A reserve fund to deal with future downtown parking solutions is set to be approved by council today.
(JENNIFER STAHN / iNFOnews.ca)
July 16, 2013 - 11:11 AM
KAMLOOPS – Downtown parking is again coming before council today, but this time it is simply about establishing a reserve fund to better deal with costs down the road.
Following a public information session on the new parking meters in February council made the decision to also establish a reserve fund to deal with future parking solutions.
Council will now get the chance to hash over the details of the reserve fund, which is based on revenues from the increased meter rates also approved by council in March. The revenues would be set aside to plan for and provide support for future parking initiatives in the downtown area.
It is expected there will be a $215,884 surplus each year that could be transferred to the reserve fund. The 25 cent rate increases planned for 2015 and 2018 could add to the growth of the fund.
The increased meter rates could result in more commuters looking at more sustainable alternatives, such as transit, cycling or carpooling. If this were to happen the increase in revenues would not be as high as originally anticipated, though this change in commuting would help achieve measures of success under several components of the Sustainable Kamloops Plan.
To contact a reporter for this story, email jstahn@infotelnews.ca, call (250)819-3723 or tweet @JennStahn.
News from © iNFOnews, 2013