(10-04-2021, 02:53 PM)Coke6pk Wrote: Isn't parking one of the three Enterprises that are run as for-profit entities of the city? (Kitchener Utilities is one, I think KW Hydro is the other)
Coke
Yes, but my understanding the parking enterprise is only responsible for operational costs, not capital. Easy to make money charging for access to a "free" garage. New garage construction comes from the general city capital budget.
Actually, even on operational costs, from The Record
Quote:Despite all of these factors, the parking enterprise is making a net profit for the city, Readman points out - it was $409,000 in the black in 2017.Really easy to make a $0.4 million profit when you're receiving a $1.2 million subsidy.
Subsidies for city parking lots
Each year, the city transfers $1.2 million from its economic development reserve funds to the city's parking enterprise. Most of that covers lost parking income to provide free parking on downtown streets and at the market.