Translate[Archived] Question #02: How much revenue would be generated if residential parking permits were increased, particularly for households with more than two vehicles?
Question:
How much revenue would be generated if residential parking permits were increased, particularly for households with more than 2 vehicles? Please review and update Budget Memorandum # 20 from March 17, 2010.
Response:
This is in response to a request from Councilman Smedberg for information regarding residential parking permits and how much revenue is received for permits for a single vehicle, two vehicles, or more than two vehicles.
As of FY 2010, the City charges $30 for a permit for a single vehicle, $40 for a second vehicle, and $100 for each additional vehicle. In FY 2017, the City realized $342,479 in revenue from parking permits. From this revenue, 53% came from the $30 permits (for one vehicle), 28% came from the $40 permits (for a second vehicle) and 19% of the revenue came from the $100 permits.
Based on FY 2017 actuals, a $10 permit increase for a single vehicle would yield an estimated additional $60,733 in revenue, for a second vehicle an estimated $23,545, and for more than two vehicles an estimated $6,610. Staff does not believe a minimal fee ($10) is likely to reduce car ownership. Additional research would be needed to identify specific parking permit fee increases that could have an effect on car ownership or behavior for consideration as a future policy proposal.
Street parking permit fees were last increased in 2010 and 1998.
