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Park Harrisburg
2014 Projection Budget Comparison 2014 2014 2014
Projected Budget Variance
System Revenues
Commonwealth Contract 6,070,350 7,281,250 (1,210,900)
Transient Parking 3,388,117 3,921,919 (533,802)
Monthly Parking 6,031,856 5,392,944 638,912
Meter Revenue 2,164,233 2,920,000 (755,767)
Enforcement Revenue 1,226,190 2,619,100 (1,392,910)
Other Revenue 87,463 85,672 1,791
Total System Revenues 18,968,209 22,220,884 (3,252,675)
Parking Tax (@20%) (2,613,414) (2,766,019) 152,605
Revenues Net of Parking Tax 16,354,795 19,454,866 (3,100,071)
Senior Debt - Series A
Series A Net Debt Service 4,798,476 4,798,479
Gross Revenue Coverage 3.41 4.05
Operating Expenses
Operator Expenses 3,637,098 4,337,587 (700,490)
Asset Manager Expenses 408,948 778,000 (369,052)
Authority Expenses 96,000 151,000 (55,000)
Management Fees 440,002 440,000 2
System O&M Fees 4,582,048 5,706,587 (1,124,540)
NET OPERATING INCOME 6,974,271 8,949,799 (1,975,528)
Junior Debt - Series B & C
Series B - Dauphin County Net Debt Service 3,280,686 3,280,684 -
Series C - AGM / Dauphin County Net Debt Se 1,644,720 1,644,722 -
Total Junior Debt Service 4,925,406 4,925,407 -
Debt Service Coverage 1.42 1.82
CASH FLOW AFTER DEBT SERVICE 2,048,866 4,024,393 (1,975,527)
Subordinated Expenses
City Payments 839,911 900,000 (60,089)
HPA 1,026,558 1,100,000 (73,442)
Performance Fee 80,000 100,000 (20,000)
PEDFA 163,636 200,000 (36,364)
Subordinated Expenses 2,110,106 2,300,000 (189,894)
SURPLUS CASHFLOWS (61,240) 1,724,393 (1,785,633)
Notes
* 2015 Projected reflects 11 months actual w/ December projected
Actual Surplus Cash Flow for 2014 was $0, accruals provide differences between amount shown and $0.

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Park Harrisburg 2014 EOY Summary

  • 1. Park Harrisburg 2014 Projection Budget Comparison 2014 2014 2014 Projected Budget Variance System Revenues Commonwealth Contract 6,070,350 7,281,250 (1,210,900) Transient Parking 3,388,117 3,921,919 (533,802) Monthly Parking 6,031,856 5,392,944 638,912 Meter Revenue 2,164,233 2,920,000 (755,767) Enforcement Revenue 1,226,190 2,619,100 (1,392,910) Other Revenue 87,463 85,672 1,791 Total System Revenues 18,968,209 22,220,884 (3,252,675) Parking Tax (@20%) (2,613,414) (2,766,019) 152,605 Revenues Net of Parking Tax 16,354,795 19,454,866 (3,100,071) Senior Debt - Series A Series A Net Debt Service 4,798,476 4,798,479 Gross Revenue Coverage 3.41 4.05 Operating Expenses Operator Expenses 3,637,098 4,337,587 (700,490) Asset Manager Expenses 408,948 778,000 (369,052) Authority Expenses 96,000 151,000 (55,000) Management Fees 440,002 440,000 2 System O&M Fees 4,582,048 5,706,587 (1,124,540) NET OPERATING INCOME 6,974,271 8,949,799 (1,975,528) Junior Debt - Series B & C Series B - Dauphin County Net Debt Service 3,280,686 3,280,684 - Series C - AGM / Dauphin County Net Debt Se 1,644,720 1,644,722 - Total Junior Debt Service 4,925,406 4,925,407 - Debt Service Coverage 1.42 1.82 CASH FLOW AFTER DEBT SERVICE 2,048,866 4,024,393 (1,975,527) Subordinated Expenses City Payments 839,911 900,000 (60,089) HPA 1,026,558 1,100,000 (73,442) Performance Fee 80,000 100,000 (20,000) PEDFA 163,636 200,000 (36,364) Subordinated Expenses 2,110,106 2,300,000 (189,894) SURPLUS CASHFLOWS (61,240) 1,724,393 (1,785,633) Notes * 2015 Projected reflects 11 months actual w/ December projected Actual Surplus Cash Flow for 2014 was $0, accruals provide differences between amount shown and $0.