FY25 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, 2023 was $1,610,595, a $21,086 or 1.3% decrease from fiscal year 2022. 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 2024, the unassigned fund balance is estimated to decrease by $134,456 or 8.3%. This increase is projected with expectations that the Parking Fund will be returned to normal operations and be free of any bonded debt.

(1) FY24 - FY26 figures are estimates

The fiscal year 2025 unassigned fund balance is expected to decrease by $1,944,041 or 131.7%. This increase is projected due to increasing hourly ramp parking, metered parking and citations.

This assigned fund balance in fiscal year 2025 represents $195,000 held in capital reserves and $303,702 in restricted parking impact fees.

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