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HomeMy WebLinkAbout287-24 RESOLUTIONFile Number: 2024-749 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 287-24 ADDITIONAL PARKING REVENUE (BUDGET ADJUSTMENT): A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $68 ,200.00 RECOGNIZING ADDITIONAL REVENUE AND ASSOCIATED EXPENSES FOR CERTAIN PARKING FACILITIES AND SERVICES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section I : That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, in the amount of $68 ,200.00 recognizing additional revenue and associated expenses related to the Town Center Parking Deck , Gregg Avenue Lot , Meadow Street Municipal Deck and ParkMobile. PASSED and APPROVED on December 4 , 2024 (____ Page 1 Mailing address: 113 W. Mountain Street Fayetteville, AR 72701 www.fayetteville-ar.gov CITY COUNCIL MEMO 2024-749 MEETING OF DECEMBER 4, 2024 TO: Mayor Jordan and City Council THRU: Susan Norton, Chief of Staff Chris Brown, Public Works Director FROM: Justin Clay, Parking Manager SUBJECT: A resolution to recognize additional revenue and associated expenses for certain parking facilities and services and approve a budget adjustment RECOMMENDATION: Staff is requesting approval of a budget adjustment in the amount of $68,200 to recognize additional revenue and associated expenses for certain parking facilities and services. BACKGROUND: The City manages certain parking facilities that are owned or leased to third parties, collects revenues for those facilities, and transfers the net revenues to the owners/lessees of those parking facilities. DISCUSSION: Through October 2024, the following parking facilities are on pace to exceed projected revenues, necessitating a budget adjustment to recognize the expected additional revenue and the off-setting expenses for the transfer of revenue for the remainder of the year. In addition, the utilization of the ParkMobile app has increased considerably in 2024 with more users adopting this convenient method of payment. • Town Center Parking Deck: $12,000 • Gregg Avenue Lot: $31,000 • Meadow St. Municipal Deck: $3,000 • ParkMobile: $22,200 BUDGET/STAFF IMPACT: Staff is requesting to recognize revenue in the amount of $68,200 for these parking facilities and services. The increase in revenue will offset the associated expenses related to the transfer of these net revenues back to each entity. ATTACHMENTS: SRF (#3), BA (#4) Page 1 City of Fayetteville, Arkansas Legislation Text 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 File #: 2024-749 A resolution to recognize additional revenue and associated expenses for certain parking facilities and services and approve a budget adjustment A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $68,200.00 RECOGNIZING ADDITIONAL REVENUE AND ASSOCIATED EXPENSES FOR CERTAIN PARKING FACILITIES AND SERVICES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, in the amount of $68,200.00 recognizing additional revenue and associated expenses related to the Town Center Parking Deck, Gregg Avenue Lot, Meadow Street Municipal Deck and ParkMobile. City of Fayetteville Staff Review Form 2024-749 Item ID 12/3/2024 City Council Meeting Date - Agenda Item Only N/A for Non-Agenda Item Justin Clay 11/13/2024 PARKING MANAGEMENT (430) Submitted By Submitted Date Division / Department Action Recommendation: Staff is requesting approval of a budget adjustment in the amount of $68,200 to recognize additional revenue and associated expenses for certain parking facilities and services. Budget Impact: 2130.930.913x-xxxx.xx Parking Account Number Fund N/A N/A Project Number Project Title Budgeted Item?Yes Total Amended Budget $2,665,320.00 Expenses (Actual+Encum)$1,821,991.70 Available Budget $843,328.30 Does item have a direct cost?No Item Cost $- Is a Budget Adjustment attached?Yes Budget Adjustment $68,200.00 $35.00 Remaining Budget $911,528.30 V20221130 Purchase Order Number:Previous Ordinance or Resolution # Change Order Number:Approval Date: Original Contract Number: Comments: City of Fayetteville, Arkansas - Budget Adjustment (Agenda) Budget Year Division /Org2 PARKING MANAGEMENT (430) Adjustment Number 2024 Requestor:Justin Clay BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: A BA is needed to recognize additional revenue and associated expenses for certain parking facilities and ParkMobile transaction fees. COUNCIL DATE:12/3/2024 ITEM ID#:2024-749 Holly Black 11/13/2024 8:03 AM Budget Division Date TYPE:D - (City Council) JOURNAL #: GLDATE: RESOLUTION/ORDINANCE CHKD/POSTED:/ v.20241029TOTAL68,200 68,200 Increase / (Decrease)Project.Sub# Account Number Expense Revenue Project Sub.Detl AT Account NameGLACCOUNTEXPENSEREVENUEPROJECTSUBATDESCRIPTION X 2130.430.9130-4426.08 -3,000 RE Parking Lot Rent - Hotel Parking Revenue 2130.430.9130-4426.10 -12,000 RE Parking Lot Rent - Lot 10 Town Center 2130.430.9130-4426.70 -31,000 RE Parking Lot Rent - Gregg Ave Lot 2130.430.9130-5315.00 6,000 -EX Contract Services 2130.430.9130-5711.01 25,000 -EX Parking Transfer - Dickson Imp Dist 2130.430.9130-5711.02 12,000 -EX Parking Transfer - Town Center Deck 2130.430.9130-5711.03 3,000 -EX Parking Transfer - Transfer to Hotel 2130.430.9131-4410.01 -19,000 RE Parking Meter Revenue - Entertainment District 2130.430.9131-4426.60 -1,000 RE Parking Lot Rent - School Ave Lot 2130.430.9131-5315.00 20,000 -EX Contract Services 2130.430.9132-4426.14 -1,000 RE Parking Lot Rent - Spring St Municipal Parking Deck 2130.430.9132-5315.00 1,000 -EX Contract Services 2134.430.9134-4410.00 -1,200 RE Parking Meter Revenue - Base 2134.430.9134-5315.00 1,200 -EX Contract Services -- 1 of 1