Queen's announces new parking rates
By Communications Staff
Queen’s University has announced new parking rates for 2013-14 and the following two fiscal years. While the new rates will see a larger than average increase this year, ranging from $7.63 to $12.99 per month, depending on the type of permit, increases in the following two years will be kept to lower levels.
“Nobody likes to pay more for parking,” says Donna Janiec, Acting Associate Vice-Principal (Facilities). “And the university wants to keep its parking rates affordable for employees, but it must balance this with its financial realities.”
The university carries a $43-million debt associated with the construction of new underground parking garages. The prevalence of limestone in Kingston makes excavation and construction particularly expensive. After making payments on that debt, the Parking Department operates with an annual deficit of more than $2 million.
“We know that charging the full annual costs of parking would be prohibitive, but the university must exercise careful financial stewardship.” adds Ms. Janiec. “This adjustment to the parking fees is required in order to retain our debt repayment schedule and ensure that we are able to maintain our parking facilities over the coming years. It was the financially prudent decision, and we have committed to parking fees over the next three years.”
The university has negotiated a longer than usual debt repayment plan in order to spread the payment of the parking debt over a 40-year period and lessen the burden on permit holders.
Additionally, parking rates for west campus surface lots will be aligned with main campus over a 3-year period, ensuring consistent rates across the university, according to the type of parking provided.
Queen’s parking rates remain in line with comparable facilities in Kingston, which range from $44 to $188 monthly.