The City of Penticton went over budget by close to $100,000 when it came to installing all of the new parking meters and pay stations.
According to the third quarter financial update that was provided to city council on Oct. 19, the city’s costs to purchase and install the new machines was $98,000 more than expected.
In the end, the city paid $286k for the installation of the 160 parking metres and 19 pay machines according to the city’s general manager of finance Jim Bauer, with some of the new equipment replacing previous meters and pay stations.
Separate from the higher than expected costs for the purchase and installation, the city is expecting to come in below the 2021’s budgeted revenue from parking.
For 2021, the city had budgeted for parking revenue at an estimated $1.05 million. Exactly how far below that budget the revenue is won’t be public until 2022’s budget is released, but Bauer confirmed that it has grown compared to 2019’s pre-COVID-19 revenue.
In 2019, the city gathered $422,093 in parking revenue, similar to the $421,284 that was gathered in 2018.
Revenue took a significant drop in 2020 due to the pandemic and offsetting measures from city council to support local businesses by providing free parking. According to the 2021-2025 financial plan the city brought in a forecasted $233,000 for 2020.
In addition to the new machines and the removal of the previous one-hour of free downtown parking, the city increased the costs for people who run over their time by upping parking tickets by $5.
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