The University Record, May 22, 1995

Regents approve new parking rates for next five years

The Board of Regents has approved an increase in the faculty/staff parking permit fee of 3.5 percent per year for the next five years, beginning in the 1995-96 fiscal year.

"A study by consultants in 1989 indicated that, due to inflation and the extensive backlog of deferred maintenance ($18 million in 1988-89 dollars), an increase in the staff paid parking fee would be necessary," said Farris W. Womack, executive vice president and chief financial officer.

"In March 1990, the Regents approved increasing the parking fees by 12.6 percent per year for a five-year period beginning in fiscal year 1990-91. It was also approved that a department salary account contribution be instituted starting with $50 per employee permit the first year and increasing by 12.6 percent each year for the next five years. By establishing the University contribution, the required increase did not impact entirely on the faculty and staff."

Womack continued, "Using the revenue generated by the increase approved in 1990, the majority of the backlog of deferred maintenance has been eliminated and many safety improvements accomplished. We project that the backlog will be almost eliminated in the next three years. Repair and restoration work on both structures and surface lots are continuing requirements."

The University's contribution, currently $80 per employee permit, also will increase by 3.5 percent each year for the next five years.

"The rates proposed will provide for the continued reduction of the maintenance backlog, the ongoing annual maintenance and the funding of parking reserves for maintenance, repairs and improvements," Womack said.

Parking rate schedule through 2000

1994-95

1995-96

1996-97

Staff Paid

$362

$375

$388

UM Paid

80

83

86

1997-98

1998-99

1999-00

Staff Paid

$401

$415

$430

UM Paid

89

92

95