Redbridge Council’s strategy to earn extra £160,000 from parking bays
PUBLISHED: 17:14 10 January 2013 | UPDATED: 17:14 10 January 2013
The council will introduce around 250 pay and display parking bays to provide additional income of £160,000 per year.
With an estimated average income of £900 per bay per year and assuming a take of 70 per cent, officers estimate saving £20,000 from the highways budget in 2013/14.
This will increase to £45,000 in 2014/15 and then to £160,000 year-on-year, without taking into account any enforcement income.
The budget report said short-term pay and display parking could increase footfall for businesses in areas currently attracting long-stay or commuter parking.
Above inflation increases in pricing structures at some sites will also be considered to create further savings.
In 2013/14, 35,000 will be saved, increasing to £90,000 by 2015/16, by reviewing pricing for off-street and on-street parking tariffs for two hours and above.
The savings exclude any increases on short-stay tariffs for up to two hours, residential permits and car park season tickets.
The report acknowledges the risk of parking income decreasing if prices increased too greatly or where introduced in areas where there is not high demand.