Based on data through December 31, Pasadena’s parking meter revenue is trending up by 43% to $260,000 over the second quarter of Fiscal Year 2021.
But it still is not expected to reach pre-COVID-19 levels.
“If revenue remains steady it is estimated to end FY 2022 approximately 12% ($188,000) over budget due to the upward trend in meter revenue,” according to a staff report. “Although meter revenue has increased, and with the approved $184,000 from the American Rescue Plan Act; meter revenue is still estimated to end $238,000 less than pre-COVID levels.”
On August 16, City Council approved the appropriation of $184,000 from the American Rescue Plan Act (ARPA) to the Old Pasadena Parking Meter Fund. The ARPA funds will offset revenue losses due to the impacts of COVID-19 and will be reflected in future financial updates as the City follows guidance issued by the U.S. Treasury Department.
As COVID-19 becomes more contained, parking demand continues to increase and improve the financial outlook for all parking operations. However, until the revenue has returned to pre-COVID levels, we should continue to remain vigilant of expense
Old Pasadena Parking Meter Zone Advisory Commission will hear details of the report at 11 a.m. on Thursday, Jan. 20.
The city continues to explore options for managing expenses as revenues stabilize.
Based on data through December 31, credit card Transaction fees and passport payment app fees have increased due to increased meter transactions.
The fund is estimated to end the fiscal year with a fund balance of $1,218,155 which is made up of $518,155 available for appropriations and $700,000 in reserves for Operations and Meter replacement.
According to reports, more people are driving and avoiding public transit in an effort to avoid the virus.
In the U.S., 53% said they would be less likely to use public transportation in the future, according to a Detroit Free Press report on the survey.