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HomeMy WebLinkAboutItem 4.02 Dev Fees Annual Review (2)~. CITY Of DUBLIN AGENDA STATEMENT MEETING DATE: August 24, 1992 SUBJECT :Annual review of the balances remaining in the Developers' fees for off site , ,improvements (AB1600). Report prepared by ~;~r~ Phi11 ip S. Mo1 ina EXHIBITS ATTACHED :none RECOMMENDATIDN~~i~Revie~r, accept and file this report FINANCIAL STATEMENT :None DESCRIPTION: Government Cade Section 66001 established the authority to charge a deve7opment fee for aff-site infrastructure improvements that are required as a consequence of the development. The Code also requires that the Council make findings once each fiscal year regarding the amount of the fees that have been collected for specific improvements, which have not been spent five or more years after receipt of the fee (Section 66001(d). This report establishes that there are no developer off-site improvement fees in deposit accounts within the Capital Improvement Fund that were received five or more years ago. The City of Dublin accounts for the Developer off-site improvement fees in fund #300, which is the Capita] Improvement Fund. That fund is also used to post expenditures for the specific off-site improvements for which the fees were collected. Unti1 the improvements are made, the fees that are collected are retained in a`deposit' account specifically numbered to identify the proposed infrastructure project for which the fee was charged. When the specific improvements are made, the appropriate deposit account is charged for the costs incurred. On June 30, 1992 the City had six deposit accounts in the Capital Improvement Fund with developer fee balances remaining: amount held Deposit# acct ~ CIP # 6~30J92 300-1000 -33i -001 969b $46,300.64 300-1000 -331 -005 9655 $12,496.44 300-1000 -331 -006 9686 $12,400.00 300-1000 -331 -007 9687 $4,800.00 300-1000 -331 -008 9689 $9,328.00 300-1000- 331 -009 9690 $10.540.Q0 Tota1 amount held in Deposit $95,865.04 CIP #Project: 9696 Du61in B1vd. Improvements fSan Ramon Road to Village Parkway] 9655 Dougherty Road Improvements (south of railroad right-of-way] 9686 Road para11e1 to the rai)road right-of-Way (between Dougherty and Dublin Blvd. Extension] 968T Road Para~lel to Dublin B1vd. (between Regiona~ & Amador P1azaJ 9689 Widen Dougherty (from the northern City Limits to Amador Va11ey Blvd.] 9690 Dublin B1vd. Extension jfrom Dougherty to Tract 5900j The amounts that are received in each account are used on a FIFO basis: the first dollar received is the first dolTar spent. This accounting convention is norma] when accounting for balance sheet items that have a reporting life longer than one year. ~ ~ C1TY CL;R~,~' ~ ~ The City received the cash that is placed in the deposits from various sources and at varying times: account# 001 005 006 007 008 009 Fiscal year in which the fee was received 1988-89 1989-90 12,400.00 4,800.00 9,328.00 1990-91 2,352.64 10,540.00 1991-92 43 948 00 12~496.40 46,300.64 12,496.40 12,400.00 4,800.00 9,328.00 10,540.00 The fees that have been retained the ]ongest are in accounts #006,#007, and #008. Those fees have been held for a period of less than four years, and wi11 not be subject to the refund requirements until the end of the 93-94 fisca] year. Recommendation: Staff recommends that the Council receive, approve and file this report. No findings are necessary.