TO: Mayor and City Council
THROUGH: Kristin Retherford, Interim City Manager
FROM: Norm Wright, Interim Urban Development Director
SUBJECT:
title
Adopting the FY23 Parking District budget and setting the Parking Tax rate for the Downtown Parking District
Ward(s): 1
Councilor(s): Stapleton
Neighborhood(s): CANDO
Result Area(s): Good Governance
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SUMMARY:
summary
The FY 2023 operating budget for the Downtown Parking Fund is $1,173,850, which incorporates rates of $162.47 per space with a $451.00 minimum tax rate, a 2% increase from current rates.
Salem Revised Code 7.110 requires City Council to adopt, by resolution, a budget for the Downtown Parking District (District) and set the tax for each fiscal year. The Parking District was established in 1976 to provide funding for economic promotion and public parking within the downtown core.
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ISSUE:
Shall City Council adopt Resolution No. 2022-30, adopting the FY23 Downtown Parking budget and setting the business-paid parking tax for the Downtown Parking District?
RECOMMENDATION:
.recommendation
Adopt Resolution No. 2022-30 (Attachment 1) adopting the FY 2021-22 Downton Parking budget and setting the business-paid parking tax for the Downtown Parking District.
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FACTS AND FINDINGS:
For FY23, annual parking tax rates proposed:
Current Minimum Tax: $442.16
Proposed Minimum Tax: $451.00
Current Single Space Rate: $159.28
Proposed Single Space Rate: $162.47
Based on the parking demand formula for occupied buildings, the current parking demand is 2,881 spaces. There are 3,417 spaces in the Downtown Parking Tax District.
The proposed operating budget is shown in Exhibit A of Resolution No. 2022-30 (Attachment 2).
BACKGROUND:
In October 2013, Council adopted Initiative Petition 001-2013-IP, which capped annual increases to the downtown parking tax rate at the lesser of 2% or the general Consumer Price Index (CPI) for Portland. This index is no longer published. The CPI for All Urban Consumers, West Region is 7.09%.
Michael Brown
UD Financial Services Manager
Attachments:
1. Resolution No. 2022-30
2. Proposed FY23 Parking Fund Budget