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Home My WebLink About209-22 RESOLUTION113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 209-22 File Number: 2022-0804 RECOGNIZING ADDITIONAL REVENUE FOR PARKING FACILITIES AND SERVICES: A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $100,000.00 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 $100,000.00 recognizing additional revenue and associated expenses for certain parking facilities and services. PASSED and APPROVED on 9/20/2022 Attest: Kara Paxton, City Clerk Treasurer Page 1 Printed on 9122122 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 Text File File Number: 2022-0804 Agenda Date: 9/20/2022 Version: 1 Status: Passed In Control: City Council Meetinq Agenda Number: A.2 File Type: Resolution RECOGNIZING ADDITIONAL REVENUE FOR PARKING FACILITIES AND SERVICES: A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $100,000.00 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 $100,000.00 recognizing additional revenue and associated expenses for certain parking facilities and services. City of Fayetteville, Arkansas Page 1 Printed on 912212022 City of Fayetteville Staff Review Form 2022-0804 Legistar File ID 9/20/2022 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item Justin Clay 8/25/2022 PARKING MANAGEMENT (430) Submitted By Submitted Date Division / Department Action Recommendation: A resolution to approve a budget adjustment for $100,000 to recognize additional revenue and associated expenses for certain parking facilities and services. Budget Impact: Multiple Parking Account Number Project Number Budgeted Item? Yes Current Budget Funds Obligated Current Balance Does item have a cost? No Item Cost Budget Adjustment Attached? Yes Budget Adjustment Remaining Budget Fund Project Title $ 105,358.00 $ 92,678.00 12,680.00 $ 100,000.00 112,680.00 V20210527 Purchase Order Number: Previous Ordinance or Resolution # Change Order Number: Approval Date: Original Contract Number: Comments: The financial section totals all expense accounts listed on the budget adjustment. CITY OF FAYETTEVILLE ARKANSAS MEETING OF SEPTEMBER 20, 2022 TO: Mayor and City Council CITY COUNCIL MEMO THRU: Susan Norton, Chief of Staff Chris Brown, Public Works Director & City Engineer FROM: Justin Clay, Parking Manager DATE: August 25, 2022 SUBJECT: 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 $100,000 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. Through July 2022, the following parking facilities exceeded 2021 revenues by 46% 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 2022 with more locations utilizing this convenient method of payment. • Meadow Street Parking Deck leased to the Graduate Hotel: Increase $20,000 • UA West Avenue Annex Lot: Increase $10,000 • Town Center Parking Deck: Increase $22,000 • Gregg Avenue Lot: Increase $15,000 • ParkMobile: Increase $33,000 BUDGET/STAFF IMPACT: Staff is requesting to recognize revenue in the amount of $100,000 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: Budget Adjustment Mailing Address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar) Budget Year Division Adjustment Number /Org2 PARKING MANAGEMENT (430) 2022 Requestor: Justin Clay BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: A resolution to approve a budget adjustment for $100,000 to recognize additional revenue and associated expenses for certain parking facilities and services. RESOLUTION/ORDINANCE COUNCIL DATE: 9/20/2022 LEGISTAR FILE ID#: 2022-0804 Hovy 3lack� 8/26/2022 8:09 AM Budget Director Date TYPE: D - (City Council) JOURNAL #: GLDATE: 9/2/2022 CHKD/POSTED: TOTAL 100,000 100,000 v.20220818 Increase / (Decrease) Proiect.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 2130.430.9130-4426.06 - 14,000 RE Parking Lot Rent - 3rd Level 2130.430.9130-4426.08 - 6,000 RE Parking Lot Rent - Hotel Parking Revenue 2130.430.9130-5711.03 20,000 - EX Parking Transfer - Transfer to Hotel 2130.430.9130-4426.10 - 22,000 RE Parking Lot Rent - Lot 10 Town Center 2130.430.9130-5711.02 22,000 - EX Parking Transfer - Town Center Deck 2130.430.9130-4426.70 - 15,000 RE Parking Lot Rent - Gregg Ave Lot 2130.430.9130-5711.01 15,000 - EX Parking Transfer - Dickson Imp Dist 2130.430.9131-4426.53 - 10,000 RE Parking Lot Rent - Lot 53 West Annex 2130.430.9130-5711.04 10,000 - EX Parking Transfer - University of Arkansas 2130.430.9130-4410.00 - 10,000 RE Parking Meter Revenue - Base 2130.430.9130-5315.00 10,000 - EX Contract Services 2130.430.9131-4410.01 2130.430.9131-5315.00 - 23,000 23,000 - RE EX Parking Meter Revenue - Entertainment [ Contract Services H:\Budget Adjustments\2022_Budget\CITY COUNCIL\09-20-22\2022-0804 BA Parking Revenue Increase 1 of 1