Redbridge Council’s strategy to earn extra £160,000 from parking bays
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.
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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.
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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.