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Nottingham's workplace parking levy has fallen short of its annual £8m revenue target by £200,000.
The scheme, which came into force in April 2012, requires businesses with 11 or more parking spaces within set areas of the city to pay an annual charge - initially of £288 per space but recently upped to £334.
The council claimed that the deficit was due to the economy and some businesses reducing spaces to avoid the levy.
Speaking to the BBC, councillor Jane Urquhart, portfolio holder for transport and planning, said: "The first year of the levy has been a success, with all businesses liable to pay doing so, contributing to this vital funding stream.
"Without it we wouldn't be having two more tram lines, or indeed the railway station redevelopment, both of which are now under construction."
Chairman of the Derbyshire and Nottinghamshire Chamber of Commerce, George Cowcher, said: "While the Chamber of Commerce is supportive of the tram and station developments as two of the transport priorities for business in Nottingham, the chamber and the majority of its members remain opposed to the workplace parking levy.
"However, our focus now is working with the city council to help mitigate the impact of the levy on local businesses."
Money raised from the scheme is going towards local transport projects. The charge is set to increase to £363 on 1 April 2014 and to £380 a year later.
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