Parking Authority Financial Plan

Please note this survey has now closed.

As a result of the pandemic, the past three years have been difficult for the Parking Authority. The long-term impact of the pandemic has further weakened the financial outlook for the Parking Authority. Subject to Council approval, changes are recommended to parking fees and operations to help make parking financially self-sufficient. Council is scheduled to debate the Financial Plan at Committee of the Whole on Monday, January 22.

An external review of the Parking Authority's operations was completed, using a historic and comparable city review. Revenue and revenue generating opportunities were considered to make the Parking Authority better positioned to cover its ongoing operating costs, plan for future capital requirements, limit overall parking fees and remain affordable.

A Financial Plan was completed, developing a plan for the Parking Authority to achieve financial stability through the identification of opportunities to recover operating costs, reducing reliance on the tax base and balancing the need for internal financing for the Parking Authority’s capital requirements.

This plan includes:

1. An increase in parking fees to support improved cost recovery and alignment with market rates in comparable communities;
2. Propose inflationary increases to parking rates in future years;
3. Close five underutilized parking lots;
4. Recover parking costs in key areas, such as the marina and Market Square;
5. Extend most parking operations to Monday-Saturday (7am-9pm) and enforce parking accordingly; and
6. Develop a no free parking policy.

Let us know how to act on these recommendations. Review the consultant's report and Corporate Report.