. The net savings will be $1,500 in FY 15-16 and $30,000 in FY 16-17.  The FY 15-16 Budget includes approximately $700,000 in structural repairs and elevator upgrades at the Greene Street Parking Deck and Bellemeade Parking Deck.

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