The state Board of Regents approved the third of five increases over a five-year period for parking rates at the regent universities at their Wednesday meeting.

The Parking and Transportation Department — a self-supporting enterprise — receives no state funding and earns its roughly $16.7 million budget from revenue.

Roughly $460,000 of the budget comes from parking violations.

Construction projects for parking at the UI Hospitals & Clincs will benefit from the increases.

The UI Parking and Transportation Committee reapproved the increases this past year, prior to the increase being approved by the regents.

Standard and cashiered ramps, such as the IMU ramp and the Main Library lot, will increase 10 cents per hour.

With the increases, the department hopes to increase the revenue from $16.7 million to $17.7 million in fiscal 2014.