Parking Revenue: Cash Cow for Higher Ed?

Inside Higher Ed today has a short story about a controversy over a proposed long-term lease of parking facilities at Indiana University to a private operator in exchange for a lump sum payment.  The story links to a longer AP article on the issue which notes that Ohio State U has gone in that direction.

Readers of this blog will know that at the Regents' retreat last month, the Regents discussed a proposal to transfer campus parking services – after a rate increase - to the UC pension fund.  With the higher rate, the parking services would have higher value and would help deal with the unfunded liability in the pension.  Of course, the higher rate would mean a de facto greater employee contribution (for those employees who park) although there would also be “contributions” from non-employee visitors to campuses.  It is important to note that this proposal is a long, long way off from becoming reality, if it ever does.  But the articles referenced above suggest that at least some universities are looking towards parking as a funding remedy.  (The idea seems to have originated with some municipalities that were facing fiscal problems and then spilled over into higher ed circles.)

The Inside Higher Ed story is at

http://www.insidehighered.com/quicktakes/2012/10/09/opposition-lucrative-parking-idea-indiana-u

The longer AP story is at

http://heraldbulletin.com/breakingnews/x1939586331/Opposition-grows-to-IU-proposal-to-lease-parking

Our audio from last month of the Regents discussing this issue is at

http://uclafacultyassociation.blogspot.com/2012/09/listen-to-parking-to-pension-at-regents.html

And, of course, there is our favorite UCLA hotel which is due to displace a parking structure at absolutely no cost to anyone :).

Anyway, someone is thinking of rounding up the cash cows: