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New report shows Fernandina paid parking generated $276K gross revenue since launch
Fernandina Beach’s paid parking program in the historic downtown district has generated more than $276,000 in gross revenue through March 23, according to the latest report released by the city to The Observer.
The figures from parking operator One Parking show a shift from early permit-driven revenue toward stronger hourly parking activity as the program moves beyond its initial rollout phase.
Through March 23, the city reported:
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$93,922.97 in hourly parking revenue
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$50,468.00 in permit revenue
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$144,390.97 total gross revenue
A total of 17,659 paid parking transactions were recorded during the period.
The report reflects 23 days of activity and includes a note that “counts and revenue are estimates to be confirmed in month-end reporting.”
The February report, covering the program’s launch from Feb. 16, showed:
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$38,714.42 in hourly revenue
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$93,732.00 in permit revenue
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$132,446.42 total gross revenue
Parking permit sales accounted for the majority of revenue during the program’s initial rollout.
The city reported running totals through March 23:
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$132,637.39 in hourly revenue
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$144,200.00 in permit revenue
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24,815 hourly parking transactions
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8,051 total permits issued or accounted for
Permit revenue continues to be driven largely by non-residents:
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Non-city resident annual passes: $138,632
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Non-city resident monthly passes: $720
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Additional city resident vehicle permits: $4,632
City residents are eligible for up to two free permits, accounting for thousands of permits issued without generating revenue.
The city's hourly parking breakdown shows the highest number of transactions occurring in shorter-duration stays, indicating frequent turnover in downtown parking spaces.
The March report recorded an average of 768 transactions per reporting day and $4,083.61 in average hourly revenue per reporting period (weekly equivalent).
Those figures are all gross revenues that do not factor in operating expenses.
The February invoice shows the city generated about $131,000 in total parking revenue, including $93,400 from permits and $37,700 from hourly parking. After expenses and fees, the city received $108,372, indicating roughly $22,700 in operating costs for the month.
Comments
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FunnyGirl4615
Thank you for keeping us all informed on this hot topic. However, in the absence of the operating expenses, this information lacks context and so it really does not mean much. In my visits downtown, I have noted lots of empty parking spaces especially from 4th going north. Likewise, folks have not had fun trying to navigate to pay to park and I have watched some just give up and get back in their cars and leave.
Monday, March 30 Report this
FunnyGirl4615
Revenue does not mean much without the companion data of expenses. This city should prepare a table of information that could be released to the press to let us all see all the data. And it should include the number of citations and how much of that revenue has been collected as well. It is hard to make informed decisions based on only partial information but I do thank you so much for at least getting this out to your readers!
Monday, March 30 Report this
RobertR
There are several lines to any financial analysis. Thanks for line#1. Line#2 is the costs of obtaining line#1. Those will be of great interest given the history in FB (like Government throughout the US). Leaving that aside, let's use just line #1 rounded up to $95,000.00 per month or $1.114.000.00 year. And this amount is going to "balance" the City tax rate? I highly doubt it. I have been a vendor at the downtown city Farmers Market for this year, 15 years. I can't wait to see how this will effect sales. Not. IMHO.
Wednesday, April 1 Report this
KoachKay
I am thrilled that paid parking has generated new revenue for FB! I am proud that our leaders are making tough decisions to improve and protect our historic downtown. As part of the 13,000+ actual residents of the city, I appreciate that the commissioners are finding ways to make improvements without raising our tax bill. The State and County don’t seem to be listening.
Wednesday, April 1 Report this
Prof____H
At FunnyGirl4615: I don't think you live in the City of Fernandina Beach. If not, paying for parking should help offset the cost of not paying city taxes. That is one of the motivations for a parking fee. As a city resident, I found it easy to sign up for free parking, and my neighbors support paid parking for non-city residents downtown. Maybe the entire Island should be Fernandina Beach. Then you could vote for Commissioners, and/or paid parking would not be needed with the increased tax revenue.
Sunday, April 5 Report this