TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Kristin Retherford, Director, Community & Urban Development
SUBJECT:
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Adopting the Fiscal Year 2024 (FY2024) Parking District budget and setting the Parking Tax rate for the Downtown Parking District.
Ward(s): Ward 1
Councilor(s): Stapleton
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy, Welcoming and Livable Community
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SUMMARY:
summary
The FY2024 operating budget for the Downtown Parking Fund is $1,072,080, which incorporates tax rates of $165.72 per space or $460.00 minimum tax, a 2% increase from current rates.
Salem Revised Code 7.110 requires 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. 2023-17, adopting the FY2024 Downtown Parking budget and setting the business-paid parking tax for the Downtown Parking District?
RECOMMENDATION:
recommendation
Adopt Resolution No. 2023-17 (Attachment 1) adopting the FY2024 Downtown Parking budget and setting the business-paid parking tax for the Downtown Parking District.
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FACTS AND FINDINGS:
For FY2024, annual parking tax rates proposed:
Current Minimum Tax: $451.00
Proposed Minimum Tax: $460.00
Current Single Space Rate: $162.47
Proposed Single Space Rate: $165.72
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. 2023-17 (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 is 6.25%.
Michael Brown
UCD Financial Services Manager
Attachments:
1. Resolution No. 2023-17
2. Proposed FY2024 Parking Fund Budget