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Durham staff flag parking fund shortfall and plan downtown pilot despite near-term revenue hit
Summary
City staff told council the parking fund runs a structural deficit driven largely by debt service on the Morgan Riggsby deck; staff proposed options from selling assets to converting the fund to general-fund support and will bring a downtown parking discount pilot (first hour free) to council in April.
Staff warned Durham City Council that the parking enterprise fund shows a structural deficit, largely due to debt-service payments tied to the Morgan Riggsby garage. Finance staff said about one-third of parking costs are debt service and that rehabilitations are being funded through the general CIP to limit near-term cash pressure on the…
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