Parking revenue increased for Memorial Day weekend
Lake Geneva's parking revenue during Memorial Day weekend was about $48,000 more this year compared to Memorial Day weekend last year.
The city's parking revenue for Memorial Day weekend this year was about $136,000 compared to about $88,000 during Memorial Day weekend 2022.
Parking Operations Manager Seth Elder presented the Memorial Day weekend parking revenue estimates during the Lake Geneva Parking Ad Hoc Committee meeting, May 31.
Elder said part of the reason for the revenue increase is the city's weekend parking rate increasing from $2 an hour in 2022 to $4 an hour in 2023.
City officials approved a parking rate for 2023 that includes $2 an hour parking for Monday through Thursday and $4 an hour parking for Friday, Saturday and Sunday to help offset a projected $1.8 million budget deficit. The city's parking rate was $2 an hour daily in 2022. "Most of that is directly related to the rate increase of Friday, Saturday and Sunday," Elder said.
According to Elder, parking revenue for Friday, May 26, was about $13,000 compared to about $6,000 on the Friday of the Memorial Day weekend in 2022.
"So it was a little bit more than double," Elder said.
He said parking revenue was about $38,000 for Saturday, May 27, and about $17,000 for Saturday of last year's Memorial Day weekend, and about $48,000 for Sunday, May 28, and about $28,000 for Sunday, Memorial Day weekend 2022.
Elder said parking revenue was about $37,000 for Monday, May 28— Memorial Day— and about $37,000 for Memorial Day in 2022. Parking was $2 an hour for both Memorial Days because of the weekday parking rate.
"So it's almost apples to apples," Elder said. "It's almost exactly the same."
Elder said he feels part of the reason the parking revenue was about the same for both Memorial Days was because of a lack of available parking in Downtown Lake Geneva.
"That tells you the demand really outweighs the supply," he said.
Elder said he noticed many people walking around Downtown Lake Geneva during Memorial Day.
"Just being here and walking around, it was pretty crazy on Monday," Elder said.
Because of the increased parking revenue during Memorial Day weekend, the parking ad hoc committee members discussed possibly increasing the parking rate from $2 an hour to $4 an hour during holidays where Lake Geneva receives the most visitors including Memorial Day, Labor Day and Fourth of July.
Elder said the city would have received even more parking revenue during the holiday weekend if the parking rate was $4 an hour on Memorial Day.
"Adding a charge of $4 an hour, we probably would have added another $37,000 in one day," Elder said.
Fred Gahl, parking ad hoc committee member, said he does not feel increasing the $4 an hour on those holidays would affect the number of people visiting Lake Geneva.
"Obviously, your demand is going to far exceed any other days," Gahl said. "Regardless of what you charge, there's going to be people waiting in line to get in."
Paul Hummel, parking ad hoc committee member, said he does not feel increasing the parking rate during those holidays would negatively impact the Downtown businesses, and it could provide more revenue for the city.
"I really don't see it on an overflow day affecting businesses," Hummel said. "I could be wrong."
Mayor Charlene Klein said the city has additional staff work during those holidays, which is an extra cost to city. Elder said city employees are paid time and a half when they work holidays.
"The justification is not only for revenue, but we have an increase of personnel on holidays," Klein said.
After some discussion, the parking ad hoc committee members unanimously approved to recommend the $4 an hour parking rate for Memorial Day, Labor Day and Fourth of July to the city council's finance, licensing and regulation committee.
Members of the finance, licensing and regulation committee were set to discuss the issue during their June 6 meeting.
The proposed $4 an hour holiday parking rate would have to be approved by the finance committee and the full city council before it is implemented.
"We will send it to FLR and see how it flies," Klein said.
