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Banff's paid parking revenues projected to be up $2 million

Banff's total paid parking revenues expected to be $6.5 million by the end of the year
Banff Town Hall 1
Banff Town Hall

BANFF – Visitor paid parking fees are expected to bring in about $6.5 million in revenue for the Town of Banff this year, about $2 million more than budgeted.

The information is presented in Banff’s second quarter financial statements for the first six months of the year.

“The increase of just over $2 million is anticipated at year-end for paid parking fees as a result of increasing hourly rates and the number of paid parking stalls in the Bear Street parkade,” said Palki Biswas, the Town’s finance controller, during the Sept. 9 governance and finance committee meeting.

Council increased paid parking fees to $6 per hour during peak season and $5 per hour over winter. The changes came into effect on May 1.

Mayor Corrie DiManno said seeing the anticipated revenues is a positive sign.

“Council knew we were outspending the visitor pay parking operating reserve, in particular, which is one reason why we increased the rate and expanded the program in the Bear Street parkade in time for the 2024 peak season,” she said.

“Visitor pay parking revenues have become crucial for enhancing and strengthening our sustainable transportation network, which benefits visitors and residents.”

The overall 2024 second quarter financial results are currently forecasting a year-end net surplus of $3 million due to approximately $7 million in excess revenues and approximately $4 million in additional expenses.

Of this forecast surplus, $2.7 million is already set aside for specific uses, leaving $349,000 as the current estimated unrestricted surplus.

“A number of variances make up this unrestricted surplus and is primarily comprised of additional revenue from bus maintenance services, interest income and lower policing costs than budget as per the current trend,” Biswas said.

The sale of goods and services is forecast to be about $741,000 higher than budget, most of which is due to increase in service charges to Roam for the hiring of bus maintenance mechanics.

Business licences are expected to be approximately $2.4 million higher than budget, fully offset by the transfer of these funds to Banff and Lake Louise Tourism under contracted services.

The forecast analysis shows a projected Town-wide net increase of wages and benefits of $520,000 over budget.

However, Biswas said this is almost entirely funded through corresponding increases in revenues, utility rates, donations, and grants.

She said increased wages and benefits costs are primarily driven by additional mechanics hired for bus maintenance which are offset by additional revenue; enhanced community services programming which are balanced out by additional donations; and increased visitor experience/special events during the year.

“Overall increases also are partially offset by savings across various departments, primarily due to vacancies and turnover,” she said.

RCMP policing costs for 2024 are forecast to come in $215,000 lower than budget.

Other initiatives are expected to be $27,500 higher than budget due costs associated with the vote of the electorate for the pedestrian zone. That is funded by a budget stabilization reserve.

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