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Fargo parking fund projected to lose $1M next year; staff to review rates and structure
Summary
Finance staff told commissioners the parking fund — currently coded as special revenue — is projected to run about a $1,000,000 loss in the coming year because of debt-service drivers and slow ramp usage; staff said fall deliberations will consider rate, policy and structure changes.
Staff described the parking fund as an atypical special revenue fund with mixed revenues (fees, TIF receipts, transfers) and significant debt-service obligations. "Next year, we're budgeting a loss of about 1000000 dollars," Susan Thompson said, explaining that recent ramp debt and usage assumptions (some ramps used for bus staging; others ramping more slowly than anticipated) are primary drivers of the shortfall.
Staff said TIF revenues will ramp up in coming years and that the city had used interfund loans and a bank loan to build the MP lot; they proposed a deeper look at parking fees and related policies this fall to determine whether reclassifying parking as an enterprise fund or adjusting rates is warranted. Commissioners asked for historical trend data and an update on the MP lot financing schedule.
