University of Michigan parking permit rates will increase annually by 2 percent for fiscal years 2018-20. The permit increase was received Thursday by the Board of Regents.

The increase in parking permit fees for all four tiers will support the parking and transportation system including operations, maintenance and debt service for new construction.

Current parking permit rates per year are $1,774 for gold and $722 for blue. In an effort to promote remote parking that is available within U-M bus route or walking distance, lower cost yellow and orange permits are available for $158 and $78 per year.

Annual increases for fiscal years 2014-16 were 4.5 percent per year for gold and 2.5 percent per year for blue. An increase of 3 percent for all permit categories was approved for fiscal year 2017 and funded the parking and transportation strategic plan.

The U-M Logistics, Transportation & Parking Department and city of Ann Arbor promote and provide alternative transportation options including 12 U-M bus routes, vanpools, carpools, the Ann Arbor Area Transportation Authority’s fixed-route buses and ExpressRide, a commuter bus service.

(Editor’s note: This story has been edited from its original version to clarify the price increase was presented to the Board of Regents as an information item.)