Old Pasadena Parking Fund Balance Encounters Sharp Decline Despite Revenue Growth

Pasadena’s Old Pasadena parking meter fund is on track to finish the year with about $621,000 in available cash after a $1.21 million meter replacement program and a steep increase in Property-Based Improvement District (PBID) costs, even as meter revenue is trending 5.6% higher through August. City transportation officials caution that the district’s costs will outpace meter revenue for the next several years, with near-term fund balances buoyed only by repayments from a $550,000 loan to the Playhouse parking district that end after fiscal year 2028. 

“Based on actuals to date, the fund is projected to end fiscal year 2026 with a fund balance of $620,760 available for future appropriations and/or reserves for operations and meter replacement,” according to a memo from Joaquin T. Siques, Director of Transportation, to the Old Pasadena Parking Meter Zone Advisory Commission. 

The fund’s beginning balance of $1.65 million is expected to drop by more than $1 million this fiscal year due primarily to the purchase, installation, and programming of 152 multi-space parking meters and six door upgrades in the district. This one-time capital expenditure of $1,213,877 (including a 20% contingency) accounts for roughly 37% of the fund’s estimated fiscal year 2026 spending. 

Rising operational costs are also straining the fund’s finances. “As of September 30, 2025, an estimated increase of $125,000 may be needed in fiscal year 2026 to cover the increase in the PBID contract, which will become effective in January 2026,” the memo states. The Old Pasadena PBID dues are slated to increase approximately 50%, with costs estimated at $672,673 this year before rising to $826,447 in fiscal year 2027 when a full year at the higher rate is reflected. 

Revenue, while growing, isn’t keeping pace with these increased expenses. Meter revenue for July–August totals $338,313, up 5.6% (about $18,000) from the same period in fiscal year 2025. On-street dining revenue received this fiscal year totals $9,618. Staff project total revenue of $2.08 million against $3.28 million in expenses, resulting in a net operating loss of about $1.20 million. 

The fund’s outlook shows a persistent structural gap in the coming years. With meter revenue projected to grow only about 2% annually, total expenses are forecast to exceed revenue by $165,000–$195,000 from fiscal year 2027 through fiscal year 2029. Near-term fund stability depends heavily on loan repayments from the Playhouse District. 

On June 10, 2024, the City Council approved a $550,000 short-term interfund loan from this fund to the Playhouse Parking

Meter District to purchase meters. The loan charges 4% interest with total estimated payments of $198,192 annually over three years. The first principal payment is scheduled for May 2026, which will help offset operating losses temporarily. 

These repayments will allow the fund’s “available for appropriation” balance to increase slightly to $638,492 in fiscal year 2027 and $645,617 in fiscal year 2028 before dropping to $450,493 in fiscal year 2029 when repayments end. 

City officials note that with the projected year-end balance of $620,760, the fund would not meet both its operating reserve goal (approximately $950,000) and meter replacement reserve goal ($1.58 million). “City staff continue to explore strategies for managing expenses,” the memo states. 

The financial update will be reviewed today when the Old Pasadena Parking Meter Zone Advisory Commission meets at City Hall at 11:00 a.m.