Page 495 - 2022-23 Blue Book Vol 2

SPECIAL PARKING REVENUE FUND

BASIS FOR THE PROPOSED BUDGET
The 2022-23 Proposed Budget for the Special Parking Revenue Fund (SPRF) relates to current year funding as follows:

Amount % Change

2021-22 Adopted Budget $ 57,001,201

2022-23 Proposed Budget $ 60,016,314

Change from 2019-20 Budget $ 3,009,113 5.3%

The Special Parking Revenue Fund (SPRF) receives all monies collected from parking meters and City-owned public
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 2022-23 Proposed Budget reflects funding for:
• Maintenance of City-owned public surface lots and parking garages;
• Parking studies to be completed in areas throughout the City;
• Purchase and installation of upgraded parking meters and pay stations to replace older models; and,
• Full reimbursement of General Fund related costs.

2021-22 2022-23
Adopted Proposed
Budget Budget
Balance Available, July 1 $ 29,278,286 $ 53,736,749
Less: Prior Year’s Unexpended Appropriations 27,425,505 27,400,000
Adjusted Balance 1,852,781 26,336,749

Revenue: Hollywood and Highland Lot 745 6,506,000 9,000,000
Lease and Rental Fees 898,000 600,000
Parking Fees 33,000 33,000
Parking Lots 5,856,000 8,000,000
Parking Meters 48,455,000 45,700,000
Other Receipts 245,000 245,000
Interest 1,632,000 528,000
Total Adjusted Balance and Revenue $ 65,477,781 $ 90,442,749

Less: Surplus Transfer to Reserve Fund $ 8,476,580 $ 30,426,435
Total Available Balance $ 57,001,201 $ 60,016,314

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