City Parking boosts council coffers

Source: City Parking boosts council coffers | The Herald 08 MAY, 2019

City Parking boosts council coffers

Daniel Nemukuyu Senior Reporter
HARARE City Council’s revenue is set to improve following a decision by City Parking to remit 15 percent of its parking fees to the local authority on a monthly basis.

Previously, council got a meagre $40 000 quarterly from City Parking’s total earnings, sparking a public outcry.

Council initially wanted 30 percent of the monthly takings from City Parking but upon considering the company’s other obligations and costs, the parties agreed on a 15 percent dividend.

Council approved the offer with the dividend expected on the 10th of every month.

“Council approves the remittance by City Parking (Pvt) Ltd to City of Harare of 15 percent of the monthly revenue collection on a monthly basis . . .” read part of the minutes.

It was also resolved that council will pay 3,15 percent of the money received from City Parking monthly to Harare Sunshine Holdings (Pvt) Ltd to cater for operational and administrative costs.

The 3,15 percent will be remitted to Harare Sunshine on the 11th day of every month.

The fixed $40 000 dividend was set in 2010 when the parking project started and it stayed until stakeholders complained of the paltry figure.

The dividend was only reviewed to the current 15 percent towards end of April this year.