Financing Future Parking Growth Options For Financing Parking
- Slides: 16
Financing Future Parking Growth Options For Financing Parking In Accordance With The 2005 Walker Parking Consultants Findings And Recommendations 1
Pertinent Facts n Today parking is a self supporting subsidiary with only two sources of revenue: n n n Permit Sales Citation Revenue Parking is a UNIVERSITY RESOURCE being used by the community but paid for by faculty, staff, and (primarily) students 2
More Pertinent Facts n Approximately 800, 000 tickets are sold for events on campus each year n n n Estimated 68, 000 USA concert/Performing arts Remaining 732, 000 are football/basketball/baseball Parking does not get any event parking revenue Federally funded parking does not contribute to system Park and Pay operations are not universally distributed across campus today 3
Option 1: No parking growth and continue with current parking and price structure (3% cost of living increase only) Easiest option to implement. . . parking permit prices will only keep pace with inflation n Doesn’t allow for conditions during MS Freeway construction. . . 700 -900 cars per day could come to us for parking n Doesn’t allow for SGA altering off campus bus service. . . average daily ridership of 3, 500+ per day n 4
Option 1: Effects on permit price Current FY 06 FY 07 FY 08 Satellite $75 $77 $79 $81 Commuter $118 $122 $126 $130 Residence Hall $139 $143 $147 $151 Surface Area Reserved $139 $143 $147 $151 Garage Area Reserved $268 $276 $284 $293 Surface Reserved $401 $413 $425 $438 Garage Reserved $428 $441 $454 $468 Summer Student $48 $49 $50 $52 Summer Garage $107 $110 $113 $116 Park and Pay $1. 00 $1. 25 5
Option 2: Plan/construct 2 nd parking garage and expand satellite parking using only existing sources of revenue with expanded park and pay Permit prices go up significantly over several years n Students bear brunt of increase n Lower paid employees may not be able to keep up n n n Parking in commuter/satellite seen as negative Across the board flat rate increase n Achieving parity sends FS rates up even more 6
Option 2: Effects on permit price Current FY 06 FY 07 FY 08 Satellite $75 $95 $118 $122 Commuter $118 $150 $186 $192 Residence Hall $139 $177 $219 $226 Surface Area Reserved $139 $177 $219 $226 Garage Area Reserved $268 $340 $422 $435 Surface Reserved $401 $509 $631 $650 Garage Reserved $428 $544 $675 $695 Summer Student $48 $61 $76 $78 Summer Garage $107 $136 $169 $174 Park and Pay $1. 00 $1. 25 $1. 50 7
Option 3: Plan/construct 2 nd parking garage and expand satellite parking using additional sources of revenue and 5% across the board rate increase $2 per ticket parking surcharge on every event ticket sold on campus n Excludes student discounted tickets n n 2 nd level benefits of surcharge Events not selling tickets handled on caseby-case basis n Income from “Park and Pay” machines is generated after first year n 8
Option 3: Effects on permit price Current FY 06 FY 07 FY 08 Satellite $75 $79 $83 $87 Commuter $118 $124 $130 $137 Residence Hall $139 $146 $153 $161 Surface Area Reserved $139 $146 $153 $161 Garage Area Reserved $268 $281 $295 $310 Surface Reserved $401 $421 $442 $464 Garage Reserved $428 $449 $471 $495 Summer Student $48 $50 $53 $56 Summer Garage $107 $112 $118 $124 Park and Pay $1. 00 $1. 25 9
Option 4: Plan/construct 2 nd parking garage and expand satellite parking using parking surcharge revenue and raise permit to ‘near’ market rate by 2009 n Answers Walker Parking’s recommendation to increase parking rates n n n Achieve parity between F/S and Student Set all rates at “market value” Three models considered: n n n Residence Halls as pivot point (much too low) Satellite parking break even as anchor point A ‘happy medium’ where satellite is capped at arbitrary $100 10
Option 4: Parity and Satellite Break-Even Effects on permit price Curre nt FY 06 FY 07 FY 08 Satellite $75 $101 $136 $163 Commuter $118 $134 $181 $217 Residence Hall $139 $179 $241 $288 Surface Area Reserved $139 $246 $331 $397 Garage Area Reserved* $268 $492 $662 $793 Surface Reserved $401 $746 $831 $897 $1, 29 3 Garage Reserved $428 $992 $1, 16 2 Summer Student $48 $67 $90 $108 Summer Garage $107 $134 $181 $217 Park and Pay $1. 00 $1. 25 $1. 50 $45. 0 11
Option 4: Parity and $100 Satellite Cap Effects on permit price Current FY 06 FY 07 FY 08 Satellite $75 $83 $92 $100 Commuter $118 $110 $122 $133 Residence Hall $139 $147 $163 $177 Surface Area Reserved $139 $202 $224 $243 Garage Area Reserved* $268 $404 $448 $487 Surface Reserved $401 $702 $724 $743 Garage Reserved $428 $904 $948 $987 Summer Student $48 $55 $61 $67 Summer Garage $107 $110 $122 $133 Park and Pay $1. 00 $1. 25 $1. 50 $45. 00 Bus Fare** 12
Option 5: 3% cost of living increase, event surcharge for non-athletic events, expanded park and pay Will be unpopular with Visual and Performing Arts n Generates, at most, an additional $120, 000 revenue n Will not fund additional surface parking or garage debt service n 13
Option 5: Effects on permit price Current FY 06 FY 07 FY 08 Satellite $75 $77 $79 $81 Commuter $118 $122 $126 $130 Residence Hall $139 $143 $147 $151 Surface Area Reserved $139 $143 $147 $151 Garage Area Reserved $268 $276 $284 $293 Surface Reserved $401 $413 $425 $438 Garage Reserved $428 $441 $454 $468 Summer Student $48 $49 $50 $52 Summer Garage $107 $110 $113 $116 Park and Pay $1. 00 $1. 25 14
Options 1 through 4: Bottom Line Comparison Curr ent Option 1/5 Satellite $75 $81 $122 $87 $100 Commuter $118 $130 $192 $137 $133 Residence Hall $139 $151 $226 $161 $177 Surface Area Reserved $139 $151 $226 $161 $243 Garage Area Reserved $268 $293 $435 $310 $487 Surface Reserved $401 $438 $650 $464 $743 Garage Reserved $428 $468 $695 $495 $987 Summer Student $48 $52 $78 $56 $67 Summer Garage $107 $116 $174 $124 $133 Park and Pay $1. 00 $1. 25 $1. 50 $45. 00 Bus Fare** Option 2 3 4 15
Recommendation n Adopt Option 3 n n Event parking surcharge Expanded park and pay No more than 5% increase in permit prices Makes all parking fall under one department n n Solves issue of who pays for shuttles for athletic events Provides latitude to charge CVPA less for their events 16
- Future perfect and future continuous exercises with answers
- Future perfect future continuous future perfect continuous
- Geometric growth vs exponential growth
- Carothers equation
- Neoclassical growth theory vs. endogenous growth theory
- Primary growth and secondary growth in plants
- Organic vs inorganic growth
- Plant growth analysis
- Chapter 35 plant structure growth and development
- Eudicot
- Aviva future focus 2 drawdown
- Future in the past continuous
- Future nurse programme
- Future perfect x
- Future perfect
- Future continuous travel
- Kondicional 1 engleski