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BALLSTON PUBLIC PARKING GARAGE
PROGRAM MISSION: The Ballston Public Parking Garage provides safe off-street
parking at competitive rates for visitors to retail establishments, Metrorail
commuters, and office workers in the Ballston area.
The Ballston Public Parking Garage (the Garage) is located
on North Glebe Road and Randolph Street and adjacent to the Ballston Common
Mall. It operates seven days per week
24-hours a day in order to maximize the convenience to the public. The acquisition and expansion of the former
Parkington Shopping Center Garage was financed through the sale of variable
rate revenue bonds. The garage bonds
were sold in September of 1984 in the amount of $22,300,000. The Garage is a County-owned facility,
operated as an enterprise fund (its operations are fully financed through user
charges in the form of parking receipts and other revenues). The Garage is managed and operated by a
private parking management firm.
Revenues generated by the Garage are used to pay operating, maintenance,
debt service and capital repair expenses.
It continues to be a catalyst for economic development in the Ballston
area, contributing to the associated growth in the Ballston area's real
property tax base.
SIGNIFICANT BUDGET CHANGES:
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Non-personnel costs increase as a result of wage
increases ($490,455) including a living wage adjustment, higher equipment
repair and maintenance, consulting and contract costs. These increases are
partially offset by decreases in building repair and other service costs.
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Capital construction decreases based on recommendations
of a study completed in FY 2003 and available funding for current fiscal
year. Items included in this budget are
asphalt and structural repairs ($156,250), removal of wearing surface ($543,750),
painting ($384,000), replacement lighting ($187,500) and differential revenue
counting equipment ($187,500). In
addition, the budget includes a $250,000 contingency for structural repairs.
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Revenue is estimated to decrease due to temporary
elimination of parking spaces for 8th level expansion.
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Debt service has been adjusted to reflect lower
interest and principal payments.
BALLSTON GARAGE
FINANCIAL SUMMARY
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FY 2003
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FY 2004
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FY 2005
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% Change:
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Actual
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Adopted
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Proposed
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'04 to '05
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Personnel
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-
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-
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-
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-
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Non-Personnel
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$1,517,670
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$1,672,918
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$2,199,974
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32%
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Capital Construction
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1,559
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2,098,500
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1,709,000
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-19%
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Property Taxes
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251,831
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275,780
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256,000
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-7%
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Debt Service
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843,090
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1,042,708
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865,000
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-17%
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Total Expenditures
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2,614,150
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5,089,906
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5,029,974
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-1%
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|
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Total Revenues
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4,140,918
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4,534,489
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3,575,567
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-21%
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Change in Reserves
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$1,526,768
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($555,417)
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($1,454,407)
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-162%
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PERFORMANCE MEASURES
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FY 2001 Actual
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FY 2002 Actual
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FY 2003 Actual
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FY 2004 Estimate
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FY 2005 Estimate
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FY 2005 Goal
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Mission Outcome
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Average cars per day
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3,623
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4,147
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4,471
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4,500
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4,200
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4,500
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Average revenue per space
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$91
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$109
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$120
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$120
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$110
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$120
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Average number of monthly permits
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1,182
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1,500
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1,565
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1,500
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1,500
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1,400
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Average numbers of early bird parkers per month
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14,283
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14,555
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14,976
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7,000
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7,000
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4,000
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Average number of hourly parkers per month
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95,889
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112,864
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114,932
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120,000
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115,000
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120,000
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The FY 2005
estimate of average cars per day, revenue per space and number of hourly
parkers per month is lower than FY 2004 due to planned construction in the
garage.
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The goal for FY 2005 is to reduce the number of early
bird parkers and permit parkers to make space for hourly parkers visiting shops
and services in the mall.
FUTURE BUDGET CONSIDERATIONS:
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If expansion agreements are made for the 8th
level, many unbudgeted improvements will be needed to accommodate changing
operations.
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