HomeMy WebLinkAboutParking Authority Memos 1September 23, 2010
Honorable Mayor and Members of the City Commission.
40 NW 3rd Street
Suite 1103
Mian i, Florida 33128
Phone (305) 373-6789
Fax (305) 371-9451
www.miamiparking.com
Fiscal Year 2009-2010 has been a successful year for Miami Parking Authority (MPA).
We have realized growth in this universally challenging period and we continue to fulfill
our mission to meet the City of Miami's parking needs.
Accomplishments During the Past Year
The Authority's accomplishments in fiscal year 2009-2010 are centered on the following:
Continued deployment of the latest parking technology by automating several
MPA parking facilities and continuing deployment of multi -space meters,
electronic single space meters and pay -by -phone service.
Opened the newly completed 840 space Courthouse Center Garage and MPA
headquarters. This state of the art facility contains approximately 4,000 square
feet of retail space and approximately 40,800 square feet of office space.
Furthered our efforts to work with the Downtown Development Authority, the
Coconut Grove BID and other community organizations to create useful
incentives to encourage traffic to various parts of the City of Miami.
The specific accomplishments included the following:
Implemented a 20% discount for any City of Miami resident using our convenient
pay by phone service.
Implemented First Half Hour Free in all of our parking garages.
Created various discount parking programs for residents of downtown Miami.
Tested and implemented new pay and display technology to continue to provide
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Continued growth of residential parking permit zones. This program enhances
the residents' quality of life by providing designated parking areas solely for their
use.
Continued to promote the City-wide MVP Program to protect City of Miami
residents from hurricanes and other major weather disturbances. The program
was the recipient of the International Parking Institute's 2006 Award For
Excellence.
MPA converted several cashier attended parking facilities to fully automated pay
on foot systems saving on payroll and relocating customer service attendants to
better positions within the operation.
Continued our management relationship with the Public Health Trust of Miami -
Dade County whereby MPA manages over. 8,000 parking spaces for the PHT
MPA completed the installation of the nearly $2 million revenue access control
equipment project.
Continued to provide parking services for the Adrienne Arsht Performing Arts
Center as the PAC's primary parking provider.
During the year ending September 30, 2010, the Authority estimates it will
contribute approximately $6,000,000 in excess revenues to the City of Miami.
Highlights of the 2009-10 Budget
Enhance customer service experience with the implementation of automated pay
on foot systems in garages and lots.
Expand regulated areas by installing single space meters in various areas of the
City of Miami.
Opening the new Courthouse Center Garage project across the street from the
Federal Courthouse.
Expand pay by cell phone program allowing our customers one additional method
of payment.
Complete the upgrade of the single space meters with new electronic mechanisms
and software that controls revenue and collections.
Capital Spending
The budget for the 2009-10 fiscal year includes the final drawdown of $25.9 million of
revenue bonds proceeds for the completion of the new Courthouse Center Garage.
Additional capital spending will go toward a system wide facility automation system that
will provide cost savings while enhancing customer service.
FINANCIAL HIGHLIGHTS
Revenues
Total operating revenues are budgeted to be 24,740,367 which is $1,792,344 or 7.8%
higher than fiscal year 2009-2010 budget.
Garage revenues are expected to decrease by $74,333 or 2.1%. The biggest factors
influencing next fiscal year's revenue projections in this category are a decline in visitor
parking in College Station Parking Garage and an over aggressive budget for the prior
fiscal year.
Lot revenues are budgeted to decrease by $493,729 or 6.2% due to the reduced amount of
construction parking in several of surface lot facilities.
On -Street revenues are budgeted to increase by $2,339,140 or 21.6%. The two biggest
factors influencing next fiscal year's revenue projections in this category are the updated
electric meters and the maturing of our pay and display system.
Expenses
Operating expenses are projected to decrease by $39,086 or 0.3% to $14,668,657 This
decrease is despite the significant use of credit cards and communication fees associated
with the expansion of the Authority multi -space meters.
Debt Service
Interest and principal payments are budgeted at $3,627,134 and $950,000 respectively
Total debt service for the fiscal year is estimated at $4,577,134.
Net Revenue and Debt Service Coverage
The proposed budget for fiscal year 2010-11 will provide approximately $10,146,710 in
net revenue available for debt service resulting in a debt service coverage of 3.2, before
taking into consideration capitalized interest. After subtracting debt service and
expenditures for replacement and renewals, we are estimating an excess revenue
contribution to the City of Miami of $5,500,000.
SUMMARY
The results for the current year and the budget for fiscal year 2010-11 reflect the
continued growth and expansion for the Authority. Net Income for fiscal year 2010-11
after depreciation, amortization and finance charges is estimated at $3,232,343
We are particularly pleased that we have been able to continue to provide the City with a
significant revenue stream for the tenth consecutive year and at the same time continue to
address and meet the parking needs of our residents, commuters and visitors.
The total amount that the City will be receiving from Miami Parking Authority for the
2009-10 fiscal year estimated at $10,773,000. This figure includes $6,000,000 in excess
revenues from operations, $3,500,000 from parking citation revenue and $1,273,000 from
the operation of various City of Miami owned parking facilities.
I am also extremely appreciative of the efforts of the Authority's employees for their
dedication and hard work and for the Miami Parking Authority Board who have tirelessly
provided direction and set policy for this organization. Our Board's willingness to
sacrifice; their valuable time is an outstanding statement to their dedication to public
service.
J
Arthur No ega, V
Chief Executive Officer