The on-street parking meter operations along South Lake Avenue have generated $104,814 in revenue for the second quarter of Fiscal Year 2022 – 57 percent — $38,000 higher than what was reported in the second quarter in fiscal year 2021 — but remain lower than pre-pandemic levels.
The revenues may be viewed as an indicator of rising and falling business activity.
According to a report submitted by the Pasadena Department of Transportation (DOT) to the South Lake Parking Place Commission, the figure is 17 percent or $22,000 below the revenue recorded in the same quarter prior to the pandemic.
The department also reported that meter revenues for the second quarter of FY 2022 in Shopper’s Lane are also trending upward by 227 % or $63,500 compared to FY 2021.
The overall revenue, which is $91,519, is lower by 18% or $20,000 if compared to pre-pandemic levels.
According to DOT, the expenses for Shopper’s Lane are estimated to end FY 2022 under budget by $414,000.
This is because of the reduction in property taxes for Shopper’s Lane lot parcels negotiated by retained legal counsel, in conjunction with a refund in the amount of $248,649 from LA County related to overpayment of property taxes.
The DOT, in its report said it anticipates that the meter revenues for both on-street parking and Shopper’s Lane will not return to pre-pandemic levels for the remainder of FY 2022.
It added that it will continue to explore options for managing expenses as revenues stabilize.
Full details regarding the report can be heard by the public during the meeting of the South Lake Parking Place Commission on January 27 at 9:00 a.m.
Agendas and related documents are available on the city website: https://www.cityofpasadena.