Parking Revenue Plummets For The Port
Even though COVID-19 has brought Downtown parking revenue to a stand still, the development agency The Port says it is well positioned financially to continue operating in the black.
During The Port's board of directors meeting Wednesday, Lead Financial Officer Rick Hudson went over the numbers for the second quarter. "We're basically saying there's not going to be any transient revenue, (daily parking), no event parking and even the recurring is being reduced down to 80% of what it was in the first quarter."
Hudson projects the third and fourth quarter daily parking revenue will be reduced 50% and for special events 25%.
The Port owns and operates these garages downtown:
- Fountain Square South
- 605 Plum
- 609 Elm
- 5th and Plum (lot)
However The Port says it has lowered expenses by $400,000 to offset parking losses. Hudson says the majority of this comes from positions it is no longer going to fill.
Executive Director Laura Brunner says the agency has diversified revenue and grown unrestricted cash. "We've got the luxury of time that everything we do, except for parking, moves slowly."
At least one board member is concerned Hamilton County will not be able to make its required $700,000 payment to The Port. But Brunner is encouraged. "I'm certainly in conversation with the county. We have a meeting scheduled for next week to discuss that but I'm reasonably optimistic, based on the role we play now in support of the city and the county and the increased opportunity for that to move forward."