The City and parking fines
11 October 2012
In the ‘90s the City of Sydney was close to being bankrupt. Since that time we have worked hard to responsibly plan for the future, invest in property and prudently save income to pay for infrastructure and services.
It is wrong to suggest the City staved off bankruptcy on the back of parking revenue.
Parking enforcement revenue in 2011-12 was $35.4 million. Costs, including payments to the State Debt Recovery Office, were $24.4 million, leaving the City net revenue of $11 million.
This is a small revenue stream for the City – our total income was $524.5 million last year from things such as business rates and income from our property portfolio.
Sydney is a global city and home to the national headquarters of leading businesses. Our rates income is larger than smaller councils and we have responsibly invested in a healthy property portfolio.
Parking fine levels are set by the NSW Government and generally rise each year in line with inflation. About one third of the revenue collected by the City from parking enforcement goes to the NSW Government.
Part of the City’s share goes towards the cost of equipment and staffing and the rest goes into our general revenue spent on delivering services that include repairs to roads and footpaths, upgrading the public domain, maintaining parks, investing in new cultural venues, childcare centres, libraries and youth facilities.
Our income from enforcement dropped from $41 million to $35.6 million in the last financial year.
Responsible financial management over the past eight years means we have kept our residential rates the second lowest in the Sydney metropolitan area. We have continued to offer free rates to pensioners and we have budgeted for a $1 billion, 10-year program of works to improve our city for residents, businesses and visitors and strengthen Sydney’s reputation as a world-leading city.
The major projects include a low-carbon energy network that will cut power bills for residents and businesses, the transformation of George Street into a retail boulevard, a new Town Centre for Green Square, new parks and six new child care-centres.
The City researched, consulted thousands of people, committed to a plan, prudently saved money and now we are making it happen. That’s responsible governance.
Last updated: Thursday, 9 January 2014