As 2015 closes out, I would like to reflect on the Miami Parking Authority’s achievements over the last year, one filled with recognition, innovation and the creation of customized parking programs designed to meet the needs of residents, businesses and visitors.
In January, MPA was proud to accept Fitch Ratings’ affirmation of the agency’s “A” credit rating on its $68.7 million of outstanding series with a stable outlook. Fitch, one of the most renowned global rating agencies, based its rating on MPA’s “solid operating profile,” the agency’s healthy revenue, its rate-making flexibility and the diversity of revenue brought about by the management of parking garages, surface lots and on-street parking.
Also this year, MPA became one of the first five parking organizations to earn the “Accredited Parking Organization” designation, a new industry standard established by the International Parking Institute to recognize entities that have achieved a comprehensive standard of excellence and demonstrated optimal performance as an industry leader.
Thanks to MPA’s commitment to implementing innovative technological solutions, the agency has seen a large increase in the overall number of parking sessions and PayByPhone registrations. Last December, MPA became the first municipal parking agency in the state to absorb the PayByPhone convenience fee for its customers. As a result, PayByPhone parking sessions in fiscal year 2015 generated $8.2 million in revenue, up from $3.8 million in fiscal year 2014, while saving the consumer the cost of that fee.
MPA’s leadership and commitment to transparency and integrity have positioned it for long-term success. As we move into 2016, we are inspired by the same vision that has brought us this far: to provide excellence and effectiveness while responding to our community’s growth and demographic trends.
Thomas Jelke, chairman, Miami Parking Authority Board, Miami