Paid parking might be the answer to revenue issues in Bradenton Beach.
Mayor John Chappie, during a July 12 meeting, said the city will be entertaining the idea of paid parking in city-owned lots to generate revenue.
During the meeting, city treasurer Shayne Thompson said, “As we all learned from the audit, reserves have been drawn down a little bit last year. So, we really need to replenish those.”
Thompson said revenues generated from property taxes this year in comparison to money the city could expect in the new fiscal budget would be higher due to a spike in values.
Thompson said historically the city has seen values rise 6%-8% but values for the 2022-23 budget year are rising 17%.
“That is an anomaly,” Thompson said.
Based on the certification of taxable value, the city could expect to realize a boost in ad valorem revenue for 2022-23, $2,003,867 as compared to the current income of $1,713,565.
During a budget workshop in July, commissioners proposed a tax increase for 2022-23 while holding the millage rate. Increased property values would amount to a tax increase for property owners if the tax percentage rate repeats.
Currently, the city reserves are in the mid-20% range of annual operating expenses.
Chappie said the city should replenish its reserves to 30%-35%, recommended for a coastal city.
One way the city could restore reserves would be to collect parking fees.
Locations considered for paid parking include the lots between First Street North and Bridge Street, the city hall lot at 107 Gulf Drive N. and an unpaved lot between Church and Highland avenues near the police department and public works.
Police Chief John Cosby referred to paid parking July 12 as a possible solution for funding additional patrols and police equipment.
“We need to look at it,” Cosby said. “Your citizens have already told you that they want you to find a way to generate revenue outside of a tax increase and this is one way to really do it.”
Cosby also cited discussions over the need for reserves for disasters.
“The city has to rely on itself, in order to come through until FEMA can get here to help us,” Cosby said. “Manatee County is only going to be able to do so much. The state of Florida is only going to be able to do so much and we have to be able to wait for the feds to release that money, and that’s going to take some time.”
A meeting to discuss paid parking will be at 9 a.m., Tuesday, Aug. 30, at city hall, 107 Gulf Drive N.