File Photo (Adam Riley/Acadia Broadcasting)

Major parking changes could be in the city’s future as city council has now heard the first report of the parking authority’s financial plan, and has approved receiving the official or final plan in January.

Over the past few years, the parking authority’s finances have become an issue.

If not for access to the Safe Restart funds and the Stabilization Reserve Fund, the Parking Reserve Fund would have been fully depleted, creating the need for a new financial plan.

To address the sustainability of parking operations and to inform upcoming budget decisions, an external financial review was conducted, which was utilized to develop the plan.

The main changes included in the financial plan are:

1. An increase in parking fees to support improved cost recovery and alignment with market rates in comparable communities;
2. Propose inflationary increases to parking rates in future years;
3. Close five underutilized parking lots – Camelot, Crooks, Machar, Viscount, and Nesco.
4. Recover parking costs in key areas, such as the marina and Market Square;
5. Extend most parking operations to Monday-Saturday (7:00 a.m.-9:00 p.m.) and enforce parking accordingly; and
6. Develop a no-free parking policy.

The parking infrastructure operated and maintained by the parking authority currently includes 10 monthly parking lots, five metered lots, and two parkades; a total of 3,339 spaces.

The first report gives council and the public time, to assess the potential impacts the financial plan would have on the community.

The public can get involved and deliver their input on the matter through a survey found on the Thunder Bay Getting Involved page.

Council is set to hear the official report on January 22, which is when decisions on the matter will be made.