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HomeMy WebLinkAboutExhibit AMiami Parking Authority (Department of Off -Street Parking) Proposed Operating Budget Fiscal Year 2023-24 (Submitted to the City of Miami Commission For Approval) (Approved by the Off -Street Board of Directors June 7, 2023) MIAMI PARKING AUTHORITY Schedule of Revenue and Expenses Proposed FY 2024 Operating Budget FY 2022 FY 2023 FY 2024 Requested Budget 2024 Requested Budget 2024 Approved Proposed vs. vs. Actual Budget Budget FY 2022 Actual Budget 2023 FY 2022 Actual Budget 2023 Operating Revenue $ $ $ Increase/(Decrease) Increase/(Decrease) Off -Street Facilities 5,010,957 4,565,364 3,372,889 (1,638,068) (1,192,475) (32.69) (26.12) Parking Lots 9,627,886 9,440,173 10,207,741 579,855 767,568 6.02 8.13 On -Street 36,776,901 35,486,204 38,719,109 1,942,208 3,232,905 5.28 9.11 Management Fees 1,693,204 1,381,996 1,686,924 (6,280) 304,928 (0.37) 22.06 Other 1,019,635 925,000 1,000,000 (19,635) 75,000 (1.93) 8.11 Total Operating Revenue 54,128,583 51,798,737 54,986,663 858,080 3,187,926 1.59 6.15 Operating Expenses Salaries, Wages & Fringe Benefits 8,569,316 10,787,127 11,558,536 2,989,220 771,409 34.88 7.15 Repairs, Maintenance, Cleaning & Landscape 2,720,426 2,357,886 2,220,985 (499,441) (136,901) (18.36) (5.81) Security 1,512,695 1,466,456 1,356,750 (155,945) (109,706) (10.31) (7.48) Utilities 639,963 631,300 668,380 28,417 37,080 4.44 5.87 Insurance 852,879 931,369 1,582,085 729,206 650,716 85.50 69.87 Rental - Building/Land/Fleet 37,108 48,004 407,084 369,976 359,080 997.02 748.02 Assessment Expenses 657,446 838,704 973,704 316,258 135,000 48.10 16.10 Revenue Sharing 2,159,146 2,209,117 2,865,577 706,431 656,460 32.72 29.72 Parking Meter Parts & Installation 67,298 34,880 106,500 39,202 71,620 58.25 205.33 Legal and Professional 1,198,702 975,230 1,091,630 (107,072) 116,400 (8.93) 11.94 Bank Charges 2,779,462 3,399,147 2,839,876 60,414 (559,271) 2.17 (16.45) Supplies & Miscellaneous 510,319 367,100 511,250 931 144,150 0.18 39.27 Other Expenses 309,785 304,928 313,300 3,515 8,372 1.13 2.75 Advertising & Promotion 621,271 416,000 731,000 109,729 315,000 17.66 75.72 Total Operating Expenses 22,635,816 24,767,248 27,226,657 4,590,841 2,459,409 20.28 9.93 Operating Results Before Depr & Amort 31,492,767 27,031,489 27,760,006 (3,732,761) Depreciation & Amortization (3,773,913) (3,900,000) (3,900,000) (126,087) 728,517 Operating Results 27,718,854 23,131,489 23,860,006 (3,858,848) 728,517 Non -Operating Revenues (Expenses): Interest Income (67,000) 160,000 160,000 227,000 Lower of Cost of Market - Investments (625,890) - - 625,890 Gain (Loss) on Disposal Property - - - - Interest Expenses (1,620,829) (1,530,804) (1,437,305) 183,524 Other Losses 13,337,376 - - (13,337,376) Excess Revenue Distribution to City (12,000,000) - - 12,000,000 Budgeted Reserves - - - (11.85) 2.70 3.34 (13.92) 3.15 (338.81) (100.00) 93,499 (11.32) (100.00) (100.00) Total Non -Operating (976,343) (1,370,804) (1,277,305) (300,962) 93,499 Net Revenue In Excess of Expenses 26,742,511 21,760,685 22,582,701 (4,159,810) 822,016 (6.11) 30.83 (6.82) (15.56) 3.78 MIAMI PARKING AUTHORITY Schedule of Revenue and Expenses Proposed FY 2024 Operating Budget FY 2022 FY 2023 FY 2024 Requested Budget 2024 Requested Budget 2024 Approved Proposed vs. vs. Actual Budget Budget FY 2022 Actual Budget 2023 FY 2022 Actual Budget 2023 $ $ $ Increase/(Decrease) Increase/(Decrease) Operating Revenue Off -Street Facilities 5,010,957 4,565,364 3,372,889 (1,638,068) (1,192,475) (32.69) (26.12) Parking Lots 9,627,886 9,440,173 10,207,741 579,855 767,568 6.02 8.13 On -Street 36,776,901 35,486,204 38,719,109 1,942,208 3,232,905 5.28 9.11 Management Fees 1,693,204 1,381,996 1,686,924 (6,280) 304,928 (0.37) 22.06 Other 1,019,635 925,000 1,000,000 (19,635) 75,000 (1.93) 8.11 Total Operating Revenue 54,128,583 51,798,737 54,986,663 858,080 3,187,926 1.59 6.15 Operating Expenses Salaries, Waees & Frinee Benefits Salaries - Regular 6,730,962 8,243,489 8,730,698 1,999,736 487,209 29.71 5.91 Salaries -Overtime 246,253 (246,253) - (100.00) Salaries - Sick & Vacation 574,628 482,781 508,937 (65,691) 26,156 (11.43) 5.42 Social Security 483,586 572,841 596,780 113,194 23,939 23.41 4.18 Health Insurance 172,052 681,101 890,165 718,113 209,064 417.38 30.70 Retirement 235,958 621,222 636,207 400,249 14,985 169.63 2.41 Benefits - (Auto, LTD, STD) 115,640 185,693 195,749 80,109 10,056 69.27 5.42 Tuition 5,267 (5,267) - (100.00) Miscellaneous Pay 4,970 (4,970) (100.00) 8,569,316 10,787,127 11,558,536 2,989,220 771,409 34.88 7.15 Repairs, Maintenance, Cleanine & Landscape Maintenance - Property 357,807 478,500 526,750 168,943 48,250 47.22 10.08 Maintenance -Landscaping 469,121 73,400 73,178 (395,943) (222) (84.40) (0.30) Maintenance - Elevators 86,246 50,000 50,500 (35,746) 500 (41.45) 1.00 Maintenance - A/C 22,061 20,000 56,500 34,439 36,500 156.11 182.50 Maintenance - Computers 82,191 80,000 92,000 9,809 12,000 11.93 15.00 Maintenance - Garage Equipment 251,583 252,000 178,000 (73,583) (74,000) (29.25) (29.37) Maintenance- Alarms 20,752 14,000 14,800 (5,952) 800 (28.68) 5.71 Maintenance - TV Surveillance 247,711 240,000 325,000 77,289 85,000 31.20 35.42 Repairs -Equipment 139,206 35,500 55,500 (83,706) 20,000 (60.13) 56.34 Motor Pool 321,155 301,500 299,000 (22,155) (2,500) (6.90) (0.83) Cleaning & Housekeeping Supplies 111,780 423,886 38,607 (73,173) (385,279) (65.46) (90.89) Expendable Tools Clothing 54,888 68,300 78,900 24,012 10,600 43.75 15.52 Signs 292,629 174,300 236,250 (56,379) 61,950 (19.27) 35.54 Small Equipment 178,160 140,500 191,000 12,840 50,500 7.21 35.94 Maintenance - Other 85,136 6,000 5,000 (80,136) (1,000) (94.13) (16.67) Cleaning 2,720,426 2,357,886 2,220,985 (499,441) (136,901) (18.36) (5.81) Securi Security 1,498,517 1,452,456 1,342,750 (155,767) (109,706) (10.39) (7.55) Armored Car Services 14,178 14,000 14,000 (178) (1.26) - 1,512,695 1,466,456 1,356,750 (155,945) (109,706) (10.31) (7.48) Utilities Telephone 246,566 271,100 275,400 28,834 4,300 11.69 1.59 Light&Power 308,926 272,500 314,730 5,804 42,230 1.88 15.50 Water 84,471 87,700 78,250 (6,221) (9,450) (7.36) (10.78) 639,963 631,300 668,380 28,417 37,080 4.44 5.87 Insurance Property & Gen Liability Insurance 814,518 746,313 1,421,210 606,692 674,897 74.48 90.43 Workers Compensation Insurance 38,361 185,056 160,875 122,514 (24,181) 319.37 (13.07) 852,879 931,369 1,582,085 729,206 650,716 85.50 69.87 Rental - Building/Land Rental-Building/Land 37108 48004 48004 10,896 29.36 - Rental - Fleet 359,080 359,080 359,080 37,108 48,004 407,084 369,976 359,080 997.02 748.02 Assessment Expenses Assessment Expenses - Repairs & Maintenance 292,681 321,384 321,384 28,703 Assessment Expenses - Utilities 14,599 13,632 13,632 (967) Assessment Expenses - Office Supplies 3,071 3,048 3,048 (23) Assessment Expenses - Management Fee 50,996 50,640 50,640 (356) Assessment Expenses - Insurance 173,463 200,000 200,000 26,537 Assessment Expenses - Security 122,636 250,000 385,000 262,364 135,000 9.81 (6.62) (0.75) (0.70) 15.30 213.94 54.00 657,446 838,704 973,704 316,258 135,000 48.10 16.10 MIAMI PARKING AUTHORITY Schedule of Revenue and Expenses Proposed FY 2024 Operating Budget FY 2022 FY 2023 FY 2024 Requested Budget 2024 Requested Budget 2024 Approved Proposed vs. vs. Actual Budget Budget FY 2022 Actual Budget 2023 FY 2022 Actual Budget 2023 $ $ $ lncrease/(Decrease) Increase/(Decrease) Revenue Sharinp Revenue Sharing 2,159,146 2,209,117 2,865,577 Parkin Meter Parts & Installation Equipment Rental Parking Meter Parts & Installation Legal and Professional Audit Fees Legal Services Property Surveys, Platting Other Consultants Professional - Pay and Display Fees 15,600 51,698 29,880 21,000 5,000 85,500 706,431 656,460 32.72 29.72 5,400 (8,880) 34.62 (29.72) 33,802 80,500 65.38 1,610.00 67,298 34,880 106,500 39,202 71,620 58.25 205.33 135,912 163,500 168,400 32,488 4,900 23.90 3.00 117,624 142,630 142,630 25,006 - 21.26 10,000 10,000 10,000 858,312 571,000 719,000 (139,312) 148,000 (16.23) 25.92 86,854 88,100 51,600 (35,254) (36,500) (40.59) (41.43) 1,198,702 975,230 1,091,630 (107,072) 116,400 (8.93) 11.94 Bank Charges Bank Charges 2,779,462 3,399,147 2,839,876 60,414 (559,271) 2.17 (16.45) Supplies & Miscellaneous Postage & Courier Services 5,842 5,600 7,450 1,608 1,850 27.52 33.04 Printing 31,751 63,000 91,000 59,249 28,000 186.61 44.44 Office Supplies 43,920 37,500 50,900 6,980 13,400 15.89 35.73 Office Equipment 36,129 24,000 34,000 (2,129) 10,000 (5.89) 41.67 Computer Supplies 293,682 210,500 275,900 (17,782) 65,400 (6.05) 31.07 Computer Software 98,995 26,500 52,000 (46,995) 25,500 (47.47) 96.23 510,319 367,100 511,250 931 144,150 0.18 39.27 Other Expenses Property Taxes 57,764 50,528 50,500 (7,264) (28) (12.58) (0.06) Licenses & Permits 59,087 30,950 40,950 (18,137) 10,000 (30.70) 32.31 Miscellaneous 29,060 16,800 16,800 (12,260) - (42.19) Entertainment 500 (500) (100.00) Travel 19,496 16,000 14,500 (4,996) (1,500) (25.63) (9.38) Training 16,606 42,200 41,700 25,094 (500) 151.11 (1.18) Meetings and Conventions 95,510 122,250 124,350 28,840 2,100 30.20 1.72 Cashier- Overage/(Shortage) 291 - (291) - (100.00) Parking Refunds - - Uncollectible Accounts - - - Publications - - Membership Dues 27,929 25,700 24,500 (3,429) (1,200) (12.28) (4.67) Claims Settlement - - Bad Debt Expense 4,042 (4,042) - (100.00) Penalties & Interest 309,785 304,928 313,300 3,515 8,372 1.13 2.75 Advertising & Promotion Promotional 3,774 15,000 11,226 15,000 297.46 Public Relations 587,798 264,000 674,000 86,202 410,000 14.67 155.30 Advertising 29,699 152,000 42,000 12,301 (110,000) 41.42 (72.37) 621,271 416,000 731,000 109,729 315,000 17.66 75.72 Total Operating Expenses 22,635,816 24,767,248 27,226,657 4,590,841 2,459,409 20.28 9.93 Operating Results Before Depr & Amor Depreciation & Amortization Operating Results Non -Operating Revenues (Expenses): Interest Income 31,492,767 27,031,489 27,760,006 (3,732,761) 728,517 (11.85) 2.70 (3,773,913) (3,900,000) (3,900,000) (126,087) 3.34 27,718,854 23,131,489 23,860,006 (3,858,848) 728,517 (1392) 3.15 (67,000) 160,000 160,000 227,000 (338.81) Lower of Cost of Market - Investments (625,890) Gain (Loss) on Disposal Property - - Interest Expenses (1,620,829) (1,530,804) (1,437,305) 183,524 93,499 (11.32) (6.11) Other Losses 13,337,376 (13,337,376) - (100.00) Excess Revenue Distribution to City (12,000,000) - 12,000,000 (100.00) Budgeted Reserves - - Total Non -Operating (976,343) (1,370,804) (1,277,305) (926,852) 93,499 30.83 (6.82) Net Revenue In Excess of Expenses 26,742,511 21,760,685 22,582,701 (4,785,700) 822,016 (15.56) 3.78