The City of Victoria will be instating parking fees on Sundays starting May 1, aiming to garner an extra $600,000 per year to put towards youth transit passes.
But just how much revenue does parking bring to the city?
READ MORE: Victoria gears up to axe free parking on Sundays
It’s more than $17 million – and that’s without Sunday parking fees.
In the 2019 draft budget, the City of Victoria declared that seven per cent of its annual revenue comes from parking, totalling $17.7 million.
This money comes collectively from almost 2,000 on-street parking spots, five parkades, three surface lots and parking tickets.
ALSO READ: Downtown Victoria Business Association not opposed to Sunday parking fees
The majority of funding – $8.8 million – comes from street parking and surface lots. Another $5.5 million comes from parkades, which will remain free on Sunday after May 1.
More than $3.4 million comes from parking violations every year, so next time you overstay your parking time or leave your car in a no-park zone you can at least be assured that you’re not alone in contributing to the municipal budget.
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