FY26 Proposed Budget

PARKING FUND

The Parking Fund accounts for the activities of the City’s park ing 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 F und’s unassigned fund balance on June 30, 2024 was $1,662,411, a $51,816 or 3.2% increase from fiscal year 2023. The Parking Fund experienced sudden and significant revenue loss starting in March 2020 when the pandemic hit. In fiscal year 2024, parking revenue was at approximately 96% of pre-pandemic levels.

In fiscal year 2025, the revised unassigned fund balance is estimated to decrease by $30,740 or 1.8%. This decrease is due to transfers to the capital reserve for future capital projects.

Fund Balance (1)

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

FY2023

FY2024

FY2025

FY2026

FY2027

$ 1,318,236 $2,004,015

Assigned

$463,702

$453,286

$718,236

$1,118,236

Unassigned $1,610,595

$1,662,411

$1,631,671

$1,848,071

(1) FY25 - FY27 figures are estimates.

The fiscal year 2026 unassigned fund balance is expected to increase by $216,400 or 13.3%. This increase is projected due to increasing hourly ramp parking, metered parking and citations in fiscal year 2025.

This assigned fund balance in fiscal year 2026 represents $814,534 held in capital reserves and $303,702 in restricted parking impact fees.

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