IU official: Campus parking can raise $43M profit

BLOOMINGTON, Ind. (AP) — Indiana University’s top financial officer says the Bloomington campus’ parking operations could generate a $43 million profit over 20 years.

Chief financial officer MaryFrances McCourt gave that assessment Friday during a presentation to IU’s trustees. She didn’t say how parking rates would be adjusted to create that projected boost and where the extra money would be directed. IU spokesman Mark Land says details about a revised parking rate structure will be released this spring.

The Herald-Times reports that IU’s parking revenues and expenses currently balance out.

School officials debated last year whether to lease IU’s parking assets to a private vendor to generate new revenue. But the trustees agreed in October with McCourt’s recommendation that IU retain control of its parking operations and create its own revenue stream.

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