Parking in Waterloo Region

[Pheidippides]

Perhaps someone can help explain this story about the Waterloo Parkade upgrades to me?

My questions are:
Where do all the parking fees go, the general operating budget or into a parking capital budget?
Do the fees collected from the lots and parkade cover the costs of operating and maintaining them? If not, what per cent of the "break-even" point do the current fee structure represent?


I ask because I am puzzled by the cost sharing of the work. If at least 324 of the 468 spots are occupied, according to the article, and if they are paid for at the monthly rate ($146.41) that would bring in nearly $570,000 a year not including other users (daily, other monthly permit holders, etc.); which, over 10 years would be nearly $5.7 million or more than double what is suggested is required in the article ($2.4 million). So why is additional funding needed?


The city of waterloo has a report on the project here (page 120).
"...$66,000, funded from the Parking Reserve...$146,000 from the Region of Waterloo..."

"Through the Parkade agreement between the City of Waterloo and the Region of Waterloo capital and operating costs are shared between the two parties based on their proportionate occupancy of the building. Therefore 69% of these repairs will be funded by the Region of Waterloo and 31% will be funded from the City’s Parking Reserve."