Financing & Treasury

 

Parking Program System Information
A Brief History

The CSU parking program is a self-supported program that is financed through the collection of user fees. Parking fees are set by the university president as needed to fund the operations, debt service, maintenance and repair, and construction requirements of the parking program. All parking fees are due and payable in advance. On July 1, 1995, all outstanding bonded indebtedness for the systemwide parking program ($11.75 million) was repaid from the parking system reserves.

As part of the Chancellor's initiative to improve the alignment of responsibility and authority for university programs, a systemwide task force was formed to evaluate methods to decentralize the parking program. The task force recommended to the Senior Vice Chancellor, Business and Finance, that the program be decentralized to campuses effective July 1, 1995. The implementation for this decentralization is complete. Campuses now have a greater roll in planning and managing parking resources. Each campus develops local strategies to deal with their parking needs which could include the issuance of new debt. However, debt issuance remains under the direct authority and approval of the trustees, with campuses individually responsible for the repayments relating to specific projects. The Office of Financing and Risk Management coordinates the issuance of parking bonds.

Each year the campuses submit a capital outlay program that addresses the total physical space needs of the campus for the subsequent five years. If a campus anticipates the need to construct a new parking facility, it would be submitted through this process to the Office of Capital Planning, Design and Construction.

On November 30, 1998, the Board of Trustees issued the first series of bonds in a campus stand-alone financing program for $13,100,000 to fund a parking structure at the San Diego campus (1998 San Diego Series A Parking System Bonds).



Last updated: September 30, 1999


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