Parking Permit Fee Increase FY24 FAQs
1. Why are parking rates increasing?
In June 2023, we proposed a one percent increase in student and employee parking rates for FY24. For employees, this would mean a $1/month increase for standard permits and a $2/semester increase for adjunct permits. Students could expect a $2/semester increase for commuter permits and a $3/semester increase for 6-month housing permits for spring 2024 parking sales. Considering the proximity of this date to the start of the new fiscal year, if the parking rate increase receives approval, it will not be implemented until January 1, 2024.
The single-use daily permit cost will remain the same.
As an auxiliary entity, parking revenue primarily comes from permit sales, which supports parking operations, maintenance, and debt service for new construction.
Update: The parking fee increase was approved in June 2023 and will be effective Jan. 1, 2024.
2. What is the total price I can expect to pay for my permit for the upcoming fiscal year?
The proposed 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 deck assessments for West Broad St. Deck, Bowe St. Deck, and West Cary St. Deck. Additionally, we installed new cameras in Eighth St. Deck, West Main St. Deck, Jefferson St. Deck, and Bowe Street Deck. LED lighting was installed in Bowe St. Deck and West Main Street Deck, while three EV charging stations were added to I Deck. Additionally, we upgraded the flooring in Henry St. Deck and West Main St. Deck elevators and implemented enhancements to the Parking Access and Revenue Control Systems (PARCS) in West Broad, West Cary, West Main, and Eighth St. Decks.
4. What will the FY 2024 rate increase fund?
The percentage increase will contribute to the following initiatives that align with our commitment to enhancing parking facilities and services:
- Additional Maintenance: We are addressing structural repairs identified in the 2019 deck assessments for Henry St. Deck-East/West and Laurel St. Deck. Additionally, we have planned elevator upgrades for several decks.
- LED Lighting: We are investing in energy-efficient LED lighting for our parking decks as part of our commitment to enhancing sustainability and safety. LED lighting has already been installed in West Main St. Deck and Bowe St. Deck. We have plans to install LED lighting in Eighth St. Deck this summer, followed by N Deck and D Deck.
- Cameras: A comprehensive camera installation plan is underway for VCU’s 12 parking decks. New cameras have been successfully installed in West Main St. Deck, Eighth St. Deck, Jefferson St. Deck, Bowe St. Deck, and Henry St. Deck-West, ensuring visual access to drive lanes and vehicles across all deck levels. The installation process will soon extend to Henry St. Deck-East and W. Cary St. Deck.
5. How are parking rates determined?
We analyze the annual costs for operations, lease agreements, maintenance, and overhead. 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?
We have submitted a request for a one percent rate increase in parking fees to the Board of Visitors, which is scheduled for discussion on June 28. Considering the proximity of this date to the start of the new fiscal year, if the parking rate increase receives approval, it will be implemented on January 1, 2024.
For students, the spring 2024 student parking sales will reflect the increase. VCU employee subscribers will see the increase reflected on their January 16, 2024, paycheck.
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.
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 do 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 our 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?
Introducing “Reboot Your Commute,” an initiative aimed at incentivizing employees to carpool or use alternative transportation for their daily commute. This program brings together resources from VCU, VCU Health System, and GRTC, making it convenient for participants to explore and select the best alternative transportation options. 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.
Alongside the “Reboot Your Commute” program, we provide additional alternative transportation options for the VCU community. This includes access to ZipCar services and a partnership with GRTC.
12. What steps are VCU Parking and Transportation taking to ensure adequate parking is available for our growing campus?
To meet the growing parking and transportation needs of the university, a few years ago, we engaged a consultant firm to comprehensively assess our department, including parking demand, new parking sites, neighborhood concerns, transit operations, budgetary requirements, and partnerships. Based on their findings, we are collaborating with university and health system leaders to develop solutions that increase parking availability and reduce demand. We have appointed an alternative transportation coordinator to oversee our existing transportation options (Carpool, ZipCar, RamBikes) and actively create strategies for expanding alternative commuting among employees and students.
13. 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 reach out to us. You can contact us via email at parking@vcu.edu or by phone at 828-PARK (7275). We value your feedback and are open to suggestions on how we can enhance our services.
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