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Parking garages report year-to-date gains; Bicentennial coating project depressed some September results
Summary
Colonial Parking reported September and year-to-date revenue figures, contract parker increases, average stay and event-day usage for West Chester garages.
Colonial Parking presented September and year-to-date performance figures for West Chester garages at the Oct. 7 Parking Committee meeting, reporting year-to-date net operating income ahead of budget and noting that a coating project at the Bicentennial Garage reduced September transient revenue.
Chris Hankins of Colonial Parking reported total revenue for September of $227,928, operating expenses of $52,823 and net income of $175,105. Year-to-date revenue was about $2,008,000 with operating expenses of $472,554, yielding a net operating income of $1,535,494, which he said is ahead of budget and prior year.
Hankins said contract parkers rose to 1,007 in September from 920 the prior month; he attributed some of the month-to-month change to students returning to school. The average transient revenue per day for both garages was $4,011 and average tickets per day were $9.83. He said the average length of stay for ticketed customers in September was about 2 hours, 43 minutes.
On Sept. 21, during a downtown restaurant festival, the combined garages recorded 445 entrances between 9 a.m. and noon and 548 entrances between noon and 5 p.m. The overall average length of stay for people who used the garages between 9 a.m. and 5 p.m. on that day was 4 hours, 26 minutes; those who entered between noon and 5 p.m. averaged about 3 hours and 3 minutes.
Hankins also reported operational notes: the Chestnut Street garage filled briefly during the restaurant festival (less than an hour), Hotel Indigo exceeded its allotted spaces on six days in September with 23 total instances of overage, and there were 18 instances of monthly parkers parking outside their allotted daytime/nighttime parameters.
Committee members asked about demand, wait lists and whether available capacity could be adjusted; Hankins said the borough increases available contract permits when there is room in a garage. He said the Bicentennial coating project depressed revenue in September but was completed.
Ending: Committee members took the report for informational purposes and asked staff and Colonial Parking to continue monitoring demand, wait lists and event-day impacts on garage capacity.
