2018-2019 Parking Permit Fee Increase FAQ

1.Why are parking rates increasing?

As an auxiliary enterprise, and as part of the last strategic plan for the fiscal years 2013 through 2018, Parking and Transportation was tasked with creating a structure that would allow our parking operations to become self-sustaining, without the need for university fee subsidies, with a deadline of FY 2018.

As a self-funded entity, the primary source of parking revenue is through permit sales, and we rely on this income stream to support all parking operations, maintenance and debt service for new construction across both campuses.

In May 2018, we proposed an average 3 percent increase for student and employee parking rates for FY 2019.  For employees, this translates to an additional $2.50 per month for standard permits and $5.50 per semester for adjunct permits. Students can expect an additional $6 per semester for commuter permits and $11 per semester for 6-month housing permits. Additionally, the maximum daily parking rate will increase from $10 to $16.

 

2. What is the total price I can expect to pay for my permit for the upcoming fiscal year?

The new rate structures for faculty, staff and students can be found online.

Students: https://parking.vcu.edu/parking/students/options-and-rates/

Faculty/staff: https://parking.vcu.edu/parking/faculty-and-staff/options-and-rates/

 

3. What did last year’s (FY2018) increase support?

The parking increase implemented in FY2018 helped support several large and small-scale facility projects, to include but not limited to: renovations to D Deck, the West Broad lighting project, the West Broad Street Deck elevator renovation project, concrete and water permeation repairs on West Broad Street Deck, earthquake damage repairs on Bowe Street Deck, drainage repairs and ADA enhancements on West Main Street Deck.

 

4. What will the FY2019 rate increase fund?

The rate increase will provide support for the following initiatives:

Addressing deferred maintenance/capital renewal needs – Several of our parking facilities are aging and in need for renovation and restoration. While plans are unfolding for major renovation work on West Main Street Deck and D Deck, a professional structural assessment for each of our parking facilities is underway to detail further maintenance needs.

Rising operating costs – As we continue to manage a safe, reliable and sustainable parking infrastructure for all students, faculty, staff and visitors, we must also consider the associated costs, which continue to rise annually with inflation.  In addition to repairs, the rate increase is necessary to cover such annual operating expenses as ongoing maintenance, equipment, security and enforcement and facility enhancements.

Transportation services – While we receive university support for the Campus Connector, shuttle costs for service to/from our remote facilities (A, I, R lots) is funded solely by parking permit revenue. As we face rising costs to provide this service, additional resources are needed to sustain operations.

 

6. How are the parking rates determined?

We forecast the annual costs for operations, maintenance and overhead, comparing these figures against revenue to ultimately determine an adequate price point that satisfies our revenue, expense and repair balance.

 

7. When will the rate increase take effect?

The 3 percent rate increase will take effect on July 1, 2018. For students, the increase will be reflected in the Fall 2018 student parking sales. VCU employees will notice the increase on their August 1, 2018, paychecks. VCU Health employees will notice the increase on their July 27, 2018, paychecks.

 

8. Doesn’t the cost of what staff, faculty and students pay to park currently cover all of Parking and Transportation’s costs?

Yes; however, as operating costs continue to increase, we will need additional resources to sustain parking operations.

 

9. How is parking funded?

Parking and Transportation is a self-supporting unit. The department’s parking operations are funded by permit sales, pay-per-use revenue, and special event parking revenue.  The Campus Connector and RamSafe are both funded through the university.

 

10. Do parking operations generate a profit for the department?

No. As part of Parking and Transportation’s financial model, we meet our operating costs while building a reserve fund to support costs for maintenance, new construction and renovation.

 

11. Will there be an increase next year?

Each spring, we will review and evaluate the financial impacts of yearly operating costs on our ability to provide service.  Additionally, following the results of the maintenance assessment and consultant report, we will develop a new 6-year financial plan to sustain operations, which would also include budgetary recommendations. The consultant report and maintenance assessment are projected to be completed by July 2018.

 

12. What other options do I have if I want to cancel my parking?

In addition to subscriptions and hourly parking, we also offer several alternative transportation options for the VCU community, to include ZimRide, ZipCar, and a subsidized GRTC transit pass program.  Additionally, we are in the process of finalizing a new carpool program, which is expected to launch on July 1, 2018, and will reduce the cost of parking for eligible participants.  For additional information, visit https://parking.vcu.edu/transportation/alt-transportation.

 

13. What steps are Parking and Transportation taking to ensure that there is adequate parking available for our growing campus?

We are aware that as the university continues to expand its footprint, so does the need for parking and transportation services. In 2017, we hired the services of consultant firm Kimley Horn to evaluate all aspects of the department and its operations, to include: parking demand, new parking sites, neighborhood parking concerns, transit operations, budgetary and business needs, and new/existing partnerships. In the coming months, the team will provide inclusive recommendations and concepts for adoption.

 

14. I have a concern regarding parking operations in my assigned facility, who can I contact?

For questions or concerns regarding our parking facilities, please contact us at parking@vcu.edu or 828-PARK (7275).

This entry was posted on Friday, May 11th, 2018 at 6:43 pm and is filed under General News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.