The Rahway Parking Authority expects to generate $1.7 million in revenue this year with expenses of about $1.5 million, for an expected surplus for at least the eighth consecutive year.
Assorted parking fees account for about three-quarters of the revenue generated, with parking permit fees comprising about two-thirds of the overall revenue, or about $1.147 million this year. Meters generate about $114,000, or about 6.5 percent of the revenue, and fines and penalties are expected to be $30,000, less than 2 percent of revenues.
City Council is expected to hold a public hearing and final vote during its regular, public meeting Tuesday on an ordinance (O-19-18) that would dissolve the Parking Authority and shift parking operations to a Parking Utility within the administration. Another ordinance (O-20-18) also up for adoption would refinance $3.6 million in Parking Authority debt, which the city will assume. UPDATED: City Council tabled the ordinances until approval is received from the state Local Finance Board. City officials expect to meet with Finance Board tomorrow.
Debt is incurred when the Parking Authority bonds for capital projects or acquisitions, such as, the former New Era building on East Cherry Street acquired in 2015, or in the case of the lot at Main Street and Elizabeth Avenue, acquired about 10 years ago.
The capital budget has generally been slated at $160,000 up until last year when it increased to $1.65 million, including $1.5 million for land acquisition (look for details on that in an upcoming post), and $2 million this year, which also included $425,000 for repairs and renovations, up from $75,000.
The city administration has said that the change to a Parking Utility will be a windfall for the city and give more responsibility and oversight to City Council rather than an autonomous board. The Parking Authority currently is overseen by a five-member board of commissioners and a part-time executive director.
Like the city’s sewer and water utilities, which set rates and collect fees, the city could use the Parking Utility’s surplus in the city budget. The Parking Authority’s surplus has been at least six figures in each of the last six years, including a high of $268,103 in 2013, and expected to be $189,500 this year.
It’s unclear whether current Rahway Parking Authority employees will be shifted to the Parking Utility.
The Rahway Parking Authority manages the 524-space parking deck on Lewis Street, on-street parking meters, and another 473 parking spaces in various lots and spaces throughout the city. Parking permit fees range from $60 (surfaces lots at the Y, Main Street and Elizabeth Avenue and Lot B) to $150 (20 priority spaces at the parking deck, other parking deck permits are $110).
Here’s a look at RPA budget’s over the last few years, ranging from 2018 back to 2011. That spreadsheet pulls data from some of the main categories of revenue and expenses from the source documents below (obtained through an Open Public Records Act (OPRA request), if you’re interested in taking a closer look:
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