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<br />REPORT <br /> <br />6.10 <br />Page 1 <br /> <br />To the Honorable Mayor and City Council <br />From th~ Ci' 'Ma, I:l.a.er <br />........".. ... . ,"".. ".. <br /> <br />June 1, 2009 <br /> <br />SUBJECT <br />Parking Fund programs - Informational update <br /> <br />ReCOMMENDATION <br />No action - information only at this time. <br /> <br />BACKGROUND <br />During the February 23 and March 9, 2009 Council Study Sessions for the Fiscal Year <br />2009-2010 budget, Council members requested additional information pertaining to how <br />Parking Fund resources are budgeted and expended. <br /> <br />The Parking Fund pays for parking-related expenditures incurred by Finance, Police, <br />Public Works Services (PWS), and Community Development Services (CDS). The <br />recommended Parking Fund budget for FY 2009-2010 is $2,049,658. Of this amount, <br />500/0 is budgeted for City employee costs, 420/0 for supplies and services (including <br />contracted parking management), and 80/0 for internal services. <br /> <br />The total Parking Fund budget and expenditures are distributed across five programs. <br />Amounts and percentages shown below reflect the recommended FY 2009-2010 <br />budget: <br /> <br />. Revenue Services (Finance): $68,763. 30/0 of Parking Fund budget. <br /> <br />Pays for the costs of collecting payments (currency and credit card transactions) <br />from the parking meters, the cost to reconcile the credit card payments received by <br />the digital meters, and all other financial and accounting activities undertaken in <br />connection with the Parking Fund. This program also pays for miscellaneous <br />supplies, such as the deposit bags used to send the money to the bank, deposit <br />slips, and miscellaneous office supplies. <br /> <br />City employee costs: 0.50 Parking Meter Collector, 0.09 Senior Accountant, 0.04 <br />Finance Director, and 0.02 Account Clerk II. <br /> <br />. Debt Service (Finance): $42,250. 20/0 of Parking Fund budget. <br /> <br />Funds interest payments on the $1.3 million loan made to the Parking Fund by the <br />capital projects fund when the Marshall Street Garage was constructed in 1993. <br /> <br />. Administrative Support Services (Finance): $2,055. <1 % of Parking Fund budget. <br /> <br /> <br />Pays for the Parking Fund's share of the annual financial audit. <br />