Phoenix parking meter rates and hours might be changing — dramatically. The city council will vote Wednesday whether to institute what’s known as dynamic pricing.

You might have to say goodbye to that hourly rate of a $1.50 and those free weekends. A council subcommittee recently voted to increase hours to 10 p.m. every day, and let prices fluctuate from 50 cents to $4 an hour. It would all depend on demand, as in the location of the meter and the hour of the day.

Councilman Daniel Valenzuela says this change is due and will help the city cope with its $37 million budget deficit.

"There’s so much to celebrate here in downtown, so the last thing we want to do is discourage anyone from coming out," he said. "We want to encourage everyone to come out and to experience downtown and to help us make it better."

Valenzuela added that Phoenix is actually behind the curve when it comes to parking meters. According to city research, spots like Los Angeles and Chicago have rates of $5 an hour or more. Cities like Austin, New York and Tampa have meter hours until midnight.