FY2022

PARKING FUND The Parking Fund accounts for the activities of the City’s parking operations. The Parking Fund is an enterprise fund and is a fully self-sustaining business-like activity. Revenues are primarily derived from parking meter revenue, parking ramp revenue, and parking fines. Fund Balance: The Parking Fund’s unassigned fund balance on June 30, 2020 was $2,171,686, a 70.7% decrease from fiscal year 2019. The decrease was due to the COVID-19 pandemic. The Parking Fund experienced tremendous revenue loss starting in March 2020 when the pandemic hit. In June 2020, the City agreed to an early retirement of the Harrison Street Parking Ramp lease in order to improve monthly cash flow and to free itself of the lease’s covenants. The impact of the pandemic on the Parking Fund caused a sudden and immediate impact on fund balance. In fiscal year 2021, the unassigned fund balance is estimated to decrease 87.1% to $279,450. This decrease is due to a $750,000 transfer to the Capital Projects Fund and due to an estimated loss of revenue of approximately $1.1 million as a result of the pandemic.

Fund Balance (1)

$14,000,000

$12,000,000

$10,000,000

$8,000,000

$6,000,000

$4,000,000

$2,000,000

FY2018 $230,000 Unassigned $6,722,374 $7,405,105 $2,171,686 $279,450 $1,213,100 $1,926,875 $0 FY2019 FY2020 FY2021 FY2022 FY2023 Assigned $5,500,000 $3,790,663 $0 $0 $0

(1) FY21 - FY23 figures are estimates The fiscal year 2022 unassigned fund balance is expected to increase to by $933,650 or 334% to $1,213,100. This increase is projected with expectations that revenues will return to normal by fiscal year 2022.

This assigned fund balance in fiscal year 2023 represents funds held in capital reserves.

A parking impact fee, which deals with off-street parking requirements, is required for residential development in most of the Near Southside Neighborhood. The Near Southside is bound by Burlington Street to the north, Madison Street to the west, Gilbert Street to the east, and the Iowa Interstate Railway main-line to the south. The revenues from the impact fee are to provide parking facilities in the

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