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FISCAL AND
PERFORMANCE AUDIT
of
PITTSBURGH PARKING AUTHORITY
Report By The
OFFICE OF CITY CONTROLLER
TOM FLAHERTY
City Controller
Anthony J. Pokora, Deputy Controller
Anabell Kinney, Esq., Management Auditor
John R. Morgan, C.P.A, Audit Manager
Marcus B. Jester, Controller's Auditor
Gloria Novak, MEd, Assistant Management Auditor
Michael Turpin, Data Entry Supervisor
Michael Livingstone, Auditor
February 2005
1
PITTSBURGH PARKING AUTHORITY AUDIT
CONTENTS
Title Page
Controllers Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1-2
Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4-5
Statement of Revenues, Expenses, and Changes in Net Assets . . . . . . . . . . . . . . 6-7
Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8-9
Pittsburgh Parking Authority-Fiscal Year 2004 General Fund Budget . . . . . . . . .10
Projection of Yearly Revenues at 2004 Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-12
Projection of Yearly Trust Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Financial Statement Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-26
Audit Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Findings and Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28-34
Appendix A - Comparative Parking Rates Schedule . . . . . . . . . . . . . . . . . . . . . . . 35
Appendix B – 2/1/2004 Rate Schedule In Comparison To Previous Rates . . . . . . 38
Appendix C - Authority Bonded Debt Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . .52
Appendix D – 2004 Authority Usage Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . .56
Appendix E - Response to the Audit Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58-62
2
March 18, 2005
To The Honorable Tom Murphy, Mayor
And Members of City Council:
We have reviewed the accompanying Statements of Net Assets, Statements of
Revenues, Expenses and Changes in Net Assets, and Statements of Cash Flows of the
Pittsburgh Parking Authority for the Years 2002 and 2003. These financial statements
are the responsibility of Pittsburgh Parking Authority management.
The accompanying special-purpose financial statements were prepared for the
purpose of complying with Article IV of the Home Rule Charter of The City of
Pittsburgh, Pennsylvania and are not intended to be presented in conformity with
generally accepted accounting principles.
We observed areas in which certain of the systems of the Authority could be
strengthened. Our suggestions for improvement are set forth in this report. We believe
you will understand that our comments deal exclusively with procedures and techniques
and are not to be construed in any way as a reflection upon the integrity or ability of
personnel involved.
Certain projections are presented in this report. The Controller’s Office feels that
the methodology used is sound given the data examined and has produced these estimates
in good faith. They are not to be considered actual financial data and may vary
significantly from future results.
Sincerely,
Tom Flaherty
3
PITTSBURGH PARKING AUTHORITY
STATEMENTS OF NET ASSETS
As of September 30th 2003 and 2002
TABLE ONE
2003 2002
ASSETS
CURRENT ASSETS:
CASH $2,814,646 $1,460,526
INVESTMENTS $11,458,622 $8,522,981
ACCOUNTS RECEIVABLE $557,214 $479,232
NOTES RECEIVABLE CURRENT PORTION $208,966 $193,346
ACCRUED INTEREST RECEIVABLE - OTHER ASSETS $598,137 $316,459
TOTAL CURRENT ASSETS $15,637,585 $10,972,554
NON-CURRENT ASSETS:
CASH 0 $150,204
INVESTMENTS $17,487,477 $21,993,127
NOTES RECEIVABLE $4,484,936 $4,693,875
BOND ISSUANCE NET OF ACCUMULATED AMORTIZATION $1,383,218 $1,485,140
OF $175,738 AND $862,007
FIXED ASSETS NET $92,979,778 $95,108,810
LEASEHOLD IMPROVEMENTS $8,465 0
TOTAL NON-CURRENT ASSETS $116,343,874 $123,431,156
TOTAL ASSETS $131,981,459 $134,403,710
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
ACCOUNTS PAYABLE $3,302,071 $2,509,088
ACCOUNTS PAYABLE CITY OF PITTSBURGH $216,771 $352,971
ACCRUED EXPENSES AND DEFERRED INCOME $886,060 $906,663
ACCRUED INTEREST PAYABLE $954,125 $1,168,363
CURRENT MATURITIES OF BONDS PAYABLE $3,130,000 $3,720,000
TOTAL CURRENT LIABILITIES $8,489,027 $8,657,085
BONDS PAYABLE LESS CURRENT MATURITIES $78,143,770 $80,259,371
TOTAL LIABILITIES $86,632,797 $88,916,456
4
PITTSBURGH PARKING AUTHORITY
STATEMENTS OF NET ASSETS
As of September 30th 2003 and 2002
TABLE ONE (continued)
2003 2002
NET ASSETS
INVESTED IN CAPITAL ASSETS NET OF RELATED DEBT $16,000,812 $15,851,877
RESTRICTED FOR EXPENDABLE:
CAPITAL $1,880,909 $2,702,452
DEBT SERVICE $5,422,117 $9,444,654
INDENTURE FUNDS $12,484,150 $9,908,300
TOTAL EXPENDABLE $19,787,176 $22,055,406
UNRESTRICTED $9,560,674 $7,579,961
TOTAL NET ASSETS $45,348,662 $45,487,244
TOTAL LIABILITIES AND NET ASSETS $131,981,459 $134,403,700
5
PITTSBURGH PARKING AUTHORITY
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET ASSETS
For the Fiscal years ending September 30th 2003 and 2002
TABLE TWO
ACCOUNT 2003 2002
OPERATING REVENUES
FACILITY PARKING RECEIPTS $22,321,413 $22,515,576
METER RECEIPTS - ON STREET $4,657,953 $4,759,764
METER RECEIPTS - OFF STREET
RESIDENTIAL PARKING PERMIT FEE $249,261 $248,418
COMMERCIAL RENTAL INCOME $346,223 $359,658
INTEREST INCOME
INTEREST ON KAUFMANNS NOTE
OTHER OPERATING INCOME $127,619 $11,386
TOTAL OPERATIONAL REVENUES $27,702,469 $27,894,802
ACCOUNT 2003 2002
OPERATING EXPENSES
SALARIES $4,044,910 $3,561,779
RETIREMENT $234,244 $114,921
PAYROLL TAX $338,660 $298,751
HEALTH BENEFITS $891,195 $728,092
SUPPLIES AND EQUIPMENT $496,635 $628,628
UTILITIES $865,538 $801,334
INSURANCE $455,709 $334,132
REPAIRS AND MAINTENANCE $524,749 $462,687
TRAVEL EXPENSES $53,679 $40,245
FACILITY MANAGEMENT FEES $3,506,039 $3,542,938
TAXES AND LICENSES $5,066,652 $5,195,015
CONTRACTUAL AND PROFESSIONAL SERVICES $773,924 $903,073
SECURITY $899,081 $952,913
DEPRECIATION AND AMORTIZATION $4,402,109 $4,411,341
OTHER EXPENSES $178,959 $333,685
TOTAL OPERATING EXPENSES $22,732,083 $22,309,534
NET OPERATING INCOME $4,970,386 $5,585,268
6
PITTSBURGH PARKING AUTHORITY
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET ASSETS
For the Fiscal years ending September 30th 2003 and 2002
TABLE TWO (continued)
NON-OPERATING REVENUES (EXPENSES)
INTEREST INCOME $776,377 $1,145,149
OTHER INCOME $361,115 $21,481
INTEREST INCOME -$4,075,495 -$4,876,731
IN LIEU OF REAL ESTATE TAXES -$1,900,000 -$1,900,000
METER AND WHARF PAYMENTS -$216,521 -$392,385
OTHER EXPENSES -$276,924 -$116,383
NET OPERATING EXPENSES -$5,331,448 -$6,118,869
LOSS BEFORE OTHER REVENUES,
EXPENSES, GAINS OR LOSS -$361,062 -$533,601
CAPITAL GRANTS $222,480 $190,000
DECREASE IN NET ASSETS -$138,582 -$343,601
NET ASSETS - Beginning of the year $45,487,244 $45,830,845
NET ASSETS - End of the year $45,348,662 $45,487,244
7
PITTSBURGH PARKING AUTHORITY
STATEMENT OF CASH FLOWS
As of September 30th 2003 and 2002
TABLE THREE
CASH FLOW BY OPERATING ACTIVITIES 2003 2002
PARKING FACILITY RECEIPTS $22,384,379 $22,191,548
ON/OFF STREET METER RECEIPTS $4,657,303 $4,759,784
RESIDENTIAL PERMIT PARKING AND COMMERCIAL
RENTAL RECEIPTS $581,840 $596,355
PAYMENTS TO AND ON BEHALF OF EMPLOYEES -$5,470,312 -$4,682,152
PAYMNETS TO SUPPLIERS -$256,104 -$528,751
PAYMENT FOR UTILITIES INSURANCE, REPAIRS AND
MAINTENANCE -$1,958,521 -$1,387,007
FACILITY MANAGEMENT FEES -$3,506,039 -$3,542,938
TAXES AND LICENSES -$5,066,652 -$5,195,015
CONTRACTUAL AND PROFESSIONAL SERVICES -$773,924 -$903,072
SECURITY -$899,081 -$952,912
OTHER PAYMENTS NET -$45,790 -$423,791
NET CASH PROVIDED BY OPERATING ACTIVITIES $9,647,099 $9,932,049
CASH USED IN NON-CAPITAL FINANCING ACTIVITY
IN LIEU OF REAL ESTATE TAXES TO THE CITY OF
PITTSBURGH -$1,900,000 -$2,375,000
METER/WHARF EXPENSES, CITY OF PITTSBURGH -$511,397 -$602,227
OTHER RECEIPTS NET $485,854 $297,142
NET CASH USED IN NON-CAPITAL FINANCING ACTIVITY -$1,925,543 -$2,680,085
CASH USED IN CAPITAL AND RELATED
FINANCING ACTIVITIES
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT -$2,195,345 -$2,950,150
CAPITAL GRANTS $95,480 0
ISSUANCE OF BONDS $40,965,199 0
REPAYMENT OF BONDS -$43,670,800 -$2,819,848
INTEREST PAID -$4,271,633 -$5,220,882
NET CASH USED IN CAPITAL AND RELATED
FINANCING ACTIVITY -$9,077,099 -$10,990,880
CASH PROVIDED BY INVESTING ACTIVITIES
NET SALES (PURCHASE) OF INVESTMENTS $1,570,009 -$820,520
PAYMENT RECEIVED ON NOTES RECEIVABLE $193,319 $187,275
SALE OF FIXED ASSETS 0 $28,347
INTEREST RECEIVED $796,131 $1,347,971
NET CASH PROVIDED BY INVESTING ACTIVITY $2,559,459 $743,073
NET INCREASE (DECREASE) IN CASH $1,203,916 -$2,995,843
8
PITTSBURGH PARKING AUTHORITY
STATEMENT OF CASH FLOWS
As of September 30th 2003 and 2002
TABLE THREE (continued)
2003 2002
CASH BEGINNING OF THE YEAR
CURRENT CASH $1,460,526 $4,604,347
NONCURRENT CASH $150,204 $2,226
TOTAL CASH $1,610,730 $4,606,573
CASH END OF THE YEAR
CURRENT CASH $2,814,646 $1,460,526
NONCURRENT CASH 0 $150,204
TOTAL CASH $2,814,646 $1,610,730
RECONCILIATION OF NET OPERATING INCOME TO CASH
PROVIDED BY
OPERATING ACTIVITY
NET OPERATING INCOME $ 4,970,386 $ 5,585,268
ADJUSTMENT TO RECONCILE NET OPERATING INCOME
TO CASH PROVIDED BY OPERATING ACTIVITY
DEPRECIATION AND AMORTIZATION $ 4,402,109 $ 4,411,341
DECREASE (INCREASE) IN ACCOUNT RECEIVABLE $ 106,518 $ (378,284)
(INCREASE) DECREASE IN OTHER ASSETS $ (82,865) $ 209,073
INCREASE IN ACCOUNTS PAYABLE AND ACCRUED
EXPENSES $ 250,951 $ 104,651
CASH PROVIDED BY OPERATING ACTIVITY $ 9,647,099 $ 9,932,049
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PITTSBURGH PARKING AUTHORITY
FISCAL YEAR 2004 GENERAL FUND BUDGET
TABLE FOUR
FY 2002 FY 2003 FY 2003 FY 2004
ACCOUNT ACTUAL ACTUAL PROJECTED PROPOSED
OPERATING REVENUES
FACILITY PARKING RECEIPTS $22,512,616 $22,315,875 $22,329,466 $22,167,319
METER RECEIPTS - ON STREET $3,598,997 $3,700,000 $3,498,422 $3,575,000
METER RECEIPTS - OFF STREET $1,160,767 $1,150,000 $1,115,856 $1,125,000
RESIDENTIAL PARKING PERMIT FEE $248,418 $240,000 $244,671 $245,000
COMMERCIAL RENTAL INCOME $359,658 $338,650 $337,646 $272,491
INTEREST INCOME $180,070 $200,000 $154,175 $150,000
INTEREST ON KAUFMANNS NOTE $166,290 $155,000 $165,972 $165,638
OTHER OPERATING INCOME $35,827 $141,450 $109,369 $7,940
TOTAL OPERATIONAL REVENUES $28,262,643 $28,240,975 $27,955,577 $27,708,388
ACCOUNT FY 2002 FY 2003 FY 2003 FY 2004
ACTUAL ACTUAL PROJECTED PROPOSED
OPERATING EXPENSES
SALARIES $3,538,825 $4,040,614 $4,058,532 $4,296,487
RETIREMENT $114,921 $135,935 $220,597 $330,293
PAYROLL TAX $298,751 $341,866 $345,219 $363,632
HEALTH BENEFITS $728,094 $968,275 $938,677 $1,085,325
SUPPLIES AND EQUIPMENT $628,628 $643,788 $561,457 $569,569
UTILITIES $801,334 $867,458 $912,050 $1,062,370
INSURANCE $334,132 $406,476 $471,126 $554,729
REPAIRS AND MAINTENANCE $462,687 $328,150 $543,204 $510,143
FLEET EXPENSES $40,245 $35,000 $44,653 $73,700
CONTRACT MGT. FACILITIES FEES $3,529,608 $3,682,088 $3,446,469 $3,248,228
TAXES AND LICENSES $7,825,601 $7,406,170 $7,400,436 $7,446,231
OTHER EXPENSES $333,685 $395,550 $205,088 $301,100
CONTRACTUAL SERVICES $1,810,896 $1,737,750 $1,715,068 $1,938,725
TOTAL OPERATING EXPENSES $20,447,407 $20,989,120 $20,862,576 $21,780,532
OPERATING REVENUES MINUS
EXPENSES $7,815,236 $7,251,855 $7,093,001 $5,927,856
NON-OPERATING REVENUES
TRANSFERS FROM OTHER FUNDS 0 0 $2,710,654 0
MONTHLY TRANSFER FROM TRUST $21,949,251 $20,989,121 $20,862,576 $21,780,533
NON-OPERATING EXPENSES
DEPRECIATION $4,300,734 0 $4,284,934 0
AMORTIZATION 0 0 0 0
MONTHLY TRANSFER TO TRUST $28,293,283 $28,340,975 $5,577,297 $323,578
TRANSFER TO OTHER FUNDS 0 0 0 0
OTHER NON OPERATING EXPENSES $136,199 0 0 0
10
PITTSBURGH PARKING AUTHORITY
Projection of Yearly Revenues at 2004 Rates
(Totals adjusted for January 2004 lower rates)
TABLE FIVE
Taxable Total for February to December: $26,273,851
Budgeted 2004 Facility Receipts + Budgeted
2004 Off-Street Metered Receipts for January: $1,941,027
2004 Projected Taxable Revenues: $28,214,878
Tax due Per Formula:
Feb.-Dec (Total Revenue x .3333), January (Total Revenue x .23664) $9,216,399
Gross Revenue After Tax: $18,998,479
Projected On-Street Metered Receipts Per 2004 Budget: $3,575,000
Sub-Total $22,573,479
Budgeted 2004 Expenses Net of Tax Before Debt Service: ($16,505,302)
Projected 2004 Debt Service Per Budget: ($6,988,981)
Projected 2004 Oliver TIF Revenue: $566,125
Projected Miscellaneous Revenues:
(Residential Parking Fees, Interest Earned, Commercial Rental Income, etc.) $841,069
Projected 2004 Cash Position: $486,390
11
Projection of Yearly Revenues at 2004 Rates
(Totals per Revenue Source Type)
TABLE SIX
Facility Revenue:
Daily Parking: $16,116,627.00
Night Parking: $3,664,496.00
Lease Parking: $6,756,260.00
Total Facility Revenue: $26,537,383.00
Off-Street Lots Revenue*: $2,125,000.00
Taxable Total: $28,662,383.00
Tax due Per Formula: (Total Revenue x .3333) $9,553,172.00
Gross Revenue After Tax: $19,109,211.00
*The rates for off-street lots effectively doubled for most lots ($.25
for 15 min. instead of 30 min.). The revenue number used above reflects
an approximate 90% revenue increase to allow for the predicted behavior
of short-term parkers. In discussion, it was felt by some that the increase
could be as low as 80%, reducing projected revenue to approximately
$2,000,000.
Assumptions are minimal attrition in customer volume per Walker
Study and no reduction for lower January rates.
Purpose: Project increase in Gross Revenues with new rate structure.
Source: Walker Parking Study 2003 and PPA Rate Schedule
12
Projection of Yearly Trust Position
(Using 2004 Rates)
TABLE SEVEN
2004 2005 2006
Projected Pre-Parking Tax Revenues
for Facilities & Off-Street Lots: $28,214,878 $28,662,383 $30,560,683
On-Street Parking Revenue: $3,575,000 $3,575,000 $3,575,000
Miscellaneous Revenue: $841,069 $841,069 $841,069
TIF Revenue: $566,125 $642,127 $642,127
Gross Revenue: $33,197,072 $33,720,579 $35,618,879
Parking Tax Due: -$9,216,399 -$9,553,172 -$10,185,875
Revenue Net of Tax: $23,980,673 $24,167,407 $25,433,004
Operating Expenses Net of Tax
Including $1.9 mm PILOT: -$16,505,302 -$17,244,090 -$18,699,784
Net Income From Operations: $7,475,371 $6,923,317 $6,733,220
Projected Debt Service: -$6,988,981 -$8,291,971 -$8,786,799
Ending Cash Position: $486,390 -$1,368,654 -$2,053,579
Trustees Account Balance Prior: $3,221,950 $3,708,340 $2,339,686
Ending Trustees Account Balance: $3,708,340 $2,339,686 $286,107
13
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
1.) Historical and Legislative Overview:
The Pittsburgh Parking Authority (PPA) was established by State Act 208
of 1947, as amended (The Act) also known as The Parking Authority Law. The
Act’s stated purposes are to:
“Administer and enforce an efficient and coordinated system of on-street
parking regulations where authorized by municipal ordinance or
resolution…
Establish a permanent coordinated system of parking and parking terminal
facilities….
Plan, design locate acquire, hold, construct, improve, maintain, and
operate, own, lease as lessor or lessee land and facilities devoted to the
parking of vehicles.”
The law was enacted in response to a perceived lack of parking in municipalities
and the accompanying traffic and public safety problems resulting thereof.
The Act grants the Authority all needed and relevant powers, including
that of setting parking rates for its facilities:
“To fix, alter charge and collect rates and other charges for its facilities at
reasonable rates to be determined exclusively by it, subject to appeal under
this paragraph, for the purposes of providing for the payment of the
expenses of the Authority; for the construction, improvement ,
maintenance and operation of its facilities and properties; for the payment
of the principal of and interest on its obligations; and for fulfilling the
terms and provisions of agreements made with the purchasers or holders
of such obligations or with the municipality. Any person questioning the
reasonableness of rates fixed by the Authority may bring suit against the
Authority in the Court of Common Pleas of the Judicial District where the
project is located. The Court of Common Pleas shall have exclusive
jurisdiction to determine the reasonableness of the rates and other
charges.”
14
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
1) Historical and Legislative Overview (Continued):
It is clear that the enabling legislation established the Authority as the sole
determiner of the appropriateness of its rate structure, subject only to suit in the
Court of Common Pleas.
The Act also established the Authority as an independent financial entity.
It has the authority to borrow money, issue bonds, and pledge or encumber any of
its revenues and receipts as security. It is specifically stated in the Act that the
obligations of the Authority are not obligations of the Commonwealth or any
Political Subdivision and that neither the Commonwealth nor any Political
Subdivision shall be liable for any Authority obligations.
In 1995, the function of on-street metered parking enforcement was
removed from the City of Pittsburgh Department of Public Safety and turned over
to the PPA. 93.5% of meter payments are retained by PPA to assist in paying for
operations. and all ticket revenues, fines, and court costs go to the City or Court,
who are responsible for collection.
2) Authority Financing and Revenue Streams:
The auditors verified the Pittsburgh Parking Authority’s bond obligations
by reviewing the Authority’s Official Statement, Parking System Revenue Bonds,
Refunding Series of 2002. Revenue bonds are meant to be self-supporting and are
not repaid from taxes like General Obligation Bonds. Therefore, if the facility
financed by Revenue Bonds does not generate enough revenue to repay the debt,
the bondholders, not the taxpayers, bear the risk.
15
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
2) Authority Financing and Revenue Streams (Continued):
Bonds of this type always carry covenants that attempt to ensure sufficient
funds to cover yearly interest and principal payments. For parking garages, the
industry standard is a budgeted 125% coverage ratio. The Authority’s 2002
Bonds were issued November 1, 2002. Interest is payable semi-annually, June 1
and December 1, starting June 1, 2003. The aggregate principal amount is
$38,595,000 and will mature annually December 1, 2003 to December 1, 2012 in
a serial manner.
The ability of the Parking Authority to meet its debt obligations and
eventually retire its bond debt can be estimated by using various mathematical
ratios based on the information in the debt statement and other documents. One
type of debt ratio is the Coverage Ratio, which is based on how many times the
Authority’s annual revenue is needed to cover its debt service. The Bond
Indenture allows the Authority to fulfill its Debt Service Reserve Requirement by
using a Coverage Ratio of 5:4 (125%) of its fixed charges. For example, if
$8,000,000 is needed to cover interest and principal payments for year 20xx,
budgeted coverage for Debt Service would be $10,000,000. This 125% coverage
ratio is considered adequate and customary.
During the bond underwriting process, the Authority selects a Bond
Trustee. Underwriting is the process by which investment bankers channel
investment capital from investors to municipalities and authorities that are issuing
securities. The Bond Trustee has fiduciary responsibility to receive revenues
from the Authority and make interest and principal payments as they come due
from said funds. The Trustee is also responsible for working with the Authority
to ensure that its policies enable such obligations to be met. J.P. Morgan Trust
Company is the Trustee responsible for the 2002 Bonds.
16
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
2) Authority Financing and Revenue Streams (Continued):
According to terms of the Indenture, the Bond Trustee will create the
following funds and accounts within such funds for the security and benefit of the
2002 Bonds owners: 1. a Revenue Fund (Coop Account), 2. a Bond Fund, to be
used to pay, when due, the principal or redemption price of, and interest on, the
2002 bonds, 3. a Debt Service Fund (Debt Service Reserve Account), to maintain
a reserve to ensue payment of principal and redemption price of and interest on
the Bonds, 4. an Operating Reserve Fund funded in an amount equal to the
Operating expenses for the next two months, as provided in the Annual Budget,
and, 5. a Renewal and Replacement Reserve Fund to include certain monies
which may be directed to pay the costs of Capital additions and repairs.
The Indenture also states that the proceeds of the 2002 bonds will be used
to provide funds for (1) current refinancing and defeasance of the Authority’s
outstanding prior bonds (1992 and two Supplemental Indentures ) (2) funding the
cost of a surety bond for the Debt Service Reserve Fund and (3) paying the costs
of issuance of the 2002 bonds.
In refinancing previous debt via the 2002 bond issue, the Authority used a
beneficial interest rate environment to reduce its debt service costs. The
Authority front loaded the savings from the financing in an attempt to avoid rate
hikes in 2003 and 2004. Debt service savings for 2003 were approximately $4
million in 2003 and $1.3 million in 2004.
All of the Authority’s revenues are initially recorded into its General Fund
and transferred on a monthly basis to either the 1992 or 2000 Trust Revenue
Funds where they are used to make principal and interest payments to
17
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
2) Authority Financing and Revenue Streams (Continued):
bondholders. The Trust Revenue Funds are comprised of specific purpose funds
and accounts as discussed above. After sufficient funds are deposited for principal
and interest payments, the Trustee transfers back to the General Fund a portion of
remaining revenues to fund the Authority’s operating expenses.
3) Authority Management and Accountability:
The Act establishes that the powers of the Authority shall be exercised by
a five member board, appointed by the Mayor and serving solely at his pleasure.
The board selects from their members a chair and other officers. It is also
empowered to employ a secretary, executive director, and any other employees as
required and set their levels of compensation.
The board has full statutory authority over the PPA. However, there are
other entities the Authority is responsible to, its bondholders and their designated
trustee. The trustee, upon default of an agreement with the bondholders such as
not meeting the required debt service rate covenant, is empowered by the Act to
go to Court and appoint a receiver to take possession of the Authority’s facilities,
operate them and collect all revenues generated and apply said monies as the
Court who empowers said receiver directs.
4) Authority Budgeting Procedures:
The Authority operates on a fiscal year basis ending each September 30.
In June, The Authority begins its budgeting process with a focus on upcoming
18
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
4) Authority Budgeting Procedures (continued):
operational needs and ongoing strategic planning. The Director works closely
with each Department head to adopt a budget for the upcoming year, keeping in
mind both short and long term financial needs.
When the budgeting procedure in completed, a finished fiscal year budget
for all funds is presented to the Board for approval. Upon approval, said Budget
is implemented for the next fiscal year. The budget is then reviewed throughout
the operating year and variances are analyzed and addressed as needed.
5) Authority Operations:
The PPA is considered a component unit of the City of Pittsburgh for
financial reporting purposes. The Authority issues its financial reports as a
proprietary fund, using the accrual basis of accounting and a flow of economic
resources measurement focus. Revenues are reported when earned and expenses
when goods or services are received.
The PPA derives its revenues from offering several types of parking
services. It currently owns and operates 13 major parking facilities, most of
which are located in the Downtown Business District or surrounding environs.
The Authority also operates 36 metered lots, most of which are located in
neighborhood business districts. Finally, in 1995, PPA assumed responsibility for
enforcement and administration of the Residential Parking Program, entailing
over 5,500 meters.
19
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
5) Authority Operations (continued):
According to the Authority’s audited financial statements for 2003, parking
facility receipts generated roughly 76% of its revenues from facilities operations
and 16% from on and off street metered parking. The remaining revenues came
from a variety of sources, including operation of the City’s residential parking
permit program, interest earned, etc.
The majority of Authority employees are unionized. AFSCME District
Council 84, Local 2719 covers roughly 47% of PPA workers and the Automotive
Chauffeurs, Parts, and Garage Employees Local 926 (Teamsters) represent 29%.
The AFSCME contract expires in September of 2004 and the Teamsters contract
expires September of 2005.
The Authority runs its operations on a systemic basis. Revenues and
expenses are treated as resources and obligations of the whole, not of operating
segments or departments. This facilitates budgeting and fund allocation.
6) Authority Financial Contributions to the City of Pittsburgh:
The Authority contributes to the operation of the City in a number of
direct and indirect ways. For Fiscal year 2003, the Authority contributed
approximately $7.2 million directly to the City in parking taxes, licenses, payment
under the on-street parking agreement, and PILOT program. With the tax and
rate increase implemented in February of 2004, the Controller’s office estimates
that the Authority’s contribution could reach $11.3 million for the calendar year
2004 and could be as high as $12.3 million for calendar year 2006.
20
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
6) Authority Financial Contributions to the City of Pittsburgh (continued):
Several of the above mentioned contribution sources require further
explanation. The parking tax applies to vehicles parking in facilities or in off-
street lots. The Authority keeps 93.5% of funds collected from on-street metered
parking and forwards 6.5% to the City per the 1995 agreement that placed on-
street enforcement in the hands of the PPA.
Of particular interest is the Payment In Lieu Of Taxes (PILOT) agreement
the Authority has with the City. PILOT programs are agreements entered into
between Cities and tax-exempt organizations such as authorities or hospitals in
which the tax-exempts pay a fee to help defer the costs of City services used. The
Act of 1947 specifically states that the Authority is exempt from said payments.
The Authority and the City of Pittsburgh have entered into a series of such
arrangements on a voluntary basis, beginning in 1995 and amended in 2000. The
latest agreement increased the Authority’s PILOT payment to $1.9 million per
year. However, it must be noted that said payment is made only if the Authority
meets its debt service requirements per covenant as of December 15 of each year.
If the requirements are not met, The PILOT payment is subordinated and
not made.
The Authority also contributes to the City in indirect ways. The
Department of Enforcement and Meter Services Parking Enforcement Officers
write parking summonses totaling over $6.2 million per year. The Authority also
seems to consciously suppress the rates charged for short term (3 Hours or less)
parking in its facilities in comparison to its privately owned competitors in order
to encourage shoppers to visit the Downtown Business District.
21
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
7) 2002 Market and Rate Analysis and The Walker Study:
In 2002, the PPA conducted an internal study referred to as the 2002
Parking Market and Rate Analysis ( Hereafter referred to as “2002 Study”). The
object of this study was to analyze the PPA’s share of the Pittsburgh parking
market and the Authority’s rates in comparison to private parking providers.
The 2002 Study provides several important pieces of information. It
shows that the Authority holds a significant, but minority position in total
Downtown parking spaces available. At the time of the 2002 Study, it was found
that the Authority owned 28.4% of spaces in the central business district. With
the reopening of the Mon Wharf, the Authority will control roughly 30% of the
market.
The 2002 Study also showed that Authority rates were greatly under
market. Short term parking rates were shown to be about 60% below market and
long term rates were roughly 40% lower. Lease rates were slightly more
comparable to private market, averaging slightly more than 15% less.
In light of such findings, in 2003 the Authority commissioned Walker
Parking Consultants, a nationally known firm, to examine the data gathered for
the 2002 Study and further review the Pittsburgh parking market to make
recommendations on the Authority’s rate structure. Walker delivered their report
to the PPA in May of 2003. The report’s stated objectives were “ …to understand
its (the Authority’s) rate structure in comparison to its private competitors and to
evaluate the maximum allowable rate adjustment without negatively impacting
demand. “.
22
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
7) 2002 Market and Rate Analysis and The Walker Study:
Several of the report findings bear mention. First, Walker finds that the
local parking market is operating at or near full capacity and therefore rate
increases, despite some anticipated “grumbling”, should lead to little or no
attrition in parking volume. Basically, parkers have no choice but to pay the
higher rates.
Second, it is recommended that the Authority increase its rates to within
90% of the rates charged by private operators. Again, as few alternatives exist,
parkers would have to pay. This would allow for a substantial percentage rate
increase since, as stated above, the PPA’s rates ranged from 40 to 60% below
private market.
Lastly, The Walker Study recommended the Authority reduce the number
of rate bands or tiers used in its facilities. Most private facilities have patrons
arrive at the maximum rate relatively quickly, usually within 3 to 4 hours. The
PPA had as many as eight stages before reaching maximum, going as far as eight
hours. Insofar as it is viewed that there are generally two types of parkers, short-
term (3hrs. or less) and all day (8hr. +), it was viewed that the Authority was
missing an opportunity to maximize revenues in this area.
23
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
8) Revenue and Expense Projections for 2004 and Future Years:
The Authority, in its budgets and in documentation submitted to the
auditors, has projected revenues and expenses for 2004 and future years, going
out to 2008. They include relatively flat revenue projections and ongoing
increases in operating costs such as health benefits, salaries, retirement benefits,
and utilities.
The auditors have examined the Authority’s expense projections and
found them to be defendable. In some cases, such as assuming annual health
benefit increases of 15% and retirement cost increases of 10% annually, the
estimates may be somewhat low after reviewing annual trends. However, the
expense projections do fall in line with data presented in the Act 47 study released
May 26, 2004.
The flat revenues assumption seems reasonable in light of facility usage
history and the findings of the 2002 Study and Walker Study. Usage of PPA
facilities, in light of their greatly lower rates in comparison to private operators,
has historically operated at over 100% of occupancy. This is possible with the
use of valets in some garages. It must also to be kept in mind that the Pittsburgh
parking market is limited. There are simply few unused places to park in the
Downtown Business District and the major neighborhood business districts.
Most of these projections were done before the Parking Tax increase
effective February 1, 2004. The tax was increased from 31% to 50%, a 61%
increase. In response, the Authority’s board at its January 15, 2004 meeting
authorized a rate increase and eliminated a number of rate bands in line with the
24
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
8) Revenue and Expense Projections for 2004 and Future Years (continued):
Walker Study’s recommendations. The Authority stated that an increase in excess
of the tax increase amount was needed to address uncertainty the tax increase
would inject into what had been a relatively stable parking market and any
attrition that may follow from such uncertainty, increasing operational expenses,
and upcoming capital projects.
To address public concerns that the revenue generated by the January 15
rate increase was more than needed to meet the tax increase and whether this rate
hike would be sufficient to preclude further rate increases in the immediate future,
the audit staff designed a methodology to attempt and calculate the revenue
impact of these rates and bands on future parking revenues. The auditors took
ticket totals per hourly increment as provided in the Walker Study and average
monthly lease data and applied the January 15 rates. The past revenue totals for
on and off street metered parking were also adjusted for the new rates and added
into the total.
Revenue from the Monongahela Wharf parking area, due to reopen in
January 2004, are not included because ticket totals were not available for this
facility. Pre-closure data suggests a net income after tax and direct expenses for
this facility to approximate $400,000. The predictions also do not take into
account the projected shutdown of Schenley Plaza or the short-term loss of spaces
due to construction at the Second Avenue facility.
These projections are illustrated in tables five, six and seven. (Pages 11,
12, and 13, respectively) These projections operate under the assumption as
stated in the Walker Study that rate hikes of up to 90% of private market, which
most of the new rate bands fall under, will result in minimal
25
PITTSBURGH PARKING AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDING DECEMBER 31, 2002 AND DECEMBER 31, 2003
8) Revenue and Expense Projections for 2004 and Future Years (continued):
attrition. Attrition in the number of cars using PPA lots will reduce revenues
accordingly. It must be remembered that these are estimates only and may
deviate greatly from actual future performance.
The projected future revenues were then compared to the Authority’s
predictions of operating expenses and future debt service. The results of these
comparisons are discussed in the findings and recommendations section of this
audit. They present a grim future cash flow picture for the Authority in its ability
to meet obligations without structural changes.
9) Parking Rate Increase Schedule and Facility Rate Comparison Appendix:
Included as an appendix is a schedule comparing PPA Rates prior to
February 1, 2004 to the new rates imposed as of that date. There was a request by
Council to include such a schedule in the audit. Also requested was a comparison
of post tax increase rates at private facilities in comparison to the Authority.
Due to formatting requirements and that the schedule reflects data not
independently audited that lies outside of the control of the Authority, the
comparison is also presented as an appendix to the audit. Data was collected by
the Authority as of a specific date (February 13, 2004) and private facilities are
compared to the PPA garages they compete with. The Auditors during the same
week went into the field and performed an independent review of the rates at the
same facilities. No material differences were found.
26
AUDIT PURPOSE
This audit of the Pittsburgh Parking Authority (PPA) was requested by City
Councilman William Peduto to address concerns about a rate increase implemented
January 15, 2004 by the Authority. The rate increase was apparently in response to an
increase in the City of Pittsburgh Parking Tax from 31% to 50%. At issue is whether the
amount of the Authority’s rate increase was justified to meet the additional tax demand
and other Authority obligations.
27
FINDINGS AND RECOMMENDATIONS
INTRODUCTION
The Authority was established in 1947 by State statute to address traffic concerns
created by a lack of parking space in the City. The Authority is controlled by Board of
Directors, appointed by and serving at the pleasure of the Mayor of the City of
Pittsburgh. Essentially, the Authority is answerable to the Mayor, the Board, and its
bondholders.
The Authority finances its capital structure and operations through revenues
generated by its parking facilities and monies generated by the issuance of revenue
bonds. Unlike other authorities, the PPA receives no tax payer support on either the
federal, state or local level. Therefore, the PPA must budget itself to be wholly self
supporting.
The Parking Authority budgets on a systemic basis. That is, all revenues from
operations are used to meet total expenses. The garages, lots and street metered parking
are treated as a single revenue source to meet operating expenses and debt obligations.
The Authority operates on a September 30 fiscal year and begins budgeting in late
spring to early summer. From documents submitted the Controller, the Authority budgets
four to five years in advance and has projected both revenue needs and expense increases
going through 2008.
The following Findings and Recommendations address the rate increase concerns
raised by Council and the public. Additionally, several capital projects due to begin in
the next 12 to 24 months are examined for their revenue impact on the Authority.
28
FINDING No. 1: The Authority’s rate increase, effective February 1, 2004, appears
justified.
The key question regarding the February 1 rate increase is whether the Authority
would be generating revenue in excess of its projected needs. In answering this question,
the auditors examined past revenue generation and facility usage and attempted to project
future revenues. This projection was based on the new rates and assumed minimal usage
attrition.
In examining bond covenant coverage requirements and projected expense
increases from budget year 2004 through projected 2008, the Authority appears to be
running at a negative cash flow position in regard to its debt obligations and operating
expenses. This negative cash flow position may place the PPA in a covenant default
situation as early as end fiscal year 2005, requiring the Authority to take steps such as
further rate hikes or discontinuance/reduction of its annual PILOT payment to the City of
Pittsburgh.
It is clear that the Authority was aware of the need for a rate hike as early as 2002.
Such an increase was mentioned in the Annual Report issued for 2002 and the audited
financial statements for fiscal years 2002 and 2003. In 2002, the Authority generated its
own internal study and commissioned Walker to examine rate increase flexibility in
preparation for future hikes. The stated reason for the refinancing of the 1992 bond issue
was to generate cash to avoid implementing increases in fiscal years 2003 or 2004.
The effect of the new rate structure is illustrated in tables five and six. (Pages 11
and 12) For 2004, The Authority projects to generate $4,922,558 in additional Gross
Revenue over budget, of which $3,670,168 will be taxes due to the City, leaving a
balance of $1,252,390 for operations and debt service. The Authority appears, from a
review of projected operating and debt service requirements, to need every penny of this
additional revenue generated in 2004.
29
As shown in table seven on page 13, The Authority will end 2004 with a projected
positive cash flow of $486,390. This should provide an ending Trustees Fund balance of
roughly $3.7 million. This reserve is essential, since in 2005 the debt service offset
generated by the 2002 bond refinancing will disappear, causing a jump of approximately
$1.3 million in debt service cost. That jump combined with anticipated increases in
operating costs will create an ending cash flow deficit of $1,368,654. The Trustee Fund
reserve balance will accordingly be reduced to $2.3 million.
The cash flow situation reaches a critical point in 2006. The cash flow deficit,
increased by continuing increases in operating expenses and the Grant Street
Transportation Project debt going on line, should reach slightly over $2 million for 2006.
This would leave an ending Trustees Fund balance of less than $300,000 and create a
situation where bond covenants would be in danger of breach.
It is to be noted that these assumptions are made with post increase rate
assumptions. It must also be noted that these predictions do not include the reduction in
capacity at the Second Avenue facility due to an upcoming projected capital project. It
seems clear that the Authority was going to have to raise rates by the end of 2004. It is
also assumed that there will be minimal usage attrition per Walker in these calculations.
If there is minimal attrition, the PPA covenant requirements should be met through 2005.
Significant attrition could endanger default at an earlier time.
As stated above, the Authority has options to address this potential shortfall. The
first of these options is addressed in Finding #2.
FINDING No. 2: The Authority, in either 2005 or 2006 due to cash flow
considerations, may have to reduce or discontinue its Payment In Lieu of Taxes
(P.I.L.O.T.) to the City of Pittsburgh.
30
As stated in Finding #1, the PPA, in the immediate future, will have to find a way
to significantly increase revenue after tax or cut operating expenses to meet its
contractually established bond covenant obligations. As of year end 2005 or 2006, the
Authority has a readily available means of doing such. All it needs to do is reduce or
eliminate its PILOT payment to the City of Pittsburgh.
As mentioned in note #6, as amended in 2000, the PILOT payment is a
subordinated debt of the authority. Adding $1.9 million into the trustee account at year
end 2005 would establish a reserve of $4.2 million to meet future obligations and easily
meet covenant requirements. Eliminating the PILOT at year end 2006 would nearly
completely cancel out the 2006 cash shortfall and leave a sufficient reserve ($2,186,107)
to get close to the required bond coverage covenant percentage (123%, compared to
125%).
The PPA could reduce its annual payment instead of eliminating it in full. For
example, reducing the PILOT by 50% beginning at year end 2005 would have the same
effect as total elimination in 2006 in the short term. It must be noted, however, that long
term expense trend predictions suggest full elimination eventually unless more revenue is
found from existing sources.
FINDING No. 3: To save at least some of the PILOT payments to the City of
Pittsburgh and meet increasing expenses, the Authority will need to increase rates
again as early as October of 2005.
As mentioned in Findings #1 & 2, the PPA is experiencing serious cash flow
shortages despite the 2/1/2004 rate increase. The Authority could reduce or eliminate the
PILOT program as described above, increase rates, or do a combination of the two.
It seems that the Authority has considered these options. In documents provided
to the auditors, it seems clear that the Authority is aware of the future problems and
presented projections with an October 1, 2005 rate increase and/or an October 1, 2008
31
increase. The auditors were hesitant to predict past year end 2006, due to the
uncertainties inherent in long-term analysis.
It appears that the PPA is also aware of what would be needed to meet the
upcoming shortfall. The Authority predicts that its 10/1/2005 rate increase would
generate $2,045,484 net of tax. The auditors predict a 2006 cash shortfall of $2,053,579,
a variance of 0.39%. This would in theory allow the PILOT program to continue in the
short run. However, increasing operating expenses would seem to suggest that the
PILOT will need to be reduced in the long-term.
The Authority may decide to increase rates by a reduced amount and reduce
instead of eliminate the PILOT program to meet its revenue shortfall. A middle course
such as this may be advisable, because the City of Pittsburgh will pick up parking tax
revenue from the rate increase, partially mitigating the loss of PILOT funds.
FINDING No. 4: If Schenley Plaza Parking Lot is turned into a park, the City of
Pittsburgh will lose approximately $175,000 per year in parking taxes.
In 2004, the Schenley Plaza parking facility is scheduled for closure so that it may
be turned into parkland. A State grant has been received and preliminary approval has
been granted by City Council to begin the project. However, the City of Pittsburgh and
the Authority will lose substantial amounts of revenue if the facility is closed.
The Schenley Plaza facility contributes parking tax revenue to the City of
Pittsburgh and operating revenue after direct expenses to the Authority. An examination
of the 2004 PPA budget shows that Schenley produced roughly $175,000 annually in
parking tax revenue to the City. It also provided over $250,000 in net operating revenues
after direct expenses, providing funds for general operations and debt service for the
PPA.
32
It must be noted that the taxes provided and net operating revenue figure are pre
rate increase. One could assume that if the facility were to remain open, the rate bands
would be reduced as at comparable PPA properties and rates would be increased
accordingly. This would generate even more operating and tax dollars.
The Authority has already made plans in conjunction with the City to increase the
number of metered on-street spaces in this area to partially replace the revenue lost upon
closure. However, off-street meters do not generate parking tax. Why doesn’t the
Authority and City keep Schenley open and put the meters in the discussed locations,
therefore generating additional revenue.
FINDING No. 5: The Grant Street Transportation Project is moving forward as
scheduled, reducing revenues in the short term from the Second Avenue lot and
creating additional debt service in the long run.
The Grant Street Transportation Project (GSTP) is a major development project
due to begin in 2004. It is located at the northeast end of the Downtown Business
District, close to the Amtrak station and Convention Center, on the current site of the
existing Greyhound bus station. The Project will house a new Greyhound bus terminal,
retail space, a light rail transit stop, and a new parking facility.
According to the Authority’s 2004 budget, costs for this project from 2004 to
2006 will reach approximately $30,000,000, all of which will be generated by issuing
new revenue bonds. From documents submitted by PPA, it appears that the debt service
payments will begin in mid 2006, adding roughly $500,000 in debt service for that year
and roughly $1.2 million annually for 2007 and 2008.
It does not appear that the parking receipts generated by the GSTP will be
sufficient to cover operating expenses and debt service on an ongoing basis. Lease
payments from Greyhound and rents from retail space tenants will be a key element of
the project’s success. A cooperation agreement between the Authority and Greyhound
33
was signed in April of 2004. The Bonds to finance the Project were issued in February of
2005 and site demolition is due to start in summer 2005.
The construction of the GSTP will cost the Authority revenues from its Second
Avenue parking facility because approximately one half of the Second Avenue facility
will be used as a temporary Greyhound bus terminal during construction of the GSTP.
An accompanying loss of revenue from 2004-2006 will occur. Using the auditor’
methodology, gross revenue loss could approach $500,000 per year.
FINDING No. 6: The Authority suffered usage attrition in 2004, primarily due to
the increase in the Parking Tax.
After the end of Audit fieldwork and the exit conference with the Authority but
prior to Audit release, data regarding usage of Authority facilities for 2004 became
available. They showed a loss of patronage for 2004 of 134,219 users, or 7% from 2003.
It was felt that this loss was material by both the Authority and the Controller’s office and
that said loss was generated by the increase in the Parking Tax. The raw data on usage
attrition is illustrated in Appendix D, located on Page 56.
34
APPENDIX A
COMPARATIVE PARKING RATES SCHEDULE
35
PARKING RATES
0 TO 1 1 TO 2 2 TO 3 3 TO 4 4 TO 5 5 TO 6 6 TO 7 7 TO 8 8 TO 9 11 TO 12 DAILY
GARAGES HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS MAX
PPA FT DUQUESNE & SIXTH GARAGE $3.75 $4.75 $7.50 $7.50 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
625 STANWIX STREET GARAGE $7.00 $12.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $17.00
SIXTH STREET GARAGE $6.00 $6.00 $8.00 $8.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00
GATEWAY CENTER GARAGE $5.00 $8.50 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $12.50
GATEWAY TOWERS GARAGE $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00
SIXTH AND PENN GARAGE $6.00 $6.00 $8.00 $8.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00
AVERAGE RATE $6.00 $8.13 $10.60 $10.60 $12.20 $12.20 $12.20 $12.20 $12.20 $12.20 $13.30
PERCENTAGE DIFFERENCE 60% 71% 41% 41% 22% 22% 22% 22% 22% 22% 33%
PPA NINTH AND PENN GARAGE $3.75 $4.75 $7.50 $7.50 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
LIBERTY CENTER GARAGE $14.00 $19.00
THEATRE SQUARE GARAGE $6.00 $6.00 $9.00 $9.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00
BENEDUM LOT $8.00 $8.00 $10.00 $10.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
AVERAGE RATE $7.00 $7.00 $11.00 $9.50 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $15.00
PERCENTAGE DIFFERENCE 87% 47% 47% 27% 30% 30% 30% 30% 30% 30% 50%
PPA WOOD-ALLIES GARAGE $3.75 $4.75 $7.50 $7.50 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
KAUFMANN'S SMITHFIELD GARAGE $6.00 $8.00 $10.00 $12.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
STEELWORKERS GARAGE $7.50 $10.50 $10.50 $10.50 $10.50 $10.50 $10.50 $10.50 $10.50 $10.50 $10.50
WESTINGHOUSE GARAGE $5.00 $8.00 $10.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
1ST AND WOOD STREET LOT $10.00 $12.50 $15.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00
STANWIX STREET BLVD ALLIES LOT $7.00 $9.00 $12.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00
MARKET STREET BLVD ALLIES LOT $9.00 $12.00 $15.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00
AVERAGE RATE $7.42 $10.00 $12.08 $14.75 $15.08 $15.08 $15.08 $15.08 $15.08 $15.08 $15.08
PERCENTAGE DIFFERENCE 98% 111% 61% 97% 51% 51% 51% 51% 51% 51% 51%
PPA THIRD AVENUE GARAGE $3.75 $4.75 $7.50 $7.50 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00
KOSSMAN BUILDING GARAGE $10.00 $13.00 $16.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00
FIFTH AVENUE PLACE $5.00 $7.00 $9.00 $9.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
PPG PLACE GARAGE $6.00 $10.00 $12.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
319 FOURTH AVENUE LOT $9.50 $11.50 $14.00 $18.50 $18.50 $18.50 $18.50 $18.50 $18.50 $18.50 $18.50
FOURTH AVE LOT $10.00 $12.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00
AVERAGE RATE $8.10 $10.70 $13.20 $15.90 $17.30 $17.30 $17.30 $17.30 $17.30 $17.30 $17.30
PERCENTAGE DIFFERENCE 116% 125% 76% 112% 33% 33% 33% 33% 33% 33% 33%
PPA LAZARUS GARAGE $3.50 $4.25 $7.50 $7.50 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00
MARKET ST ALLIES LOT $9.00 $12.00 $15.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00
KAUFMANN'S FORBES AVE GARAGE $6.00 $8.00 $10.00 $12.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
ONE OXFORD CENTER GARAGE $7.00 $10.00 $12.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00
AVERAGE RATE $7.33 $10.00 $12.33 $15.67 $16.33 $16.33 $16.33 $16.33 $16.33 $16.33 $16.33
PERCENTAGE DIFFERENCE 110% 135% 64% 109% 26% 26% 26% 26% 26% 26% 26%
36
PARKING RATES
0 TO 1 1 TO 2 2 TO 3 3 TO 4 4 TO 5 5 TO 6 6 TO 7 7 TO 8 8 TO 9 11 TO 12 DAILY
GARAGES HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS HOURS MAX
PPA SMITHFIELD LIBERTY GARAGE $5.00 $8.00 $8.00 $11.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
GREYHOUND GARAGE $8.00 $12.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $16.00
USX TOWER GARAGE $8.00 $15.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00
954 LIBERTY AVE GARAGE $8.00 $15.00 $18.00 $18.00 $18.00 $18.00 $18.00 $18.00 $18.00 $18.00 $18.00
AVERAGE RATE $8.00 $14.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.67
PERCENTAGE DIFFERENCE 60% 75% 113% 55% 21% 21% 21% 21% 21% 21% 26%
PPA FIRST AVENUE GARAGE $4.50 $5.00 $6.25 $6.25 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
MANOR COMPLEX GARAGE $5.00 $8.00 $9.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
GRANT BUILDING GARAGE $9.00 $12.00 $12.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
SECOND AVE ROSS ST GARAGE $7.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00
AVERAGE RATE $7.00 $10.67 $11.00 $12.67 $12.67 $12.67 $12.67 $12.67 $12.67 $12.67 $12.67
PERCENTAGE DIFFERENCE 56% 113% 76% 103% 27% 27% 27% 27% 27% 27% 27%
PPA MELLON SQUARE GARAGE $5.00 $8.00 $8.00 $11.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $18.00
USX TOWER GARAGE $8.00 $15.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00 $19.00
ONE MELLON CENTER GARAGE $6.00 $8.00 $8.00 $11.00 $11.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
KAUFMANN'S FORBES AVE GARAGE $6.00 $8.00 $10.00 $12.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
ONE BIGELOW SQUARE GARAGE $6.00 $8.00 $10.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00 $13.00
MELLON FINANCIAL CTR GARAGE $5.00 $5.00 $7.00 $7.00 $9.00 $9.00 $12.00 $12.00 $12.00 $12.00 $12.00
SMITHFIELD ST FORBES AVE LOT $13.00 $18.00 $22.00 $22.00 $22.00 $22.00 $22.00 $22.00 $22.00 $22.00 $22.00
AVERAGE RATE $7.33 $10.33 $12.67 $14.00 $14.67 $15.50 $16.00 $16.00 $16.00 $16.00 $16.00
PERCENTAGE DIFFERENCE 47% 29% 58% 27% 5% 11% 14% 14% 14% 14% -11%
PPA FORBES SEMPLE GARAGE $3.00 $3.75 $6.00 $6.00 $9.00 $9.00 $9.00 $9.00 $9.00 $9.00 $9.00
PPA SCHENLEY PLAZA $3.00 $3.00 $5.00 $5.00 $7.00 $7.00 $7.00 $9.00 $12.00 $12.00 $12.00
UPMC FORBES TOWER GARAGE $3.50 $4.00 $4.75 $5.50 $6.00 $6.75 $7.50 $18.00 $18.00 $18.00 $18.00
UPNC FORBES TOWER SURFACE LOT $2.50 $3.50 $7.00 $10.00 $12.00 $15.00 $18.00 $18.00 $18.00 $18.00 $18.00
PITT SOLIDERS AND SAILORS GARAGE $4.00 $5.00 $6.50 $6.50 $7.50 $7.50 $8.50 $8.50 $9.50 $10.00 $10.00
PITT O'HARE GARAGE $4.00 $5.00 $6.50 $6.50 $7.50 $7.50 $8.50 $8.50 $12.00 $12.00 $12.00
AVERAGE RATE $3.50 $4.38 $6.19 $7.13 $8.25 $9.19 $10.63 $13.25 $14.38 $14.50 $14.50
PERCENTAGE DIFFERENCE 17% 17% 3% 19% -8% 2% 18% 47% 60% 61% 61%
PPA 2ND AVENUE PARKING PLAZA $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00
SECOND AVENUE & ROSS STREET LOT $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00 $14.00
STATION SQUARE WEST LOT $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00
STATION SQUARE EAST LOT $2.00 $3.00 $4.00 $5.00 $6.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00
STATION SQUARE GARAGE $2.50 $3.50 $4.50 $5.50 $6.50 $7.00 $12.00 $14.00 $14.00 $14.00 $14.00
MELLON ARENA $6.00 $6.00 $6.00 $6.00 $6.00 $7.50 $7.50 $7.50 $7.50 $10.50 $14.00
11TH & SMALLMAN STREET LOT $4.50 $4.50 $4.50 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $8.00
NORTH SHORE LOT #6 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00 $5.00
AVERAGE RATE $5.57 $5.86 $6.14 $6.64 $6.93 $7.50 $8.21 $8.50 $8.50 $8.93 $9.71
PERCENTAGE DIFFERENCE 11% 17% 23% 33% 39% 50% 64% 70% 70% 79% 94%
37
APPENDIX B
PITTSBURGH PARKING AUTHORITY
2/1/2004
RATE SCHEDULE
IN COMPARISON TO PREVIOUS RATES
38
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
THIRD AVENUE GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.75 $3.75 36%
2 – Hours or Less $3.75 $4.75 27%
3 – Hours or Less $4.75 $7.50 58%
4 – Hours or Less $6.00 $7.50 25%
5 – Hours or Less $7.00 $13.00 86%
6 – Hours or Less $9.00 $13.00 44%
Maximum 24 Hours $10.00 $13.00 30%
THIRD AVENUE GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $200 $250 25%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Gold Card in and out with $235 $275 to 17%
preferred parking $325 38%
THIRD AVENUE GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour $2.00 Per hour 100 %
Weekends And Holidays Maximum $3.00 Maximum $5.00 67%
39
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
NINTH AND PENN GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.75 $3.75 36%
2 – Hours or Less $3.75 $4.75 27%
3 – Hours or Less $4.75 $7.50 58%
4 – Hours or Less $6.00 $7.50 25%
5 – Hours or Less $6.75 $10.00 48%
6 – Hours or Less $7.50 $10.00 33%
Maximum 24 Hours $8.00 $10.00 25%
NINTH AND PENN GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $190.00 $220 16%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Gold Card in and out with NA $275 NA
preferred parking
24 Hours
Platinum in and out with
Lease preferred parking NA $315 NA
NINTH AND PENN GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $3.00 Flat Rate $2.00 Per hour (33%)
Weekends And Holidays Maximum $5.00 67%
40
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
SMITHFIELD AND LIBERTY GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.75 $5.00 82%
2 – Hours or Less $3.75 $8.00 113%
3 – Hours or Less $4.75 $8.00 68%
4 – Hours or Less $6.00 $11.00 83%
5 – Hours or Less $7.00 $14.00 100%
6 – Hours or Less $9.00 $14.00 56%
7 – Hours or Less $10.00 $14.00 40%
Maximum 24 Hours $11.00 $14.00 27%
SMITHFIELD AND LIBERTY GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $230 $275 20%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Gold Card in and out with $300 $325 8%
preferred parking
24 Hours
Platinum in and out with NA $315 NA
Lease preferred parking
SMITHFIELD AND LIBERTY GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour $2.00 Per hour 100 %
Weekends And Holidays Maximum $3.00 Maximum $5.00 67%
41
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
FT. DUQUESNE AND SIXTH GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.75 $3.75 36%
2 – Hours or Less $3.75 $4.75 27%
3 – Hours or Less $4.75 $7.50 58%
4 – Hours or Less $6.00 $7.50 25%
5 – Hours or Less $6.75 $10.00 48%
6 – Hours or Less $7.50 $10.00 33%
Maximum 24 Hours $8.00 $10.00 25%
FT. DUQUESNE AND SIXTH GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $190 $220 16%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Gold Card in and out with NA $275 NA
preferred parking
FT. DUQUESNE AND SIXTH GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $3.00 Flat Rate $2.00 Per hour (33%)
Weekends And Holidays Maximum $5.00 67%
42
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
MELLON SQUARE GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $3.00 $5.00 67%
2 – Hours or Less $4.00 $8.00 100%
3 – Hours or Less $5.00 $8.00 60%
4 – Hours or Less $6.00 $11.00 83%
5 – Hours or Less $7.00 $14.00 100%
6 – Hours or Less $9.00 $14.00 56%
7 – Hours or Less $10.00 $14.00 40%
Maximum 24 Hours $11.00 $18.00 64%
MELLON SQUARE GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $220 $275 25%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Platinum in and out with NA $315 NA
Lease preferred parking
MELLON SQUARE GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour $2.00 Per hour 100 %
Weekends And Holidays Maximum $3.00 Maximum $5.00 67%
43
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
WOOD ALLIES GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.75 $3.75 36%
2 – Hours or Less $3.75 $4.75 27%
3 – Hours or Less $4.75 $7.50 58%
4 – Hours or Less $6.00 $7.50 25%
5 – Hours or Less $6.75 $10.00 48%
6 – Hours or Less $7.50 $10.00 33%
Maximum 24 Hours $8.00 $10.00 25%
WOOD ALLIES GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $190 $220 16%
4 pm to 6 am
Night Lease in and out $45 $100 122%
WOOD ALLIES GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour $2.00 Per hour 100 %
Weekends And Holidays Maximum $3.00 Maximum $5.00 67%
44
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
MON WHARF
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
Daily $7.00 $8.00 14%
Flat Rate
MON WHARF
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
Leases 24 Hours NA NA NA
in and out
MON WHARF
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am NA NA NA
Weekends And Holidays
45
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
OLIVER GARAGE AT LAZARUS
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.50 $3.50 40%
2 – Hours or Less $3.25 $4.50 38%
3 – Hours or Less $4.25 $7.50 76%
4 – Hours or Less $6.00 $7.50 25%
5 – Hours or Less $7.00 $13.00 86%
6 – Hours or Less $9.25 $13.00 41%
7 – Hours or Less $10.00 $13.00 30%
Maximum 24 Hours $11.00 $13.00 18%
OLIVER GARAGE AT LAZARUS
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $210 $250 19%
4 pm to 6 am
Night Lease in and out $45 $100 122%
24 Hours
Gold Card in and out with $235 Eliminated NA
preferred parking
24 Hours
Platinum in and out with NA $315 NA
Lease preferred parking
OLIVER GARAGE AT LAZARUS
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour $2.00 Per hour 100 %
Weekends And Holidays Maximum $3.00 Maximum $5.00 67%
46
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
SECOND AVENUE PARKING PLAZA
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
Daily $3.50 $5.00 43%
Flat Rate
SECOND AVENUE PARKING PLAZA
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $70 $100 43%
4 pm to 6 am
Night Lease in and out NA NA NA
SECOND AVENUE PARKING PLAZA
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am NA NA NA
Weekends And Holidays
47
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
FIRST AVENUE GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $3.50 $4.50 29%
2 – Hours or Less $4.00 $5.00 25%
3 – Hours or Less $4.50 $6.25 39%
4 – Hours or Less $5.00 $6.25 25%
4 to 24 Hours $8.00 $10.00 25%
FIRST AVENUE GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $160 $195 22%
4 pm to 6 am
Night Lease in and out $50 $100 100%
24 Hours
Shift Lease in and out $95 $125 32%
FIRST AVENUE GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $3.00 Flat Rate $2.00 Per hour (33%)
Weekends And Holidays Maximum $5.00 67%
48
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
FORBES - SEMPLE GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1 – Hour or Less $2.00 $3.00 50%
2 – Hours or Less $2.50 $3.75 50%
3 – Hours or Less $3.75 $6.00 60%
4 – Hours or Less $4.75 $6.00 26%
5 – Hours or Less $5.50 $9.00 64%
6 – Hours or Less $6.00 $9.00 50%
7 – Hours or Less $6.75 $9.00 33%
Maximum 24 Hours $7.00 $9.00 29%
Early Bird Special $6.50 NA
FORBES - SEMPLE GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $115 $190 65%
4 pm to 6 am
Night Lease in and out $45 $100 122%
FORBES - SEMPLE GARAGE
NIGHT AND WEEKENDS RATE
Percentage
2003 2004 Increase
Monday Thru Friday
4:00 pm to 5:59 am $1.00 Per Hour To $2.00 Per hour
Weekends And Holidays $3.00 Maximum Maximum $5.00
49
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
SCHENLEY PLAZA
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
0 to 1 Hour $1.00 $3.00 200%
1 to 2 Hour $2.00 $3.75 88%
2 to 3 Hour $3.00 $6.00 100%
3 to 4 Hour $4.00 $6.00 50%
4 to 5 Hour $5.00 $7.00 40%
5 to 6 Hour $6.00 $7.00 17%
6 to 7 Hour $7.00 $9.00 29%
7 to 8 Hour $8.00 $9.00 13%
8 to 9 Hour $9.00 $12.00 33%
Maximum 24 Hours $10.00 $12.00 20%
SCHENLEY PLAZA
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
Day/Night NA NA NA NA
Lease
SCHENLEY PLAZA
NIGHT AND WEEKENDS RATE
NOT APPLICABLE
50
PITTSBURGH PARKING AUTHORITY
PARKING RATE INCREASE COMPARISONS
BY GARAGE
SHADYSIDE GARAGE
DAILY RATES
PERCENTAGE
HOURS PARKED 2003 2004 INCREASE
1/2 – Hour or Less $0.75 $3.50 367%
1 – Hour or Less $1.50 $3.50 133%
2 – Hours or Less $2.75 $4.75 73%
3 – Hours or Less $3.75 $4.75 27%
4 – Hours or Less $4.75 $7.25 53%
5 – Hours or Less $5.75 $7.25 26%
6 – Hours or Less $6.75 $9.00 33%
Maximum 24 Hours $7.00 $9.00 29%
SHADYSIDE GARAGE
Monthly Rate Monthly Rate Percentage
Lease type Lease privileges 2003 2004 Increase
24 Hours
Day Lease in and out $100 $190 90%
4 pm to 6 am
Night Lease in and out $30 $100 233%
SHADYSIDE GARAGE
NIGHT AND WEEKENDS RATE
NOT APPLICABLE
51
APPENDIX C
AUTHORITY BONDED DEBT SCHEDULE
52
EXISTING AUTHORITY DEBT OBLIGATION
URA-Oliver Garage Note
FYE Series of 1997 Bonds 1992 Indenture Total
9/30/02 $1,041,573.75 $1,041,573.75
9/30/03 $1,039,648.75 $1,039,648.75
9/30/04 $1,042,136.25 $1,042,136.25
9/30/05 $1,043,651.25 $1,043,651.25
9/30/06 $1,039,316.25 $1,039,316.25
9/30/07 $1,044,196.25 $1,044,196.25
9/30/08 $1,042,948.75 $1,042,948.75
9/30/09 $1,040,623.75 $1,040,623.75
9/30/10 $1,042,373.75 $1,042,373.75
9/30/11 $1,042,738.75 $1,042,738.75
9/30/12 $1,041,678.75 $1,041,678.75
9/30/13 $1,039,366.25 $1,039,366.25
9/30/14 $1,040,447.50 $1,040,447.50
9/30/15 $1,040,185.00 $1,040,185.00
9/30/16 $1,043,578.75 $1,043,578.00
9/30/17 $1,040,360.00 $1,040,360.00
9/30/18 $1,040,797.50 $1,040,797.50
9/30/19 $1,044,187.50 $1,044,187.50
9/30/20 $1,040,670.00 $1,040,670.00
9/30/21 $1,040,517.50 $1,040,517.50
9/30/22 $1,043,457.50 $1,043,457.50
9/30/23 $1,044,217.50 $1,044,217.50
9/30/24 $1,042,797.50 $1,042,797.50
9/30/25 $1,039,197.50 $1,039,197.50
9/30/26 $1,043,417.50 $1,043,417.50
9/30/27 $1,039,912.50 $1,039,912.50
9/30/28 $1,043,955.00 $1,043,955.00
TOTAL $29,170,745.00 $29,170,745.00
53
SUMMARY OF 2000 INDENTURE OBLIGATION
Series Refunding Series 2000
FYE of 2000 Bonds of 2002 bonds Indenture Total
9/30/02 $1,671,785.00 $1,671,785.00
9/30/03 $2,316,440.00 $ 877,121.88 $3,193,561.88
9/30/04 $2,314,707.50 $3,632,137.50 $5,946,845.00
9/30/05 $2,315,557.50 $4,932,762.50 $7,248,320.00
9/30/06 $2,313,795.00 $4,928,637.50 $7,242,432.50
9/30/07 $2,307,751.25 $4,921,237.50 $7,228,988.75
9/30/08 $2,313,737.50 $4,918,187.50 $7,231,925.00
9/30/09 $2,313,405.00 $4,906,693.75 $7,220,098.75
9/30/10 $2,316,692.50 $4,904,175.00 $7,220,867.50
9/30/11 $2,316,592.50 $4,893,250.00 $7,209,842.50
9/30/12 $2,316,093.75 $4,886,875.00 $7,202,968.75
9/30/13 $2,316,403.75 $4,889,250.00 $7,205,653.75
9/30/14 $2,312,562.50 - $2,312,562.50
9/30/15 $2,314,180.00 - $2,314,180.00
9/30/16 $2,315,747.50 - $2,315,747.50
9/30/17 $2,312,691.25 - $2,312,691.25
9/30/18 $2,314,665.00 - $2,314,665.00
9/30/19 $2,315,822.50 - $2,315,822.00
9/30/20 $2,314,950.00 - $2,314,950.00
9/30/21 $2,316,900.00 - $2,316,900.00
9/30/22 $2,312,550.00 - $2,312,550.00
9/30/23 $2,316,450.00 - $2,316,450.00
9/30/24 $2,313,150.00 - $2,313,150.00
9/30/25 $2,312,350.00 - $2,312,350.00
9/30/26 - - -
9/30/27 - - -
9/30/28 - - -
TOTAL $56,576,765.00 $48,690,328.13 $105,267,093.13
54
COMBINED SUMMARY OF 1992 AND 2000
INDENTURE OBLIGATIONS
1992 2000
FYE Indenture Obligations Indenture Obligations Combined Total
9/30/02 $1,041,573.75 $1,671,785.00 $2,713,358.75
9/30/03 $1,039,648.75 $3,193,561.88 $4,233,210.63
9/30/04 $1,042,136.25 $5,946,845.00 $6,988,981.25
9/30/05 $1,043,651.25 $7,248,320.00 $8,291,971.25
9/30/06 $1,039,316.25 $7,242,432.50 $8,281,748.75
9/30/07 $1,044,196.25 $7,288,988.75 $8,273,185.00
9/30/08 $1,042,948.75 $7,231,925.00 $8,274,873.75
9/30/09 $1,040,623.75 $7,220,098.75 $8,260,722.50
9/30/10 $1,042,373.75 $7,220,867.50 $8,263,241.25
9/30/11 $1,042,738.75 $7,209,842.50 $8,252,581.25
9/30/12 $1,041,678.75 $7,202,968.75 $8,244,647.50
9/30/13 $1,039,366.25 $7,205,653.75 $8,245,020.00
9/30/14 $1,040,447.50 $2,312,562.50 $3,353,010.00
9/30/15 $1,040,185.00 $2,314,180.00 $3,354,365.00
9/30/16 $1,043,578.75 $2,315,747.50 $3,359,326.25
9/30/17 $1,040,360.00 $2,312,691.25 $3,353,051.25
9/30/18 $1,040,797.50 $2,314,665.00 $3,355,462.50
9/30/19 $1,044,187.50 $2,315,822.50 $3,360,010.00
9/30/20 $1,040,670.00 $2,314,950.00 $3,355,620.00
9/30/21 $1,040,517.50 $2,316,900.00 $3,357,417.50
9/30/22 $1,043,457.50 $2,312,550.00 $3,356,007.50
9/30/23 $1,044,217.50 $2,316,450.00 $3,360,667.50
9/30/24 $1,042,797.50 $2,313,150.00 $3.355.947.50
9/30/25 $1,039,197.50 $2,312,350.00 $3,351,547.50
9/30/26 $1,043,417.50 - $1,043,471.50
9/30/27 $1,039,912.50 - $1,039,912.50
9/30/28 $1,043,955.00 - $1,043,955.00
TOTAL $29,170,745.00 $105,267,093.13 $134,437,838.13
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APPENDIX D
2004 AUTHORITY USAGE SCHEDULE
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PITTSBURGH PARKING AUTHORITY
PARKING USAGE COMPARISONS
By Number of Patrons
PERCENT
2003 2004 DIFFERENCE DIFFERENCE
(%)
JANUARY 163,283 152,983 -10,300 -6
FEBRUARY 150,269 150,662 393 0
MARCH 162,465 168,326 5,861 4
APRIL 173,883 164,635 -9,248 -5
MAY 164,288 146,682 -17,606 -11
JUNE 165,161 151,180 -13,981 -8
JULY 172,039 141,481 -30,558 -18
AUGUST 163,990 144,467 -19,523 -12
SEPTEMBER 170,212 154,714 -15,498 -9
OCTOBER 181,133 160,907 -20,226 -11
NOVEMBER 148,433 152,561 4,128 3
DECEMBER 168,095 160,439 -7,656 -5
Total 1,983,251 1,849,037 -134,214 -7
NOTE:
*Rate/ Tax Increase effective February 2004
**This reflects all Downtown, Oakland, and Shadyside facilities
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