Regular Meeting
The regular meeting of the
Morgantown Parking Authority was held at
PRESENT: Chairman Ernest Fortuna, Vice-Chairman Bill Byrne, George Papandreas and Tom
ABSENT: Charlie McEwuen and Ron Bane.
OTHERS PRESENT: Denise White.
Chairman Ernest Fortuna called the meeting to order at 3:05 P.M.
APPROVAL OF MINUTES:
Upon a motion by Mr. Byrne, seconded by Mr. Papandreas and approved by unanimous vote, the minutes of the regular meeting of January 11, 2006 were approved as presented.
UNFINISHED BUSINESS:
University Avenue Garage Stair Replacement:
Mr. Arnold said the stairwell project is in the final stages of completion. The Parking Authority maintenance employees will be finishing up the painting and the nonskid stair treads (permanent mats on stair landings) will be placed on the non-post tension sections only. The temporary barrier walls will be torn down and the lighting will be replaced with 175-Watt halo lights. The work should be completed by March 1, 2006.
NEW BUSINESS:
2004-2005 Budget Audit
Recap:
Ms. Denise White, City Finance Director, put together a budget recap of the FY 2004-2005 budget for the Parking Authority’s review. She said that the Parking Authority is one of three enterprise funds the City has. She explained the Assets and Liabilities less depreciation, as well as Interest and Income. The report indicated an operating loss in 2004 and an operating income of $442,000 in 2005. The Debt Service coverage was in compliance of the Bond requirements at 1.4%.
2005-2006 Budget Amendment:
The first four months of FY 2005-2006 showed a net loss in revenue. This was mainly due to WVU using the parking garage while their garage was under construction. Mr. Fortuna asked what the Parking Authority should do since there has been a net loss. Ms. White said the Parking Authority should hold its expenses to what was budgeted.
Ms. White suggested that the Parking Authority continue negotiating with WVU on the Wiley Street property. She said the Authority shouldn’t rely on revenue from other parking areas to pay for the new garage. Mr. Byrne said the Willey Street site is a prime location for a parking garage and the Performa for the garage should cover the bond. Ms. White suggested the Parking Authority look at competitive issues before building the parking garage or consider increasing the hourly rate for the garage. Mr. Fortuna agreed with Ms. White that the hourly rate should be higher in the garage. Mr. Arnold said the new Wiley Street garage would have a mixed use. A nine-month Performa for WVU’s Fall and Spring Semester and a three-month Performa for WVU’s Summer Semester was done for the garage.
At the end of December 2005 the Parking Authority was $39,000 behind last years revenue but was narrowed to $20,000 in January’s year-to-date total. Mr. Arnold said a rate increase on overnight parking passes might be needed. Mr. Byrne said the Wharf parking garage will perform better once the proposed residential is constructed.
Mr. Arnold said he would like to amend the FY 2005-2006 budget. The amendment would include increasing budget line 577-320.00 (Fines & Forfeitures) by $25,000 and increasing budget line 578-30.00 (Contracted Services) by $25,000. It would also include decreasing budget line 578-15.02 (Building & Lot Maintenance) by $54,055 and increasing budget line 578-58-00 (Capital Outlay-Permanent Improvements) by $54,055.
Upon a motion by Mr. Byrne, seconded by Mr. Papandreas, and approved by unanimous vote to amend the FY 2005-2006 budget by increasing budget line 577-320.00 (Fines & Forfeitures) by $25,000 and increasing budget line 578-30.00 (Contracted Services) by $25,000.
Upon a motion by Mr. Papandreas, seconded by Mr. Byrne, and approved by unanimous vote to amend the FY 2005-2006 budget by decreasing budget line 578-15.02 (Building & Lot Maintenance) by $54,055 and increasing budget line 578-58-00 (Capital Outlay-Permanent Improvements) by $54,055.
Cashkey Increase:
Mr. Arnold said the Parking Authority hasn’t ordered cashkeys since 2001 at a cost of $10 each. A $10 refundable deposit is charged for each cashkey sold. The price per cashkey has since risen to $14.80. Mr. Arnold would like to increase the refundable deposit to $15. The increase will cover the cost of purchasing the cashkey from the manufacture. It was unanimously agreed to increase the refundable deposit from $10 to $15.
Willey Street Project Lease Agreement:
This agenda item will be discussed in Executive Session.
OTHER MATTERS:
None.
EXECUTIVE SESSION:
The Parking Authority upon a motion by Mr. Byrne, seconded by Mr. Papandreas and approved by unanimous vote went into Executive Session at 4:30 P.M., pursuant to 6-9A-4 of the Open Government Proceedings Act specifically subsection 9 to consider matters involving the purchase, sale, or lease of property, the investment of Public Funds or other matters involving commercial competition, which if made public might adversely affect the financial or other interest of the City or this Parking Authority.
ADJOURNMENT:
There being no further business the meeting was adjourned at 5:10 P.M.
_____________________________ ______________________________
DATE Ernest Fortuna, Chairman
Prepared by: _____________________________________
Dianna L. Kovalcheck