Monthly parking meter revenue almost doubles since 2015
Published 8:00 am Monday, June 4, 2018
Since paid parking hit the downtown Square, parking meters have brought in about 40 percent more revenue than during the first year the meters were put in around the Square.
In May, meters took in $91,913 compared to $64,931 in May 2015. The average monthly income for 2018 so far is $88,473. In 2015, the monthly average was $60,622.
Parking Director Matt Davis presented the monthly parking figures to the Downtown Parking Advisory Commission on Friday during the regular meeting.
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Expenses for May were $17,000, leaving a gain of about $75K.
Currently, the parking department has $1.6 million in cash on hand.
Parking officers issued 1,538 tickets in May and 11,982 since October when the fiscal year begins. Most of the tickets, 1,111 where for the first time over-time parking violations and 1,056 were from local drivers while 482 were from out-of-state visitors. Paid-ticket revenue was $17,571 in May and $129,623 year-to-date.
Parking spot occupancy averaged 92 percent during the lunch hours on the Square; 92 percent at 4 p.m.; 73 percent at 6 p.m.; and 58 percent at 10 p.m.
Keeping careful data on revenue, expenses and occupancy rates have become a priority for the commission as Oxford evaluates the need for a downtown parking garage that is estimated to cost $11 million. The design of the parking structure was approved earlier and is planned to be constructed in the city-owned parking lot behind the Oxford Square North shopping center.
A presentation about the proposed parking garage is expected to be made at 5 p.m. Tuesday at City Hall during the Oxford Board of Aldermen meeting.