DENVER — All that working from home is costing the city of Denver millions of dollars in lost parking revenue.
As of the end of June, Denver was about $7 million short on revenue from parking citations and meter fees after a sharp drop in intracity travel.
Parking citation revenue was down $4 million, or 37.7 percent, year-over-year for the first six months of 2020, said Nancy Kuhn, spokeswoman for Denver Public Works. The mark fell to $6.7 million from $10.7 million through June 2019.
Similarly, parking meter revenue through six months has been sliced in half to $2.9 million from $5.9 million in 2019, Kuhn said, a 49.9 percent drop year-over-year.
Parking citation and meter revenue historically makes up 2.5 percent to 3.5 percent of the city’s budget, Kuhn said.
Denver currently projects a revenue loss of $227 million for the 2020 fiscal year, said Julie Smith, communications director for Denver’s Department of Finance. She said most of the drop is from lower sales-and-use and lodger’s taxes, which make up over half the city’s General Fund revenues.
Read more at BusinessDen.com.