The Billings Parking Board and City Staff recommend that the City Council adopt the resolution establishing new downtown rates for meters, meter bags, bus bags, permits, garage monthly and hourly parking, parking validations, and lots for FY'24 - FY'26 and repealing Resolution 20-10891. The rates were reviewed by the City Council Budget and Finance Committee.

The Parking Division previously increased rates in FY'20 with an increase of 5% for the next 3 years.  In FY'23, the Parking Division opted to not propose any rate increases giving businesses time to rebound from the aftereffects of the Pandemic.  

Currently, Parking receives $130,000 annually from the Downtown TIF to cover the Park 2 Expansion, Light Enhancement Loans.

Later this year, a parking garage condition assessment will be scheduled for Park 1, 1st Ave N Garage, and Park 3, to determine the areas in need of restoration and then prioritizing those needs. The previous restoration project was just under one million dollars financed through TIF.  The restoration project was conducted over a three-year time period.

City Council may:

• Approve the recommended changes supported by the Billings Parking Board and Parking Staff.
• Not Approve the rate resolution and leave rates unchanged.  This action would result in the immediate need to find other means to cover operations and capital replacement.

New rates included in FY'24 Budget:
Revenues - $2,566,498
Expenses - $2,057,972
Net Gain - $508,526

Monthly Permit Parking Fees will increase by 5% in FY'25 and another 5% in FY'26.