Parking Permit Fee Increase FY24 FAQs
1. Why are parking rates increasing?
In May 2024, VCU Parking and Transportation proposed an approximate 3.4% increase in parking fees for employee parking permits, which was approved by VCU’s Board of Visitors at the May 10 meeting. For employees, this would mean a $3/month increase for standard permits and a $7/semester increase for adjunct permits. Students should expect an $8/semester increase for commuter permits and a $12/semester increase for 6-month housing permits for fall 2024 parking sales.
The single-use value credential cost will increase by $1.
As an auxiliary entity, parking revenue primarily comes from permit sales, which supports parking operations, maintenance, and debt service for new construction.
2. What is the total price I can expect to pay for my permit for the upcoming fiscal year?
The new rate structures for faculty, staff and students can be found online at https://parking.vcu.edu/parking/faculty-and-staff/options-and-rates/.
3. What did last year’s (FY 2023) increase support?
We successfully completed several projects last year, including:
- Additional Maintenance: We addressed structural repairs identified in the 2019 deck assessments for Henry St. Deck-East/West and Laurel St. Deck.
- LED Lighting: As part of our commitment to enhance sustainability and safety, we invested in energy-efficient LED lighting for our remaining parking decks (N Deck, Eighth St. Deck, D Deck). LED lighting was already installed in West Main St. Deck and Bowe St. Deck.
- Cameras: More than 600 cameras have been successfully installed in all parking decks, ensuring visual access to drive lanes and vehicles across all deck levels.
- EV Charging Stations: To meet the growing demand, we expanded the availability of EV charging stations across campus. Recent installations include the West Broad Street Deck, N Deck, and, soon, I Deck. The fees collected from EV charging will support the acquisition of additional stations to serve the increasing number of users and charging sessions.
4. What will the FY 2024 rate increase fund, and does LPR contribute to the increase?
The proposed fee increase will not only cover existing operations (transportation, security, administration, etc.) but will also contribute to planned improvements and investments. These include elevator upgrades needed on several parking decks over the next few years, continued maintenance on VCU’s parking decks and lots, as well as ongoing maintenance and enhancements to technology.
The implementation of license plate recognition (LPR) does not play a role in the fee increase. In fact, LPR may actually lead to fewer rate increases over time. The main factors influencing parking rate adjustments remain the maintenance requirements of facilities. Expenses linked to maintaining the existing RFID system and permits are comparatively minor in contrast to the costs associated with upkeep and enhancements of parking structures, such as addressing issues with failing elevators. Consequently, any potential savings stemming from the LPR transition is expected to have only a marginal impact on future rate increases.
5. How are parking rates determined?
Te the annual costs for operations, lease agreements, maintenance, and overhead are analyzed. Then, we compare these expenses to our revenue to find a price point that effectively balances our financial goals, expenses, and repair needs.
6. When will the rate increase take effect?
VCU employees will see the increase in their August 1 paychecks. VCU Health System employees will see the change on their July 12 paychecks.
In 2023, VCU Health System implemented a parking subsidy for its employees, covering 50% of parking fees. VCU Parking and Transportation continues to charge standard parking rates.
For students, the fall 2024 student parking sales will reflect the increase.
7. Doesn’t the cost of what staff, faculty and students pay to park currently cover all departmental costs?
The current parking fees paid by staff, faculty, and students typically cover departmental costs. However, due to rising operating and maintenance expenses, additional resources are required to ensure the long-term sustainability of parking operations.
8. How is the department funded?
VCU Parking and Transportation operates as a self-supporting unit, relying on permit sales, pay-per-use revenue, and special event parking revenue to fund its parking operations. RamRide is funded through parking subscription revenue as well as a contribution from VCU Health System. RamSafe, on the other hand, is funded by the university’s student use fee.
9. Do parking operations generate a profit for the department?
No, parking operations do not generate profits.
10. Will there be an increase next year?
Annually, we conduct a thorough review and assessment of our operating costs and assess the department’s capacity to maintain services. Due to the consistent increase in operational expenses, it is probable that permit costs will be adjusted accordingly.
11. What other options do I have if I want to cancel my parking?
Sharing your commute with others saves money on fuel costs, insurance, vehicle maintenance and more. VCU Parking and Transportation offers carpool and vanpool options for VCU and VCU Health System community members looking to ride to and from work or class together. As a sign-up bonus, registered employees receive 12 complimentary daily parking passes for use at any VCU pay-as-you-go parking deck. Visit commute.vcu.edu to access resources, plan your commute, register, and calculate your potential savings. For additional questions related to carpools and vanpools, email [email protected].
Students interested in carpooling may form their own group through RideFinders and qualify to receive reward incentives as well as emergency rides home. Learn more at http://ridefinders.com/.
Alongside the “Reboot Your Commute” program, additional alternative transportation options, including GRTC and ZipCar services, are provided.
12. I have a concern regarding parking operations in my assigned facility; who can I contact?
If you have any questions or concerns about our parking facilities, please feel free to contact VCU Parking and Transportation at [email protected] or (804) 828-PARK (7275). Your feedback is valued, and we are open to suggestions on how we can enhance our services.
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