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Early Direction for the Fiscal Year 2024-25 Budget
<br />March 19, 2024
<br />Page 6
<br />Shall staff include an allocation of $700,000 in the proposed FY 2024-25 budget (an
<br />increase of $331,800 from baseline budget) to maintain service levels and process
<br />delinquency payments? Or shall staff seek an option with a lower level of service to fit
<br />within the baseline budget of $368,200?
<br />The current year budget included an allocation of $826,260 for the LAZ parking
<br />enforcement contract. The highest -scoring proposal for services included a cost of
<br />$1,153,368. The Police Department reduced the proposed service hours to arrive at a
<br />contract cost of $938,444 per year, which was approved by City Council on June 20,
<br />2023. The Police Department has found that the reduced level of service is not sufficient
<br />for the City's needs.
<br />Shall staff include an allocation of $1,153,368 in the proposed FY 2024-25 budget (an
<br />increase of $327,108 from baseline budget) to return to the previous level of service? Or
<br />shall staff maintain the decreased level of service and include an allocation of $938,444
<br />in the proposed FY 2024-25 budget?
<br />Downtown Parking Enterprise
<br />Prior to the COVID-19 pandemic in March 2020, the Parking Enterprise fund had been
<br />spending down the accumulated fund balance for three years to install automated parking
<br />garage equipment, new parking meters, and lighting improvements. Due to the decrease
<br />in parking rates requested by the downtown business community, the Parking Enterprise
<br />has received multiple General Fund subsidies to backfill the cost of operations. The table
<br />below illustrates the current deficit with variable parking rates.
<br />Parking Structure Parking Rate Analysis - Fiscal Year 2423-2424
<br />Total Fund 27 Expenditures
<br />Free Panting
<br />2-Hr Free Parking
<br />Status Quo
<br />1air Free Parking
<br />Regular Rates
<br />Parking Meter
<br />$1.715,39C
<br />$1,715,390
<br />$1.715.390
<br />51.715.390
<br />Sl 715.390
<br />Parking Structures
<br />$2.130.818
<br />$2,130,818
<br />$2.130.818
<br />52.130.518
<br />52.130.818
<br />EV Charging Stations
<br />$1212
<br />$1,212
<br />$1212
<br />51.212
<br />$1212
<br />Downtown Enhancement(includes Clean&Safe Program)
<br />$1,666,66C
<br />$1,066,660
<br />$1.066,666
<br />$1.066.660
<br />$1.066.666
<br />Contractor -H oliday Decor'
<br />$56,000
<br />$56,000
<br />$56,000
<br />$56,000
<br />$56,000
<br />Total:
<br />54.970.D80
<br />$4,970,080
<br />$4,970,080
<br />54.970.080
<br />$4.970.080
<br />"Cure: Wily paid with ARPA Funding
<br />Total Fund 27 Revenues"
<br />Free Parking
<br />2-Hr Free Parking
<br />Status Quo
<br />1-Hr Free Parking
<br />Regular Rates
<br />Parking Meter
<br />$0
<br />$1.555.268
<br />$1,463.780
<br />$1.751.315
<br />$1.930.825
<br />Parking Meter Fines
<br />$0
<br />$125510
<br />$125510
<br />$125.510
<br />$125,510
<br />Parking Structures
<br />$0
<br />$1,242,000
<br />$1,168,94C
<br />$1,398,559
<br />$1,541,911
<br />EVCharging StationsNisc Income
<br />$18.848
<br />$29.960
<br />$29.96C
<br />$29.960
<br />$29.960
<br />Earning on Investments
<br />$6.80C
<br />WHO
<br />$6,8CC
<br />$6.800
<br />$6.800
<br />Total:
<br />$25 648
<br />$2,959 538
<br />$2,794,991
<br />$3,312.144
<br />$3 635616
<br />'•Does not include Gene rat Fund Subsidy oi$1.8 minion
<br />Net Income (LOSS)
<br />($4,944,4321
<br />($4010,5421
<br />($2,175,090)
<br />($1,657,9361
<br />($1,335,0741
<br />Nate:
<br />Status Quo: free parking M-F 7am-5pm & 2hrs. Free evenings and weekends
<br />City Council
<br />26 — 6
<br />3/19/2024
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