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IU official: Bloomington campus parking can raise $43M profit

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Indiana University's top financial officer says the Bloomington campus' parking operations could generate a $43 million profit over 20 years.

Chief Financial Officer MaryFrances McCourt gave that assessment Friday during a presentation to IU's trustees. She didn't say how parking rates would be adjusted to create that projected boost and where the extra money would be directed. IU spokesman Mark Land says details about a revised parking rate structure will be released this spring.

The Herald-Times reports that IU's parking revenues and expenses currently balance out.

School officials debated last year whether to lease IU's parking assets to a private vendor to generate new revenue. But the trustees agreed in October with McCourt's recommendation that IU retain control of its parking operations and create its own revenue stream.
 

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  • IU not a city
    Making it even more expensive for your students to attend by trying to do more than break even on the parking facilities is a revolting idea, sparked by the same sort of profit-is-everything approach to management that pollutes the thinking about public services throughout this country.
  • I Owe My Soul To the Company Store
    I'll let Mr. Tennessee Ernie Ford do the talking for me. http://www.youtube.com/watch?v=L2tWwHOXMhI
  • Lol
    As a current graduate student at IU, this makes me sick. You think that would at least consider docking McRobbie's 500k a year salary first? Or cut the 3 million dollars a year they have to spend to fund the basketball team? As a country, we are slowly suffocating ourselves by not funding the higher education of all citizens. Look at post-war Japan. How did they restore their economy? By funding education - not nickle and diming students to make a profit.
  • They're not taking a profit
    By "profit," the article means to say money that can be directed towards other primary school functions such as hiring faculty, expanding facilities, etc. Public Universities have had their hand forced by continued public higher education budget cuts at the state level. So, if they have to make parking services into a cash cow to stay solvent and to serve their students best interests, so be it.
  • Revenue Stream
    Smart move by IU to retain revenue stream, too bad Ballard did not in Indy. Other cities saw parking as a resource. eg Pittsburg.
    • public universities are not for profit
      This is the big problem with today's public universities. They are not supposed to be making profit, but this is what has ended up being: profit in education, research, etc etc. I don't know why the population does not question this trend.

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