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Parking Meter Revenue Down, but Actually Up

Published on Thursday, October 20, 2022 | 5:23 am
 

According to a memo by Management Analyst Gloria Flores, Pasadena’s parking meter revenue through September 30 shows an 8% decline compared to the first quarter of Fiscal Year 2022.

But there is a catch. 

“This is due to the payment of $63,329 for the transfer of the Wallet balance to Passport, which reduced revenue for the month of August,” according to the memo. “Payments to the Passport Wallet balance were inadvertently posted to revenue instead of being held in a liability account and credited as they were being used to pay for parking.”

“Without the deduction of the Wallet balance, meter revenue would be trending 6% ($27,000) over FY (Fiscal Year) 2022.”

The revenue account reflects almost $10,000 collected for metered parking recovery for on street dining permits. 

Last month, street dining was removed from five locations in Old Pasadena due to businesses opting out of the program. 

The City continues to explore options for managing expenses as revenues stabilize.

Based on data through September 30, Credit Card Transaction fees will come in over budgeted line item. 

“We anticipate offsetting the increase in transaction fees with savings in other line items to remain within budget.”

“The fund is estimated to end FY 2023 with a fund balance of $1,627,087 made up of $727,087 available for appropriations and $900,000 in reserves for Operations and Meter replacement. “DOT continues to work on finalizing the Parking Strategic Plan, which includes implementing an efficient parking and mobility program within the city,” the report states.

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