HomeMy WebLinkAboutResolution 4837 Parking Services Fund Long Term Maintenance Reserve and Annual Transer Procedures �ti9---88`== ��
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COMMISSION RESOLUTION NO. 4837
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, AFFIRMING THE ROLE OF THE PARKING SERVICES FUND 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 SERVICES FUND
OPERATING 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,
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Resolution 4837, Creating an Annual Transfer fi-om Parking Services Operation Reserve to Long Term Maintenance Reserve
WHEREAS, parking industry best practices and the City of Bozeman Strategic Parking
Management Plan 2016 (Strategy 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 City Commission
establishes the following procedures for an annual transfer from the Parking Services Fund
Operating Reserve to the Parking Services Fund 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 Services Fund Operating Reserve and Parking Services
Fund Long Term Maintenance Reserve by September 1"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 as compared to the total actual expenditures for the most recently
completed fiscal year (excluding any transfer of funds from the Downtown Tax
Increment Financing District).
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Resolution 4837, Creating an Annual Transfer from Parking Services Operation Reserve to Long Term Maintenance Reserve
4. The Parking Services Fund 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, ADOPTED, AND APPROVED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 14"' day of August, 2017.
CARSON TAYLOR
Mayor
ATTEST:
ROBIN CRO GH * ' _:; T • * .
City Clerk �'•� '
1883 •�.
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