CR 02-179 Parking Permit Rate Increase
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. November 19, 2002 HOPKINS Council Report 2002-179
Rate Increase - Yearly/Quarterly Parking Permits
Proposed Action
Staff recommends adoption of the following motion: Move to approve an increase in the
yearlv and Quarterlv parkinQ permit rates of 8.3% and 8.6% respectivelv. with new 2003
rates in the amount of $130 per year and $38 per Quarter,
Overview
Rates for public parking permits have not increased since for two years. Current fees are $2
per day, $15 per month, $35 per quarter and $120 per year. An increase in the yearly and
quarterly parking permit rates would help to offset increased maintenance costs relating to the
public parking lots and the municipal ramp.
Staff recommends that the yearly parking permit rate be increased to $130 per year,
representing an 8.3% increase over the 2002 rate of $120. In addition, staff recommends that
quarterly parking permit rates be increased to $38 per quarter, representing an 8.6% increase
over the current 2002 rate of $35. Costs for daily/single event and monthly permits would
remain unchanged.
. Primary Issues to Consider
. Why increase parking permit rates?
. Past permit rates.
~?$E/ -~~
Steve hmer
Assistant to the City Manager
Financial Impact: $ Budgeted: Y IN Source:
. Related Documents (CIP, ERP, etc.):
Notes:
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. Analvsis of Primary Issues
. Why increase parking permit rates?
The proposed rate increase is intended to help keep pace with inflation and increased
maintenance costs, due in part to the aging municipal parking ramp. Additional costs include
permit printing, brochure printing and administration/enforcement of parking regulations. To
avoid large percentage increases which can occur if rates are not increased over a span of
several years while costs continue to rise, rates should be raised every two to three years to
keep pace with inflation and rising maintenance costs. The parking fund balance is budgeted to
decrease by approximately $82,000 in 2002 and by $36,000 in 2003.
. Past permit rates.
Year Parkin~ Rates (Yearly/Quarterly)
2002 Unchanged
2001 $120/$35
2000 UnchanQed
1999 UnchanQed
1998 Unchanged
1997 $110/$32
1996 $105/$30
1995 $100/$28
. 1994 $96/$26.75
1993 UnchanQed
1992 $92/$25
Staff Recommendation
Staff recommends approving an increase in the yearly and quarterly parking permit rates of
8.3% "and 8.6% respectively, with new 2003 rates in the amount of $130 per year and $38 per
quarter.
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