The Miami Parking Authority gets an ‘A’

In an era of financial distrust with governmental agencies, I wanted to bring some good news to residents.

The Miami Parking Authority recently received Fitch Ratings’ affirmation of the agency’s “A” credit rating on its $68.7 million of outstanding series with a stable outlook.

This is a well-deserved and important recognition, one we are proud to accept from such a recognized agency. Through the years, MPA has worked relentlessly to build financial stability and a strong track record of success as a self-sustaining agency.

Fitch’s affirmation and our history of achievements prove it can be done.

In fiscal year 2014, MPA parking revenues increased to approximately $28.7 million from $27.8 million in 2013, a 3.7-percent increase. Most important, we were able to accomplish this without having to pass significant rate increases on to our customers. That is, and always will be, our goal. Operating under a semi-autonomous platform allows us to think and act with that mission as our priority. It also allows us to be innovative and plan strategically.

MPA has always been engaged in its community and is constantly evaluating parking demand and predicting future parking needs, without ever losing sight of its mission: providing an affordable and convenient parking system that serves the public and promotes economic development.

Among the agency’s many recent achievements are an increase in PayByPhone registrations by about 85,000 within the city of Miami; the creation of joint-venture arrangements; and customized parking programs designed to meet the parking needs of residents, businesses and visitors.

The general concept of parking is a vital component of any community’s transportation infrastructure and economic stability. MPA will continue to respond to the community’s constant growth, demographic trends and parking innovations, as we stay on our path to exceed demand and maintain a solid financial outlook.

This story was originally published February 5, 2015 at 6:19 PM with the headline "The Miami Parking Authority gets an ‘A’."