Colonial Parking reports $254K revenue for May surpassing budget expectations

As the sun dipped below the horizon, casting a warm glow over West Chester, the Borough Council gathered to discuss the latest developments in parking management. Chris Hankins from Colonial Parking took center stage, presenting a promising financial report for May that highlighted a significant uptick in revenue and a steady operational performance.

In a month that exceeded expectations, Hankins revealed that total revenues reached $254,000, surpassing the budgeted figure of $208,000 and outpacing last year's earnings of $236,000 for the same month. Year-to-date, the revenue stands at an impressive $1.071 million, again ahead of budget and previous year comparisons. Operating expenses remained tightly aligned with the budget, totaling $244,000, slightly above expectations but reflecting prudent financial management.

The net operating income, a key indicator of financial health, soared to $206,000, marking a notable increase from both the budget and the previous month. This positive trend is bolstered by the performance of the Bicentennial and Chestnut Street garages, which reported daily transient revenues of $2,082 and $2,402, respectively. These figures not only surpassed April's numbers but also showed significant growth compared to May of the previous year.

Hankins noted a slight decline in monthly parkers, with 964 billed in May, attributed to seasonal attrition as students canceled their parking plans at the academic year's end. Despite this, the average number of daily tickets issued remained robust, with 565 for the Bicentennial garage and 653 for Chestnut Street, reflecting a healthy demand for parking services.

The average ticket value was reported at $3.68, correlating with an average stay of 2 hours and 27 minutes, providing insight into the parking habits of visitors and residents alike. As the meeting progressed, the council members expressed their appreciation for the detailed financial insights, emphasizing the importance of continued transparency in parking operations.

Looking ahead, discussions turned to the implementation of new parameters for night parkers, a topic that had been previously raised. The council's commitment to refining parking strategies indicates a proactive approach to managing the evolving needs of the community.

As the meeting concluded, the positive financial outlook for West Chester's parking facilities left council members optimistic about the future, signaling a commitment to enhancing the parking experience for all who visit this vibrant borough.