Explanation
1. BACKGROUND
The Director of Public Service requests to clarify the revenue sharing calculation as it relates to revenue and expenses incurred in the Parking Benefit Districts (PBD).
Ordinance 1918-2018 defined the new parking meter fund special revenue and established a new waterfall to the general fund. It will be clarified per this ordinance to include the Special Parking Districts to share in the calculation of the amount to be put into the general fund as a part of the waterfall.
Effective upon passage of this ordinance, the Department of Public Service will be required to deposit all 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.
2. FISCAL IMPACT
No immediate fiscal impact to the City.
3. EMERGENCY DESIGNATION
Emergency action is requested to allow the clarification of the revenue sharing calculations as it relates to revenue and expenses incurred in the Parking Benefit Districts to become effective at the earliest possible time.
Title
To clarify the revenue sharing calculation as it relates to revenue and expenses incurred in the Parking Benefit Districts; to make this clarification effective upon passage of this ordinance; and to declare an emergency. ($0.00)
Body
WHEREAS, there is a need to clarify the revenue sharing calculation as defined in Ordinance 1918-2020 as it relates to revenue and expenses incurred in the Parking Benefit Districts (PBD); and
WHEREAS, there is a need to make the clarified revenue sharing calculation effective upon passage of this ordinance; and
WHEREAS, an emergency exists in the usual daily operati...
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