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New parking fund projected to bring $8.8M but committee asks for clearer cost breakdowns
Summary
Staff moved parking into a standalone fund and project FY27 parking revenues of about $8.8 million after a fee study. Committee members asked staff to break out operating costs, transfers (PSTA, county share), and one‑time versus recurring items and cautioned the budget depends on realizing the full projected increase.
Staff told the committee that parking was separated from the general fund and budgeted as its own fund for FY27; year‑to‑date parking revenue for FY26 was reported at $3.9 million and staff projected $8.8 million for FY27 based on the new fee study and implementation. The presenter emphasized parking is the city's most flexible fund and can direct revenue toward operations or capital, but committee members pressed for a clearer breakdown of large outflows (a county share at roughly $650,000 and credit‑card fee policy costing approximately $317,000) and noted that staffing and PSTA contract costs also appear inside parking outflows.
Committee members warned that if the budget bakes in a 25–30% projected increase in parking revenue and the city does not realize it, the city would need mid‑year adjustments and cuts because Florida law requires balanced budgets. Staff said they will monitor revenues closely and, if necessary, make mid‑year budget adjustments rather than go into a legal deficit. Members also discussed using parking revenues long term to support streets, beach maintenance and beautification projects to reduce pressure on ad valorem tax funding.
