City reports rise in parking meter profit, revenue

Indianapolis estimates it earned about $1 million more from parking meters in 2012, with meter revenue almost doubling from the previous year, the Department of Public Works announced Thursday.

After costs, the city netted $2.5 million, up from $1.5 million in 2011 and $339,000 in 2010.

Revenue from meters rose to $5.3 million in 2012, up from $2.9 million in 2011 and $1.3 million in 2010.

Higher rates, longer hours and a switch to electronic pay boxes that accept credit cards drove the increase.

Meters started accepting credit cards in 2011, and card payments accounted for 60 percent of all the money collected in 2012.

Another 5 percent came through payments from smart phones.

The technological upgrades stemmed from a 50-year contract the city signed in November 2010 with Dallas-based Affiliated Computer Services, forming the public-private partnership ParkIndy.

“These numbers provide further proof that Indianapolis’ parking meter modernization plan was a good move for the city and its citizens,” Mayor Greg Ballard said in a prepared statement. “Our city gains more revenue to fund much needed improvements and building projects in metered parking areas and motorists benefit from new technology that makes it easier to pay and easier to park in our city.”
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ACS paid the city $20 million up front and promised between $363 million to $620 million in revenue by the end of the half-century agreement.

Hourly parking rates jumped from 75 cents to $1.50 in the busy areas of downtown and Broad Ripple and to $1 elsewhere in the city as a result of the contract.

Meter hours also were extended throughout the city to 8 p.m. or 9 p.m. when most of them previously ended at 6 p.m.