Tucson's parking agency will be $400,000 in the red by the end of the fiscal year this summer, and the agency is looking at a number of initiatives to erase it.

ParkWise, as the agency is known, is considering changing much of its business model, said Kelly Gottschalk, the city's chief financial officer.

“The action plan for the ParkWise fund is to propose a rate increase in the parking meters in the downtown core," Gottschalk said. "They would like to begin that in September."

Also proposed are requiring paid parking at meters in the University of Arizona's Main Gate area to include Saturdays and Sundays, metered parking in the Fourth Avenue area and converting meters to accept credit and debit cards, Gottschalk said.

The credit-card upgrade was proposed in 2011, but bidding was halted because of legal problems with the process.

City Councilman Paul Cunningham said the upgrades should have been made years ago.

“I'd like to know why we're still not pursuing this," Cunningham said. "The idea that ParkWise isn't breaking even is ludicrous to me. The issue to me is we're not technologically up to date.”

ParkWise officials are expected to present their plans at an upcoming City Council meeting.