The particle's position as a function of time is parameterized by the ordered pair of functions [tex](x(t),y(t))[/tex], with
[tex]y(t)^2=4x(t)[/tex]
If we differentiate both sides of this equation with respect to time [tex]t[/tex], we have
[tex]2y(t)\dfrac{\mathrm dy(t)}{\mathrm dt}=4\dfrac{\mathrm dx(t)}{\mathrm dt}[/tex]
where the derivatives of [tex]x(t)[/tex] and [tex]y(t)[/tex] represent change in horizontal and vertical position, respectively, over time. In other words, these are the particle's horizontal/vertical velocities.
We're told that the horizontal velocity at a certain point in time - namely, when the particle's position is (1, -2) - is 3 ft/s, which is to say that at some time [tex]t[/tex], we have
[tex]2(-2)\dfrac{\mathrm dy(t)}{\mathrm dt}=4(3)\implies\dfrac{\mathrm dy(t)}{\mathrm dt}=-3[/tex]
In other words, under the given conditions, the particle has a downward vertical velocity of 3 ft/s.