FY2024 Proposed 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, 2022 was $1,589,509, a $379,751 or 19.3% decrease from fiscal year 2021. The Parking Fund experienced sudden and significant revenue loss starting in March 2020 when the pandemic hit and it has not yet fully recovered. In fiscal year 2023, the unassigned fund balance is estimated to increase by $374,765 or 23.6%. This increase is projected with expectations that the Parking Fund will be returned to normal operations and be free of any bonded debt.

(1) FY23 - FY25 figures are estimates The fiscal year 2024 unassigned fund balance is expected to decrease by $126,272 or 6.4%. This decrease is projected due to increased funding to capital projects. This assigned fund balance in fiscal year 2024 represents $160,000 held in capital reserves and $303,702 in restricted parking impact fees.

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