Parking and Transportation Services (PTS) has announced a planned increase in campus parking permit rates effective July 1, 2015.
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Parking and Transportation Services (PTS) is an auxiliary operation of the university and as such receives no direct university or state funding, necessitating the recovery of all expenses related to the operation of the department. As you can imagine, this occasionally necessitates some unpopular decisions in order to maintain the fiscal balance required to support the operation.
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PTS leadership met with its rate review committee on February 20th and recommended instituting a $2/month increase to the faculty/staff proximate permit rate, and a 4 percent increase to all other parking permits (student, motorcycle, ADA, and business permits) for FY 2016. This recommendation received final approval by Vice Chancellor for Administration Steven Thweatt.
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The parking permit increase will help offset the additional cost to construct new parking on campus, to meet current and emerging parking needs as the campus grows. Fortunately the bond debt for Euclid, Regent and the Police and Parking building was retired this year, so that the new debt service will replace those obligations and prevent an even higher rate increase. The bond debt for Folsom and C4C parking garages will overlap through the next 20 years.
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Previous year pressures to keep increases down have resulted in a depletion of PTS’s operating reserves and challenged its ability to meet the required debt service-to-net income ratio. Next year’s increase and those in subsequent years will allow PTS to begin rebuilding these reserve requirements. Last year, the permit rate was increased $0.75 per month and in FY 2014 a $1.25/month increase was implemented.
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PTS permit parking rates are well-below the parking market in the Denver-Boulder area and in comparison with other Pac-12 institutions. Permit parking at CU-Boulder is only 26-50% of the cost of what drivers will find in the Denver-Boulder area, and ranks 8th for average permit parking rate when compared to other Pac-12 institutions.
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Faculty/Staff payroll deduct permit holders who choose to cancel their parking permit may do so by returning the permit to PTS by 5 pm on Wednesday, June 10, 2015. This will allow time to process the necessary halt to any payroll deductions related to the permit fees. If you do cancel your privileges, a temporary permit can be issued through June 30, 2015.
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For more information regarding this change, please visit the PTS website () or call 303-492-7384.
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