Explanation
1. BACKGROUND
To support the revenue sharing proposals of potential Parking Benefit Districts (PBD) per the authority granted in Columbus City Code 2155, the Director of Public Service requests to repeal Ordinance No. 1560-2009 which initially set up the Parking Meter Fund and created a waterfall of parking meter revenues which establishment now is inconsistent with future PBD's. This ordinance does not change the reserve fund requirement of Ordinance No. 1578-2009.
Beginning in Fiscal Year 2019, the Department of Public Service will be required to deposit all non-Parking Benefit District parking space revenue into the General Fund until the yearly amount deposited reaches an amount agreed upon jointly by the Director of Public Service and the Director of Finance and Management, with the additional revenue collected as parking space revenue deposited directly into the parking meter fund, or a transfer of that yearly agreed upon number will be made from the Parking Meter Fund to the general fund as so determined by the City Auditor.
Additionally, parking-related Division revenues including, but are not limited to, lost meter revenues, residential permit revenues, other revenues; excluding parking citation fines and forfeitures, and area-specific revenues, will be deposited into the Parking Meter Fund beginning in Fiscal Year 2019 as well.
Because the various Short North-designated parking agreements were deposited before the establishment of the Short North Special Parking Area Subfund, the Director of Public Service also requests to transfer and appropriate $680,000.00 from the Parking Meter Fund to the subfund established for the Short North Special Parking Area to properly account for revenues and expenditures for the Short North Parking Area designated funds.
As part of the Parking Meter Fund reorganization, the Director of Public Service requests the City Auditor to create a subfund called Parking Services Reserve within the Parking Meter Fund ...
Click here for full text