AGENDA #4

BUDGET WORKING PAPER

TO:	Roger L. Stancil, Town Manager
FROM:	Kay Johnson, Finance Director
SUBJECT:	Parking Revenue Projections
DATE:	May 23, 2007

PURPOSE

The purpose of this Budget Working Paper is to review parking revenue projections from the Manager’s Recommended Budget.

BACKGROUND AND DISCUSSION

We have reviewed the revenue projections for parking as requested by the Council in the Budget Work Session on May 10.  With additional actual revenues for four months, we are able to report that the estimate for revenues from Lot 5 in the current year could reasonably be raised from $242,975 to $305,000, an increase of $62,025 and an amount equal to the prior year’s receipts.  All other estimates and recommendations remain as stated in the Manager’s Recommended Budget.