ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a RESOLUTION RAISING PARKING RATES AT CITY-OWNED FACILITIES.
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BACKGROUND: On October 8, 2019, the City Manager presented to Council a balanced 2020-2021 Biennial Budget. As part of the budget presentation, an increase in monthly parking rates was included to offset the new parking facility taxes enacted by the State. Beginning in January 2020 the State Legislature enacted a parking facility tax on monthly rentals of 9.00% and a 6.00% on daily and event parking. The budget includes a proposed rate increase in monthly rental of $10.00 per month for monthly parkers and $12.50 for monthly reserved parking at the Jefferson Deck and Technology Deck. As a result of the new tax enacted by the State Legislature it is estimated that the City's liability will be $153,000.00. Based on the recommended fees it is anticipated that they will generate $180,000.00 in revenue thereby increase the General Fund balance by $27,000.00.
FINANCIAL IMPACT: Revenue estimated at $180,000.00 would be included in the budget to offset the new parking facility taxes, enacted by the State, budgeted in the amount of $153,000.00 for a net increase in the City's 2020 and 2021 General Fund balance of $27,000.
NEIGHBORHOOD CONCERNS: None expressed.
IMPACT IF APPROVED: Parking rates will be increased accordingly and revenue estimated at $180,000.00 would be included in the budget to offset the new parking facility taxes, enacted by the State, budgeted in the amount of $153,000.00 for a net increase in the City's 2020 and 2021 General Fund balance of $27,000.
IMPACT IF DENIED: Parking rates would remain the same for monthly parkers and the City budget would decrease approximately $153,000.00 due to the new 9.00% tax on monthly parking rentals and 6.00% tax on hourly and event parking.
ALTERNATIVES: The Illinois Municipal League is attempting to exempt municipally-owned parking decks from the new sta...
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