Title
Ordinance No. 20-73 amending Ordinance No. 19-87 (2020 Appropriation Ordinance) for a supplemental appropriation to the Parking Enterprise Fund in the amount of $1,100,000 for additional funding of smart technology parking meters
Presenter:
Scott Lee, Parking Enterprise Director
Chris Wheeler, City Budget Manager
Body
Summary:
The Parking Enterprise is requesting a supplemental appropriation in the amount of $1,100,000 for the purchase of smart technology parking meters to speed up the planned replacement of existing parking meters in the remainder of downtown and Old Colorado City. The 2020 budget for the Parking Enterprise Fund includes $500,000 to replace approximately 1,000 meters, and installation is in progress in the downtown area. The planned total of metered parking stalls is 3,000. This appropriation will allow for the purchase of the remaining 2,000 meters in 2020, rather than 2021 and beyond.
Background:
The original plan was to replace approximately 1,000 parking meters in 2020 utilizing the budget of $500,000. The remaining installation of 2,000 meters, to meet the goal of 3,000 total, was to be initiated in 2021. Other benefits to speeding up the replacement of existing meters with smart technology meters are:
• Contactless functionality - due to the COVID-19 pandemic, it is more important than ever to provide as many contactless services as possible and the smart meters utilize the free Park Mobile app to allow patrons to ‘feed’ the meter from their phone or device
• Reduced repairs of existing meters - there has been a significant increase in the amount of repairs needed for the existing (old) meters, leading to increased expenditures and lost revenue
• Removal of the 2- hour time limit - smart meters offer progressive pricing, standard rate for first 2 hours, increases for hour 3, and again for hour 4. This will encourage patrons to use the parking structures for longer stays, but will still allow for usage of metered spots for longer stays
• Available Spaces feature - the free Park Mobile app will soon contain a feature that will show available spaces in downtown, but only for the smart meters.
There are several impacts of delaying the replacement of meters. There will continue to be increased repair expenditures on existing meters, and reduced revenue due to meter downtime. It will delay and limit the data that Parking Enterprise can utilize to forecast future parking needs. The ‘available space’ function of the Park Mobile app will be delayed, as the implementation will not happen until more of the smart meters are installed. There will be inconsistency for a longer period of time between old meters, and the new ones, possibly causing frustration and confusion for users. Businesses and patrons have expressed how much they like the new options available with the smart meters and Park Mobile app.
Previous Council Action:
On December 5, 2019, City Council approved the 2020 Budget per Ordinance No. 19-87, which included the appropriation of $500,000 in the Parking Meter Replacement project within the Parking Enterprise Fund.
Financial Implications:
The supplemental appropriation increases the 2020 Parking Enterprise Fund project expenditure budget by $1,100,000. The source of these funds is the available fund balance in the Parking Enterprise Fund. After this supplemental appropriation, there will be over $20 million remaining in the Parking Enterprise Fund balance. There is no impact to the General Fund.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
This request was discussed with the City Council Budget Committee on August 11, 2020.
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move approval of the attached ordinance amending Ordinance No. 19-87 (2020 Appropriation Ordinance) for a supplemental appropriation to the Parking Enterprise Fund in the amount of $1,100,000 for additional funding of smart technology parking meters
Summary of Ordinance Language
An Ordinance amending Ordinance No. 19-87 (2020 Appropriation Ordinance) for a supplemental appropriation to the Parking Enterprise Fund in the amount of $1,100,000 for additional funding of smart technology parking meters