Financing Future
Parking Growth
Options For Financing Parking In
Accordance With The 2005 Walker
Parking Consultants Findings And
Recommendations
1
Pertinent Facts

Today parking is a self supporting
subsidiary with only two sources of
revenue:



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

Approximately 800,000 tickets are sold for events
on campus each year





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
Doesn’t allow for conditions during MS
Freeway construction...700-900 cars per
day could come to us for parking
Doesn’t allow for SGA altering off campus
bus service ...average daily ridership of
3,500+ per day
4
Option 1:
Effects on permit price
Current
FY06
FY07
FY08
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
$1.00
$1.25
$1.25
5
Option 2: Plan/construct 2nd 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
Students bear brunt of increase
Lower paid employees may not be able to
keep up


Parking in commuter/satellite seen as negative
Across the board flat rate increase

Achieving parity sends FS rates up even more
6
Option 2:
Effects on permit price
Current
FY06
FY07
FY08
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
$1.20
$1.25
$1.50
7
Option 3: Plan/construct 2nd 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
Excludes student discounted tickets



2nd level benefits of surcharge
Events not selling tickets handled on caseby-case basis
Income from “Park and Pay” machines is
generated after first year
8
Option 3:
Effects on permit price
Current
FY06
FY07
FY08
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
$1.00
$1.25
$1.25
9
Option 4: Plan/construct 2nd parking garage and
expand satellite parking using parking surcharge
revenue and raise permit to ‘near’ market rate by 2009

Answers Walker Parking’s recommendation
to increase parking rates



Achieve parity between F/S and Student
Set all rates at “market value”
Three models considered:



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
Current
FY06
FY07
FY08
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
Garage Reserved
$428
$992
$1,162
$1,293
Summer Student
$48
$67
$90
$108
Summer Garage
$107
$134
$181
$217
Park and Pay
$1.00
$1.00
$1.25
$1.50
$45.00
$45.00
Bus Fare**
$45.00
11
Option 4: Parity and $100 Satellite Cap
Effects on permit price
Current
FY06
FY07
FY08
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
$1.00
$1.25
$1.50
$45.00
$45.00
$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
Generates, at most, an additional $120,000
revenue
Will not fund additional surface parking or
garage debt service
13
Option 5:
Effects on permit price
Current
FY06
FY07
FY08
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
$1.00
$1.25
$1.25
14
Options 1 through 4:
Bottom Line Comparison
Current
Option 1/5
Option 2
Option 3
Option 4
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
$1.25
$1.50
$45.00
$45.00
$45.00
$45.00
Bus Fare**
15
Recommendation

Adopt Option 3




Event parking surcharge
Expanded park and pay
No more than 5% increase in permit prices
Makes all parking fall under one department


Solves issue of who pays for shuttles for athletic events
Provides latitude to charge CVPA less for their events
16