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The development of these programs led TPN to create database, search, evaluation, and document requirements and develop a special set of audit and inventory procedures designed specifically for the task of reviewing every public parking operation in an entire city. Proven to work in major cities, our processes and experience are easily transferable to any city looking to increase parking tax revenues.
The Parking Network, Inc.'s experience and successful industry reputation have allowed us to transfer key elements of our review programs to assist cities in their Municipal Tax Programs. Our parking tax program is still the only program in the country designed specifically to audit parking tax collections for a large city.
TPN recently completed a city-wide parking inventory and tax evaluation for the City of Philadelphia, combining individual processes from its existing tax programs into a new program for cities wishing to simultaneously evaluate parking tax revenues and inventory parking facilities, while retaining audit functions in-house. Because we created the only program geared towards municipal taxing authorities, only TPN is able to effectively and accurately assess a city's need for improved collections.
When TPN started the City of Los Angeles Parking Occupancy Tax Discovery Program in March 2004, the 10% tax was producing just $58M annually. The Miami program was modified to accommodate the needs of a large city; we have since inventoried over 1,600 parking facilities over 469 square miles. Despite an economic downturn during the recession, annual parking tax revenue reached $95M in fiscal year 2012-2013, a staggering 60% increase over the span of two contracts.
TPN took over the municipal tax program for the City of Miami in May 2000, when the program was grossing approximately $7M annually. By the end of the first year of the program, we had inventoried every public parking facility within the entire city and had identified all non and under-reporting facilities, leading to an annual collection of $9M, a 29% increase. The parking surcharge was eventually reduced fro 25% to 15%, yet annual revenues continued to grow, reaching nearly $15M by the end of our second contract.