Explanation
1. BACKGROUND
This legislation authorizes the creation of the Mobility Enterprise Operating Fund with related subfunds, a Mobility Grant Fund, a Mobility Capital Improvements Fund, a Mobility Debt Retirement Fund, and a Mobility Agency Fund within the Division of Parking Services Department/Division 59-06 to be effective January 1, 2022.
The creation of a Mobility Enterprise would allow for the holistic management of all the City’s mobility assets within a sustainable and long-term self-supporting program. The Mobility Enterprise Program that combines on and off-street revenues and expenses for parking ensures the health of the City’s off-street garage assets and allows for continued innovation and reinvestment in the City’s on-street parking and curb lane management program as well as other mobility initiatives of the department.
2. FISCAL IMPACT
This legislation also authorizes the City Auditor to transfer any unencumbered balances from the existing parking meter operating fund, parking garage enterprise fund and related subfunds, parking grants fund, parking reserve funds, parking agency funds to the associated Mobility Enterprise operating fund, grant fund, capital fund, debt retirement fund and agency fund to be effective on January 1, 2022. The City Auditor is authorized to create any other funds or related subfunds as necessary to properly account for the Mobility Enterprise.
The department/division will continue to use existing encumbrances that are established in the parking meter fund 2268 and related subfunds, until such time that the contracts are up for renewal and/or the 2022 operating budget is passed. In January, the city auditor is authorized to cancel encumbrances in the existing parking grant funds and in the garage enterprise fund and related subfunds and reestablish those encumbrances within the related mobility enterprise funds and subfunds.
Lastly, this legislation authorizes the transfer of all assets and liabiliti...
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