Submitted By
Tammie Grossman, Director Development Customer Services
Agenda Item Title
Title
Presentation on Parking Fund Revenue Increases
End
Overview
Overview
As part of the 2018 Budget Process, the Board has been reviewing the parking fund revenues. On October 23, 2017, staff presented several options. The Board was able to come to consensus on the addition of $5 per quarter to the permit fees. The Village Ordinance increasing permit fees was adopted on November 20, 2017 and will result in an increase in revenues by $105,350. The remainder of the revenue proposals will be reviewed during this presentation.
End
Anticipated Future Actions/Commitments
Recommendation
Once the Village Board provides direction on the revenues, ordinances implementing the changes will be presented. The following options (Exhibit 1) are available to the Board:
1. Charge after 60 minutes in Holley Court and Lake and Forest Garages which will generate approximately $334,236 in additional revenue
2. Charge for the first hour Monday through Saturday at all three garages which will generate approximately $175,051 in additional revenue
3. Charge for parking in all three garages on Sundays which will generate approximately $361,453 in additional revenue
4. Charge $1 per hour for all meters 8am until 6pm which will generate approximately $329,184 in additional revenue
5. Charge 6pm until 10pm Monday through Saturday at all meters which will generate approximately $628,301 in additional revenue
6. Charge for parking on Sunday at the meters until 10pm which will generate approximately $397,052
Variations on these options are also possible and are outlined in the report below and attachments.
Body
Report
GARAGES
Fiscal Impact
The proposal of eliminating a half hour of free parking (Exhibit 2) will generate an annual increase of $338,654 (prior to subtracting the various subsidies: Employee Discount Cards, Large Employee and Boutique Hotel validation programs, free Sundays and h...
Click here for full text