City parking fees to rise in the new year

Parking on the street will now cost 25 cents more per hour while parking in car parks will rise by 50 cents an hour.

Currently parking at City Hall is $1.25 but will increase to $1.75.

Parking on the street is now $1.75, which will rise to $2.

In Number 8 parking lot, the cost is currently $1 per hour. It will go up to $1.50.

Parking in Bull’s Head will be $7 per day, up from $5.

The increases will start sometime next year and the Corporation will make announcement as to when it will begin.

The announcement was made at the Corporation of Hamilton’s budget meeting for next year.

The increase is expected to garner $1.2 million more in revenue per year for the Corporation.

Hamilton Mayor Charles Gosling said he expected the move would be unpopular with parkers.

“The revenue is very low. We are moving over to electronic systems, which will enable us to do more increases gradually.

“Hopefully, the parkers will see this as being a good step forward for them.”

Parking in Bermuda is significantly cheaper when compared to other countries. In addition to parking increases, property tax will go up by 2.5 percent next year and will bring in an extra $500,000.

The revenue is mostly to come from new buildings, which are expected to take in $300,000.

Mr. Gosling said there were a “number of properties” coming that have yet to be rated for land tax. During the meeting, the word vulnerable was used many times.

The Mayor explained why: “Vulnerable in that the revenue stream which we are assuming that the Corporation will be getting in 2010 is only about $50,000 more than our operational expenses and that’s a very fine line.

“It’s based on increases through 2.5 percent taxation on properties but more important the fees from the docks are maintaining the same levels as this year.”

Wharfage revenue is expected to be the same as this year.

Mr. Gosling said: “We have seen in the last three years, that’s dropped by over 16 percent.

“We have already experienced in terms of drop offs in wharfage. While we are all in hope that there will be a change in the economy next year, there’s still a fairly major question make in how Bermuda will perform in 2011.

Expenditure on the docks will be $3.2 million with lighting system and x-ray machines, which will see capital expenditure decrease.

Operational expenses for next year are expected to cost $200,000 more.