Ballston Public Parking Garage - Budget
BALLSTON PUBLIC PARKING GARAGE FUND Department of Environmental Services
Our Mission: To provide safe off-street parking at competitive rates for visitors to retail establishments and office workers in the Ballston area Ballston Public Parking Garage
Provide oversight to the parking contractor managing the day to day operations of the parking garage to ensure compliance with the County’s mandate to provide a user friendly public facility servicing the daily commuters, visitors to the mall, and the office workers in the Ballston area.
Coordinate with Ballston Public Parking Garage stakeholders on issues relating to garage construction, safety, operations, and parking rates.
Implement new policies and procedures to improve overall operations and at the same time reduce expenses and generate parking revenue to sustain the desired level of operational standards.
SIGNIFICANT BUDGET CHANGES The FY 2017 proposed expenditure budget for the Ballston Public Parking Garage fund is $10,495,855, a 59 percent increase from the FY 2016 adopted budget. The FY 2017 budget reflects:
Non-personnel expenses decrease for the garage management contract ($306,334), general custodial supplies ($70,620), office supplies ($11,196), utilities ($42,156) and fuel ($221), partially offset by increases for consultant services for design review, wayfinding and to mitigate construction impacts ($200,000), signage ($80,000), miscellaneous services ($14,379) and equipment repair ($67,611).
Capital Construction increases by 198 percent due to planned repairs to the 4th and 5th floor concrete slabs, and a planned $4 million contribution as part of the Ballston Quarter redevelopment.
Debt service decreases by $137,700 due to lower interest payments.
Revenues decrease by $612,003 due to loss of tenants during mall redevelopment.
PROGRAM FINANCIAL SUMMARY
Personnel Non-Personnel Capital Construction Property Taxes Debt Service Total Expenditures
FY 2015 Actual 2,361,187 621,922 297,093 2,031,398 5,311,600
FY 2016 Adopted $2,492,575 2,080,333 300,000 1,712,000 6,584,908
FY 2017 Proposed $2,424,038 6,197,517 300,000 1,574,300 10,495,855
% Change ‘16 to ‘17 -3% 198% 0% -8% 59%
Total Revenues
4,345,877
4,181,150
3,569,147
-15%
Change in Fund Balance
($965,723)
($2,403,758)
($6,926,708)
188%
Permanent FTEs Temporary FTEs Total Authorized FTEs
book 277
-
-
-
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BALLSTON PUBLIC PARKING GARAGE FUND SUMMARY
BALLSTON PUBLIC PARKING GARAGE FUND FUND STATEMENT
ADJUSTED BALANCE, JULY 1 Debt Service Reserve Fund Operating & Maint. Reserve Construction Reserve TOTAL BALANCE REVENUE Interest Parking Revenue TOTAL REVENUE TOTAL REVENUE & BALANCE EXPENSES Garage Operations Capital Replacement2 Debt Repayment and Debt Service TOTAL EXPENSES BALANCE, JUNE 30 1 Debt Service Reserve Fund Operating & Maint. Reserve3 Construction Reserve TOTAL BALANCE
FY 2015 ACTUAL
FY 2016 ADOPTED
FY 2016 RE-ESTIMATE
FY 2017 PROPOSED
$3,344,994 2,000,280 9,123,713 14,468,987
$3,345,000 2,000,000 7,078,687 12,423,687
$3,344,994 2,000,280 8,157,991 13,503,265
$3,344,994 2,000,280 6,454,631 11,799,905
8,123 4,337,754 4,345,877
12,000 4,169,150 4,181,150
5,000 4,012,315 4,017,315
5,000 3,564,147 3,569,147
18,814,864
16,604,837
17,520,580
15,369,052
2,658,280 621,922 2,031,398 5,311,600
2,792,575 2,080,333 1,712,000 6,584,908
2,781,937 1,603,738 1,335,000 5,720,675
2,724,038 6,197,517 1,574,300 10,495,855
3,344,994 2,000,280 8,157,991 $13,503,265
3,345,000 2,000,000 4,674,929 $10,019,929
3,344,994 2,000,280 6,454,631 $11,799,905
3,344,994 300,000 1,228,203 $4,873,197
The Debt Service Reserve Fund is a usual and customary revenue bond requirement in order to provide additional assurance to bond holders. 2 FY 2017 includes $4 million of planned capital contributions for garage improvements as part of the Ballston Quarter redevelopment. 3 FY 2017 Operating & Maintenance Reserve will be used towards capital projects as permitted in Section 6.13 of the Reimbursement, Credit & Security Agreement Dated September 1, 2011 with PNC Bank. 1
book 278
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BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
EXPENDITURE AND REVENUE TRENDS
EXP (000s)
REV (000s)
Change in Fund Balance
$8,000
$6,000
$4,000
$2,000
$0
-$2,000
-$4,000
EXP (000s) REV (000s) Change in Fund Balance
FY 2008 Actual $7,636 $4,319
FY 2009 Actual $3,691 $3,784
FY 2010 Actual $3,661 $3,964
FY 2011 Actual $3,198 $4,334
FY 2012 Actual $3,976 $4,540
FY 2013 Actual $3,994 $4,824
FY 2014 Actual $3,152 $4,420
FY 2015 Actual $6,951 $4,622
FY 2016 Adopted Budget $6,585 $4,181
FY 2017 Proposed Budget $10,496 $3,569
-$3,317
$93
$303
$1,136
$564
$830
$1,268
$2,330
-$2,404
-$6,927
Note: Upcoming capital investments to the Ballston Public Parking Garage will use existing fund balances for the projects. The County plans to draw down balances over the next few years, using the funds to offset one-time capital expenditures.
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BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
Fiscal Year FY 2008
Description
FTEs
Non-personnel increases include higher utility costs ($125,444), additional funding for equipment repair and maintenance ($30,000), contract management of the garage ($177,692) and miscellaneous services ($15,624). Increases are partially offset by a decrease in the consultant budget ($112,336) and insurance claims. Capital construction decreases ($678,883) due to the funding of large construction projects in the prior fiscal year. The FY 2008 budget includes funding to upgrade the elevator lobbies and, if necessary, to repair a portion of the brick facade Debt service increases ($267,005) due to an increase in interest payments. Revenue increases ($147,873) due to additional interest revenue because of higher interest rates ($85,525) and an increase in daily parking revenue ($62,348) because of projected increased daily parking volume as construction is nearing its end. The County is also currently conducting a market study to evaluate parking rates at the Garage.
FY 2009
Capital construction decreases ($300,000) based on funding available for capital projects.
FY 2010
Capital construction increases ($161,004) for waterproofing the garage and for work on the elevator lobbies.
FY 2011
Capital construction increases ($460,000) to complete waterproofing, signage, and painting, as well as the first phase of repair or replacement of the brick façade.
FY 2012
Non-personnel expenses increase $66,761 primarily due to increases in funding for general custodial supplies ($55,138), contractual services for garage operations ($46,047), and funding for equipment repair ($4,551). These increases are partially offset by a decrease in electricity ($30,681) and office supplies ($8,757). Capital construction increases $950,000 to provide funding for garage improvements and to repair and/or replace the façade. Debt service increases $740,650 for additional payments needed to pay off outstanding bonds in 2017. Revenue projections increase by $1,632,895, based on usage projections and a potential parking fee rate increase that could produce $1,752,895, offset by a $120,000 decline in interest income. The parking rate increase was implemented on May 1, 2012 (see FY 2013 below.)
FY 2013
Non-personnel expenses increase by $7,679 which reflects an increase in utilities ($33,411) and miscellaneous services and supplies ($15,344), offset by a decrease in the cost of garage operations that was partially offset by a potential increase in the County’s living wage (41,076). The capital construction budget increases by $377,375 to provide funding for garage improvements. Debt service decreases by $203,220 to reflect lower amount of principal on which interest payments will be made.
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BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
Fiscal Year
Description
FTEs
Revenue projections decrease by $203,220 to reflect a lower amount of principal on which interest payments will be made. The County raised parking rates at the garage on May 1, 2012 in order to make capital improvements and to pay down principal on the outstanding bonds. The structure that went into effect keeps the $1 rate for the first three hours of parking and increases the graduated hourly rates over three hours anywhere from $0.50 to $1.00. The weekend rate was previously a $1 flat rate daily, and the same graduated weekday rates are now in effect on weekends. Monthly rates were also increased. FY 2014
Non-personnel expenses decrease by $118,585 which reflects a decrease in the cost of garage operations ($94,360) due to contractual savings and savings for office supplies and postage ($28,091), partially offset by an increase in miscellaneous services ($3,866). Debt service decreases by $36,920 reflecting lower debt service related fees. Revenue increases by $56,492, due in part to the additional number of patrons parking on Levels 1-7 during construction on Level 8 of the garage and offset by a decrease in interest income ($23,000).
FY 2015
Non-personnel expenses increase by $10,063 for non-discretionary contractual increases. Overall revenue decreases by $474,962 due to completion of work on Level 8 and less revenue from hourly parking.
FY 2016
Non-personnel expenses decrease by $11,917 for non-discretionary contractual decreases. Capital construction expense decrease to reflect the capital projects to be implemented within the fiscal year ($347,042). Overall revenue decreases by $452,686 due to loss of tenants during planned mall redevelopment.
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BALLSTON PUBLIC PARKING GARAGE 8TH LEVEL FUND Department of Environmental Services
Our Mission: To provide safe off-street parking at competitive rates for visitors to retail establishments, the Kettler Capitals Iceplex, and office workers in the Ballston area Ballston Public Parking Garage – Eighth Level
Provide parking for the Kettler Capitals Ice Rink and the Ballston Common Mall.
Revenue from 8th level covers operation and maintenance costs.
SIGNIFICANT BUDGET CHANGES The FY 2017 proposed budget for the Ballston Public Parking Garage Eighth Level is $111,978, a 44 percent increase over the FY 2016 adopted budget. The FY 2017 proposed budget reflects:
Non-personnel expenses increase due to an increase in the cost of maintenance contract ($14,371) and funds for snow removal ($20,000).
Revenue decreases due to the planned renovation of the mall ($43,276).
PROGRAM FINANCIAL SUMMARY
Personnel Non-Personnel Capital Construction Total Expenditures
FY 2015 Actual $86,355 86,355
FY 2016 Adopted $77,607 77,607
Transfer In From Other Funds Fees Total Revenues
369,455 369,455
305,378 305,378
$283,100
$227,771
Change in Fund Balance
book 279
FY 2017 Proposed $111,978 111,978
% Change ‘16 to ‘17 44% 44%
262,102 262,102
-14% -14%
$150,124
-34%
-
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BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND FUND SUMMARY
BALLSTON PUBLIC PARKING GARAGE - EIGHTH LEVEL OPERATING STATEMENT FY 2015 ACTUAL
BALANCE, JULY 1 Construction Reserve Operating Reserve TOTAL BALANCE
FY 2016 ADOPTED
FY 2016 RE-ESTIMATE
FY 2017 PROPOSED
$290,000 250,000 40,000 290,000
$511,790 471,790 40,000 511,790
$573,100 533,100 40,000 573,100
$800,871 760,871 40,000 800,871
REVENUE Transfer in from Other Funds Parking Revenue TOTAL REVENUE
369,455 369,455
305,378 305,378
305,378 305,378
262,102 262,102
TOTAL REVENUE & BALANCE
659,455
817,168
878,478
1,062,973
EXPENSES Eighth Level Garage Operations Eighth Level Capital Expense TOTAL EXPENSES
86,355 86,355
77,607 77,607
77,607 77,607
111,978 111,978
533,100 40,000 $573,100
713,808 25,753 $739,561
760,871 40,000 $800,871
910,995 40,000 $950,995
BALANCE, JUNE 30 Construction Reserve Operating Reserve TOTAL BALANCE
A portion of the fund balance will be used for capital expenses on the eighth level of the garage, and a portion of the balance will be retained as an operating reserve.
book 280
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BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND TEN-YEAR HISTORY
EXPENDITURE AND REVENUE TRENDS
EXP (000s)
REV (000s)
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
EXP (000s) REV (000s) Change in Fund Balance
FY 2008 Actual
FY 2009 Actual
FY 2010 Actual
FY 2011 Actual
FY 2012 Actual
FY 2013 Actual
FY 2014 Actual
FY 2015 Actual
FY 2016 Adopted Budget
FY 2017 Proposed Budget
$36 $204
$53 $224
$88 $228
$132 $253
$224 $446
$1,072 $337
$2,403 $1,696
$86 $369
$78 $305
$112 $262
$168
$171
$140
$121
$222
-$735
-$707
$283
$227
$150
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BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND TEN-YEAR HISTORY
Fiscal Year
Description
FY 2008
Adopted budget includes projected full-year operational costs.
FY 2009
Revenue increased ($78,656) based on FY 2007 revenue and year-todate FY 2008 revenue.
FY 2010
Revenue decreased ($113,684) due to a decline in monthly parking.
FY 2011
No significant changes.
FY 2012
Revenue projections increase by $107,789 based on a proposed parking fee rate increase that was ultimately approved on May 1, 2012.
FY 2013
Revenue projections decrease ($63,709) in FY 2013 due to planned construction on the eighth level reducing the number of parking spaces available.
FY 2014
No significant changes.
FY 2015
Revenue increases due to the completion of garage construction on 8th Level ($37,768).
FY 2016
Revenue increases based on revised estimates ($10,080).
FTEs
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Our Mission: To provide safe off-street parking at competitive rates for visitors to retail establishments and office workers in the Ballston area Ballston Public Parking Garage
Provide oversight to the parking contractor managing the day to day operations of the parking garage to ensure compliance with the County’s mandate to provide a user friendly public facility servicing the daily commuters, visitors to the mall, and the office workers in the Ballston area.
Coordinate with Ballston Public Parking Garage stakeholders on issues relating to garage construction, safety, operations, and parking rates.
Implement new policies and procedures to improve overall operations and at the same time reduce expenses and generate parking revenue to sustain the desired level of operational standards.
SIGNIFICANT BUDGET CHANGES The FY 2017 proposed expenditure budget for the Ballston Public Parking Garage fund is $10,495,855, a 59 percent increase from the FY 2016 adopted budget. The FY 2017 budget reflects:
Non-personnel expenses decrease for the garage management contract ($306,334), general custodial supplies ($70,620), office supplies ($11,196), utilities ($42,156) and fuel ($221), partially offset by increases for consultant services for design review, wayfinding and to mitigate construction impacts ($200,000), signage ($80,000), miscellaneous services ($14,379) and equipment repair ($67,611).
Capital Construction increases by 198 percent due to planned repairs to the 4th and 5th floor concrete slabs, and a planned $4 million contribution as part of the Ballston Quarter redevelopment.
Debt service decreases by $137,700 due to lower interest payments.
Revenues decrease by $612,003 due to loss of tenants during mall redevelopment.
PROGRAM FINANCIAL SUMMARY
Personnel Non-Personnel Capital Construction Property Taxes Debt Service Total Expenditures
FY 2015 Actual 2,361,187 621,922 297,093 2,031,398 5,311,600
FY 2016 Adopted $2,492,575 2,080,333 300,000 1,712,000 6,584,908
FY 2017 Proposed $2,424,038 6,197,517 300,000 1,574,300 10,495,855
% Change ‘16 to ‘17 -3% 198% 0% -8% 59%
Total Revenues
4,345,877
4,181,150
3,569,147
-15%
Change in Fund Balance
($965,723)
($2,403,758)
($6,926,708)
188%
Permanent FTEs Temporary FTEs Total Authorized FTEs
book 277
-
-
-
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BALLSTON PUBLIC PARKING GARAGE FUND SUMMARY
BALLSTON PUBLIC PARKING GARAGE FUND FUND STATEMENT
ADJUSTED BALANCE, JULY 1 Debt Service Reserve Fund Operating & Maint. Reserve Construction Reserve TOTAL BALANCE REVENUE Interest Parking Revenue TOTAL REVENUE TOTAL REVENUE & BALANCE EXPENSES Garage Operations Capital Replacement2 Debt Repayment and Debt Service TOTAL EXPENSES BALANCE, JUNE 30 1 Debt Service Reserve Fund Operating & Maint. Reserve3 Construction Reserve TOTAL BALANCE
FY 2015 ACTUAL
FY 2016 ADOPTED
FY 2016 RE-ESTIMATE
FY 2017 PROPOSED
$3,344,994 2,000,280 9,123,713 14,468,987
$3,345,000 2,000,000 7,078,687 12,423,687
$3,344,994 2,000,280 8,157,991 13,503,265
$3,344,994 2,000,280 6,454,631 11,799,905
8,123 4,337,754 4,345,877
12,000 4,169,150 4,181,150
5,000 4,012,315 4,017,315
5,000 3,564,147 3,569,147
18,814,864
16,604,837
17,520,580
15,369,052
2,658,280 621,922 2,031,398 5,311,600
2,792,575 2,080,333 1,712,000 6,584,908
2,781,937 1,603,738 1,335,000 5,720,675
2,724,038 6,197,517 1,574,300 10,495,855
3,344,994 2,000,280 8,157,991 $13,503,265
3,345,000 2,000,000 4,674,929 $10,019,929
3,344,994 2,000,280 6,454,631 $11,799,905
3,344,994 300,000 1,228,203 $4,873,197
The Debt Service Reserve Fund is a usual and customary revenue bond requirement in order to provide additional assurance to bond holders. 2 FY 2017 includes $4 million of planned capital contributions for garage improvements as part of the Ballston Quarter redevelopment. 3 FY 2017 Operating & Maintenance Reserve will be used towards capital projects as permitted in Section 6.13 of the Reimbursement, Credit & Security Agreement Dated September 1, 2011 with PNC Bank. 1
book 278
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BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
EXPENDITURE AND REVENUE TRENDS
EXP (000s)
REV (000s)
Change in Fund Balance
$8,000
$6,000
$4,000
$2,000
$0
-$2,000
-$4,000
EXP (000s) REV (000s) Change in Fund Balance
FY 2008 Actual $7,636 $4,319
FY 2009 Actual $3,691 $3,784
FY 2010 Actual $3,661 $3,964
FY 2011 Actual $3,198 $4,334
FY 2012 Actual $3,976 $4,540
FY 2013 Actual $3,994 $4,824
FY 2014 Actual $3,152 $4,420
FY 2015 Actual $6,951 $4,622
FY 2016 Adopted Budget $6,585 $4,181
FY 2017 Proposed Budget $10,496 $3,569
-$3,317
$93
$303
$1,136
$564
$830
$1,268
$2,330
-$2,404
-$6,927
Note: Upcoming capital investments to the Ballston Public Parking Garage will use existing fund balances for the projects. The County plans to draw down balances over the next few years, using the funds to offset one-time capital expenditures.
web 829
BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
Fiscal Year FY 2008
Description
FTEs
Non-personnel increases include higher utility costs ($125,444), additional funding for equipment repair and maintenance ($30,000), contract management of the garage ($177,692) and miscellaneous services ($15,624). Increases are partially offset by a decrease in the consultant budget ($112,336) and insurance claims. Capital construction decreases ($678,883) due to the funding of large construction projects in the prior fiscal year. The FY 2008 budget includes funding to upgrade the elevator lobbies and, if necessary, to repair a portion of the brick facade Debt service increases ($267,005) due to an increase in interest payments. Revenue increases ($147,873) due to additional interest revenue because of higher interest rates ($85,525) and an increase in daily parking revenue ($62,348) because of projected increased daily parking volume as construction is nearing its end. The County is also currently conducting a market study to evaluate parking rates at the Garage.
FY 2009
Capital construction decreases ($300,000) based on funding available for capital projects.
FY 2010
Capital construction increases ($161,004) for waterproofing the garage and for work on the elevator lobbies.
FY 2011
Capital construction increases ($460,000) to complete waterproofing, signage, and painting, as well as the first phase of repair or replacement of the brick façade.
FY 2012
Non-personnel expenses increase $66,761 primarily due to increases in funding for general custodial supplies ($55,138), contractual services for garage operations ($46,047), and funding for equipment repair ($4,551). These increases are partially offset by a decrease in electricity ($30,681) and office supplies ($8,757). Capital construction increases $950,000 to provide funding for garage improvements and to repair and/or replace the façade. Debt service increases $740,650 for additional payments needed to pay off outstanding bonds in 2017. Revenue projections increase by $1,632,895, based on usage projections and a potential parking fee rate increase that could produce $1,752,895, offset by a $120,000 decline in interest income. The parking rate increase was implemented on May 1, 2012 (see FY 2013 below.)
FY 2013
Non-personnel expenses increase by $7,679 which reflects an increase in utilities ($33,411) and miscellaneous services and supplies ($15,344), offset by a decrease in the cost of garage operations that was partially offset by a potential increase in the County’s living wage (41,076). The capital construction budget increases by $377,375 to provide funding for garage improvements. Debt service decreases by $203,220 to reflect lower amount of principal on which interest payments will be made.
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BALLSTON PUBLIC PARKING GARAGE TEN-YEAR HISTORY
Fiscal Year
Description
FTEs
Revenue projections decrease by $203,220 to reflect a lower amount of principal on which interest payments will be made. The County raised parking rates at the garage on May 1, 2012 in order to make capital improvements and to pay down principal on the outstanding bonds. The structure that went into effect keeps the $1 rate for the first three hours of parking and increases the graduated hourly rates over three hours anywhere from $0.50 to $1.00. The weekend rate was previously a $1 flat rate daily, and the same graduated weekday rates are now in effect on weekends. Monthly rates were also increased. FY 2014
Non-personnel expenses decrease by $118,585 which reflects a decrease in the cost of garage operations ($94,360) due to contractual savings and savings for office supplies and postage ($28,091), partially offset by an increase in miscellaneous services ($3,866). Debt service decreases by $36,920 reflecting lower debt service related fees. Revenue increases by $56,492, due in part to the additional number of patrons parking on Levels 1-7 during construction on Level 8 of the garage and offset by a decrease in interest income ($23,000).
FY 2015
Non-personnel expenses increase by $10,063 for non-discretionary contractual increases. Overall revenue decreases by $474,962 due to completion of work on Level 8 and less revenue from hourly parking.
FY 2016
Non-personnel expenses decrease by $11,917 for non-discretionary contractual decreases. Capital construction expense decrease to reflect the capital projects to be implemented within the fiscal year ($347,042). Overall revenue decreases by $452,686 due to loss of tenants during planned mall redevelopment.
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BALLSTON PUBLIC PARKING GARAGE 8TH LEVEL FUND Department of Environmental Services
Our Mission: To provide safe off-street parking at competitive rates for visitors to retail establishments, the Kettler Capitals Iceplex, and office workers in the Ballston area Ballston Public Parking Garage – Eighth Level
Provide parking for the Kettler Capitals Ice Rink and the Ballston Common Mall.
Revenue from 8th level covers operation and maintenance costs.
SIGNIFICANT BUDGET CHANGES The FY 2017 proposed budget for the Ballston Public Parking Garage Eighth Level is $111,978, a 44 percent increase over the FY 2016 adopted budget. The FY 2017 proposed budget reflects:
Non-personnel expenses increase due to an increase in the cost of maintenance contract ($14,371) and funds for snow removal ($20,000).
Revenue decreases due to the planned renovation of the mall ($43,276).
PROGRAM FINANCIAL SUMMARY
Personnel Non-Personnel Capital Construction Total Expenditures
FY 2015 Actual $86,355 86,355
FY 2016 Adopted $77,607 77,607
Transfer In From Other Funds Fees Total Revenues
369,455 369,455
305,378 305,378
$283,100
$227,771
Change in Fund Balance
book 279
FY 2017 Proposed $111,978 111,978
% Change ‘16 to ‘17 44% 44%
262,102 262,102
-14% -14%
$150,124
-34%
-
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BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND FUND SUMMARY
BALLSTON PUBLIC PARKING GARAGE - EIGHTH LEVEL OPERATING STATEMENT FY 2015 ACTUAL
BALANCE, JULY 1 Construction Reserve Operating Reserve TOTAL BALANCE
FY 2016 ADOPTED
FY 2016 RE-ESTIMATE
FY 2017 PROPOSED
$290,000 250,000 40,000 290,000
$511,790 471,790 40,000 511,790
$573,100 533,100 40,000 573,100
$800,871 760,871 40,000 800,871
REVENUE Transfer in from Other Funds Parking Revenue TOTAL REVENUE
369,455 369,455
305,378 305,378
305,378 305,378
262,102 262,102
TOTAL REVENUE & BALANCE
659,455
817,168
878,478
1,062,973
EXPENSES Eighth Level Garage Operations Eighth Level Capital Expense TOTAL EXPENSES
86,355 86,355
77,607 77,607
77,607 77,607
111,978 111,978
533,100 40,000 $573,100
713,808 25,753 $739,561
760,871 40,000 $800,871
910,995 40,000 $950,995
BALANCE, JUNE 30 Construction Reserve Operating Reserve TOTAL BALANCE
A portion of the fund balance will be used for capital expenses on the eighth level of the garage, and a portion of the balance will be retained as an operating reserve.
book 280
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BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND TEN-YEAR HISTORY
EXPENDITURE AND REVENUE TRENDS
EXP (000s)
REV (000s)
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
EXP (000s) REV (000s) Change in Fund Balance
FY 2008 Actual
FY 2009 Actual
FY 2010 Actual
FY 2011 Actual
FY 2012 Actual
FY 2013 Actual
FY 2014 Actual
FY 2015 Actual
FY 2016 Adopted Budget
FY 2017 Proposed Budget
$36 $204
$53 $224
$88 $228
$132 $253
$224 $446
$1,072 $337
$2,403 $1,696
$86 $369
$78 $305
$112 $262
$168
$171
$140
$121
$222
-$735
-$707
$283
$227
$150
web 834
BALLSTON PUBLIC PARKING GARAGE – 8TH LEVEL FUND TEN-YEAR HISTORY
Fiscal Year
Description
FY 2008
Adopted budget includes projected full-year operational costs.
FY 2009
Revenue increased ($78,656) based on FY 2007 revenue and year-todate FY 2008 revenue.
FY 2010
Revenue decreased ($113,684) due to a decline in monthly parking.
FY 2011
No significant changes.
FY 2012
Revenue projections increase by $107,789 based on a proposed parking fee rate increase that was ultimately approved on May 1, 2012.
FY 2013
Revenue projections decrease ($63,709) in FY 2013 due to planned construction on the eighth level reducing the number of parking spaces available.
FY 2014
No significant changes.
FY 2015
Revenue increases due to the completion of garage construction on 8th Level ($37,768).
FY 2016
Revenue increases based on revised estimates ($10,080).
FTEs
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