HomeMy WebLinkAboutParking Resolution 2017-03 Parking Long Term Maintenance Reserve Fund and Transfer Procedures BOZEMAN PARKING COMMISSION
RESOLUTION 2017-03
A RESOLUTION OF THE PARKING COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RECOMMENDING
THAT THE BOZEMAN CITY COMMISSION AFFIRM THE ROLE OF THE PARKING LONG TERM MAINTENANCE
RESERVE TO PLAN, FUND, AND IMPLEMENT THE INSTALLATION, MAINTENANCE, AND REPLACMENT OF
INFRASTRUCTURE, EQUIPMENT, AND TECHNOLOGY NECESSARY FOR EFFECTIVE OPERATION OF THE
MUNICIPAL PARKING SYSTEM AND ESTABLISHING PROCEDURES FOR AN ANNUAL TRANSFER OF FUNDS FROM
THE PARKING OPERATING FUND RESERVE TO THE LONG TERM MAINTENANCE RESERVE FOR THIS PURPOSE.
WHEREAS, pursuant to Bozeman City Commission Resolution #3803, the Bozeman Parking Commission
has jurisdiction over the B-3 zoning district, and any residential parking permit districts created by the Bozeman
City Commission; and,
WHEREAS, the Bozeman Parking Commission has established policy guidelines that specify "invest any
Parking Enterprise Fund profits into three fiscal reserves: Parking Operating Reserve, Parking Capital Reserve,
and Bridger Park Downtown Long Term Maintenance Reserve Funds"; and,
WHEREAS, previously, the one-time proceeds from the sale of a condominium space in the Bridger Park
Downtown Garage and an on-going annual allocation of interest proceeds from the Downtown Tax Increment
Finance District were (are) deposited into the Long Term Maintenance Reserve with the knowledge and
acceptance of the Parking Services Division; and,
WHEREAS, parking industry best practices and the City of Bozeman Strategic Parking Management Plan
2016 (Strategy #5) both recommend the allocation of 3-7% of annual Gross Parking Revenues to a capital
maintenance reserve; and
WHEREAS,the Bozeman Parking Commission and Parking Services Division desire that such an allocation
become a routine business practice for the proper funding of necessary capital projects within the municipal
parking system; and,
WHEREAS, the Bozeman Parking Commission and Parking Services Division will implement a five year
capital maintenance plan for the purpose of directing annual expenditures from the Parking Long Term
Maintenance Reserve, prior to June 30, 2018, and before any expenditures from the Long Term Maintenance
Reserve for this purpose;
NOW THEREFORE, BE IT RESOLVED that the Bozeman Parking Commission recommends that the
Bozeman City Commission establishes the following procedures for an annual transfer from the Parking
Operations Reserve to the Parking Long Term Maintenance Reserve:
1. The transfer shall be conducted by the City of Bozeman Finance Department as part of their
annual Fiscal Year End closing procedures, with notice to the Bozeman Parking Commission of
the final amount of transfer and the resulting Ending Balance of the Parking Operating Reserve
and Long Term Maintenance Reserve by September 1st of each year.
2. The amount of the transfer shall be equal to 5% of the actual Gross Parking Revenues for the
most recently completed fiscal year. Gross Parking Revenues does not include any funds
transferred from the Downtown Tax Increment Finance District for capital expenditures.
3. The transfer shall not be executed in any year where the amount calculated for transfer would
leave the Parking Operating Reserve with less than 25% Actual Ending Balance (working capital)
as compared to the total actual expenditures for the completed fiscal year(excluding any transfer
of funds from the Downtown Tax Increment Financing District).
4. The Long Term Maintenance Reserve shall be utilized for parking system-wide capital project
funding and implementation, combining the previously stated, but not established, Parking
Capital Reserve and Bridger Park Downtown Long Term Maintenance Reserve into this single
account in the Parking Fund.
PASSED AND ADOPTED by the Parking Commission of the City of Bozeman, Montana, on first reading,
at a session held on the thirteenth day of July 2017. T is resolution shall become effective immediately.
I
Chris Naumann, Chair
ATTEST:
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Ed Meece, Parkin Program Manager, City of Bozeman