That with respect to Report EC2024-0836, the following be adopted: That Council: Amend Council Policy CP2021-04, ;Calgary Parking Policies, by replacing section 3 of the policy with the content in Attachment 1 and apply the new policies retroactively as of 2024 January 01; Direct Administration to ;close the Calgary Parking Long-Term Investment Fund, and distribute the remaining balance in the fund as follows: Allocate $20.0M to the Fiscal Stability Reserve Allocate $23.0M to the Reserve for Future Capital Allocate the remaining balance to the Calgary Parking Capital Reserve Fund; and Direct Administration to ;bring adjustments to reflect the new policy to the mid-cycle budget adjustments in 2024 November.
City Council changed the rules for Calgary’s parking funds. They rewrote part of the Calgary Parking Policies (effective back to Jan 1, 2024), closed the Calgary Parking Long-Term Investment Fund, and moved its remaining money: $20.0M to the Fiscal Stability Reserve, $23.0M to the Reserve for Future Capital, and whatever is left to the Calgary Parking Capital Reserve Fund. Administration must show these changes in the November 2024 mid-cycle budget adjustments. (EC2024-0836)
This motion redirects specific parking fund balances into other city reserves and closes the long-term parking investment vehicle, changing how those parking dollars are held and reported in the 2024 budget cycle. It also instructs Administration to incorporate the policy and funding changes into the November 2024 mid-cycle budget adjustments, so the reallocation will be reflected in city financial planning. (EC2024-0836)