It’s been 10 years since paid parking went live in downtown Oxford.

The parking meters were turned on on Sept. 2, 2014, and have remained on other than for a few months in 2020 during the pandemic.

Since the parking meters went live the city has generated $9,629,884 in total revenue, according to the City Clerk’s Office. This income covers the costs associated with the downtown parking garage and its maintenance, fulfilling the original intent to make the paid parking system self-sustaining.

The revenue from the parking meters contributes not only to the parking garage expenses but also to the city’s bond payments.

The total amount of bonds issued, including interest, is $15,114,883. The city began making payments on the bonds in September 2019. This year’s payment is $1,014,045. The amount can fluctuate from year to year depending on interest rates.

Additionally, the parking fund reimburses the General Fund for half of the salaries and benefits of parking officers, totaling $235,048.

The idea of implementing parking meters in Oxford was first proposed in 2009 by the Oxford Downtown Parking Advisory Commission. However, it did not receive sufficient support from the Oxford Board of Aldermen then and was never brought to a vote.

Instead, the city contracted with Standard Parking, a parking management company, to manage downtown parking under a three-hour maximum parking policy.

While this arrangement successfully increased turnover in premium parking spots around the Square, it cost the city more than $250,000 annually.

In May 2014, the Oxford Board of Aldermen voted to terminate the contract with Standard Parking and took back control of parking management. Within two months, a new paid-parking system was developed and approved by both the commission and the aldermen. The new system aimed to make parking financially self-sufficient.