FY2023 Adopted Budget

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, 2021 was $1,969,620, a $202,426 or 9.3% decrease from fiscal year 2020. The decrease was due to the COVID-19 pandemic. The Parking Fund experienced sudden and significant revenue loss starting in March 2020 when the pandemic hit. In fiscal year 2022, the unassigned fund balance is estimated to increase by $116,706 or 5.9%. This increase is due to the estimated restoration of parking revenues back to pre-COVID levels.

(1) FY22 - FY24 figures are estimates The fiscal year 2023 unassigned fund balance is expected to increase to by $396,766 or 19%. This increase is projected with expectations that the Parking Fund will be returned to normal operations and be free of any bonded debt.

This assigned fund balance in fiscal year 2023 represents $300,000 held in capital reserves and $303,702 in restricted parking impact fees.

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 Near Southside. A formula is used to determine the amount of required off-street parking and the amount of required parking impact fee. The Neighborhood & Development Services department

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