Page 483 - FY 2020-21 Blue Book Volume II

SPECIAL PARKING REVENUE FUND

BASIS FOR THE PROPOSED BUDGET

The 2020-21 Proposed Budget for the Special Parking Revenue Fund (SPRF) relates to current year funding as follows:

Amount % Change

2019-20 Adopted Budget $ 58,120,769

2020-21 Proposed Budget $ 55,959,138

Change from 2019-20 Budget $ (2,161,631) (3.7%)

The Special Parking Revenue Fund (SPRF) receives all monies collected from parking meters and City-owned parking
lots in the City in accordance with Division 5 of the Los Angeles Administrative Code. The SPRF monies have been
used for the following purposes: (1) purchasing, leasing, installing, maintaining, operating, and regulating parking meters
and metered spaces; collection of meter revenue and related expenses; (2) the purchase, improvement, and operation
of off-street parking facilities; (3) the painting and marking of streets and curbs required for the parking of motor vehicles
within parking meter zones; (4) repayment of borrowed City funds; and (5) the payment of debt service costs incurred for
off-street parking facilities. The City also may establish surplus funding which may be transferred to the Reserve Fund
for general governmental purposes, after paying, or setting aside, funding for the cost of operations and maintenance of
eligible activities.

BUDGET HIGHLIGHTS

The 2020-21 Proposed Budget reflects:
 Funding for maintenance of City-owned surface lots and parking garages.
 Funding for parking studies to be completed in areas throughout the City.
 Funding for the purchase and installation of upgraded parking meters and pay stations to replace older models.

2019-20 2020-21
Adopted Proposed
Budget Budget
Balance Available, July 1 $ 34,346,467 $ 7,000,000
Less: Prior Year’s Unexpended Appropriations 22,401,452 6,809,294
Adjusted Balance 11,945,015 190,706

Revenue: Hollywood and Highland Lot 745 13,800,000 13,800,000
Lease and Rental Fees 19,426,000 726,000
Parking Fees 386,000 386,000
Parking Lots 10,200,000 10,200,000
Parking Meters 57,500,000 57,500,000
Other Receipts 1,410,000 110,000
Interest 767,000 767,000
Total Adjusted Balance and Revenue $ 111,434,015 $ 83,679,706

Less: Surplus Transfer to Reserve Fund $ 57,313,246 $ 27,720,568
Total Available Balance $ 58,120,769 $ 55,959,138

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