Financial Analysis and Condition Appraisal - Los Angeles Public Parking System
Working with Scott Balice Strategies, DESMAN performed a 50-year financial review of the City of Los Angeles Parking System. We compared the financial outlook of the parking system for three scenarios, which included: the existing operation by LADOT, and enhanced operation by LADOT and having a private parking operator manage the system. This parking system analyzed included 39,692 metered spaces and 10 parking structures. DESMAN projected both the short-term and long-term impact of changes in parking demand and operations on the revenue and expenses of the parking system over the 50 year period. The economic effects of implementing a pay-and-display meter system were analyzed by conducting various surveys. A conditions appraisal was conducted of each of the 10 garages to forecast future maintenance and capital expenses. The elasticity of the parking system from rate increases was determined. Also, area growth patterns, employment trends, economic trends, U.S. parking industry trends, and underlying inflation growth were considered in the financial analysis.