According to vita.mn, Minneapolis has doubled its meter revenue since the implementation of credit card capable meters in 2010. Profits have gone from $4.6 million to $8.7 million. This is good news on several levels, report city officials, because the increase in revenue from credit card payments offsets a decrease in other areas.
Credit card payments make more money; credit card fees affect that total negatively. Making the meters more accessible has also decreased revenue from parking tickets. On the positive end:
Other factors impacting revenues include the ability to vary meter rates for events, adding more meters and payments from carsharing companies, said Jon Wertjes, the city’s director of traffic and parking services.
City leaders aren’t ready to stop making improvements. They’re also planning to implement pay-by-phone capabilities this year. Profits go back to the parking department.
The money is funneled into the city’s municipal parking fund, which largely pays for operations and debt service on city-owned parking ramps.
Kudos to Minneapolis for taking advantage of technology to improve its parking scene. Making things simple for the user is a great idea that pays off.
For the rest of the article, click here.
