Thursday, October 22, 2009

How Much Money Does The City Make From Parking

This isn't what I would call a "hot button issue" right now, but I had to look this information up today, and I want to write it down before I forget it. I actually called city finance director Tim Elliot to verify this information, and was immediately reprimanded the the Political Bloggers Alliance (Local 637) for breaking their "RAM" business model for blogging: Rumors, Attacks, & Misnomers.

So, for no particular reason other than you might like to know, here are some facts about parking costs and revenues in 2010.

-The parking garages are managed by Park America. The city will pay them $1.02 million and they will manage and staff the garages and 2 lots owned by the city.

-The garages and 2 lots will generate about $3.7 million in revenue (which the city gets).

-The garages and lots will produce a surplus (profit) of about $800,000, after accounting for depreciation, the money paid to Park America, debt service on the bonds issued to build the garages, and other expenses.

-If you want to know how much money each specific garage produces, you can look at the budget for the Central Services Department.

-The garages and lots are collectively known as "off street parking" and the budget details can be found in the "off street parking enterprise fund".

-The on-street parking is listed in the budget as "parking operations". Parking operations are listed in the budget for the transportation department but as of last year they are actually a part of the police department.

-Expenditure on parking operations is estimated to be $739,000. $680,000 of that is salaries and benefits for parking enforcement officers, and the rest is gas for their vehicles, and other things.

-Parking operations revenue is budgeted at $1.8 million: $900,000 each from parking meters and citations.

-Parking operations therefore results in a surplus (profit) of about $1.06 million.

-The city plans to collect $78,500 through the sale of residential parking permits.

So, to answer the question that is the title of this post:

$800,000: profit from off-street parking (garages and lots)
$1,061,000: profit from parking operations (meters and tickets)
$78,500: sales of residential parking permits
_______
$1,939,500 total 2010 profit associated with parking.

3 comments:

Anonymous said...

Why not raise the meter rates to 50 cents. Get the same revenue. Fire the friendly meter maids and save $680K in the process?

annapolitrix said...

How 'bout making all on-street parking free? It would alleviate the problem in residential neighborhoods, businesses would do better (compete against Mall & Parole) and the diff could be made up in business taxes paid to the city.

Anonymous said...

Why not make downtown Annapolis pedestrian-only from the top of Main Street to City Dock, and from the Eastport Bridge to Gate 1 of the Academy? Then we start to enjoy our city!