AGENDA TITLE:
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Adopt a Resolution Approving Impact Mitigation Fee Program Annual Report for Fiscal Year 2022/23 (FIN)
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MEETING DATE:
January 3, 2024
PREPARED BY:
Melissa Munoz, Accounting Manager
recommendation
RECOMMENDED ACTION:
Adopt a resolution approving Impact Mitigation Fee Program Annual Report for Fiscal Year 2022/23.
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BACKGROUND INFORMATION:
The City’s Development Impact Mitigation Fee (IMF) program consists of 11 separate fee categories, plus the Art in Public Places set aside. The categories are Electric, Water, Wastewater, Streets, Regional Transportation, Storm, Police, Fire, Parks and Recreation, General City Facilities, and Neighborhood Parks. The fees can only be used for capital improvements and/or debt service to accommodate new growth. The fees were established in 1991 and updated in 2012.
In accordance with the State’s annual reporting requirements, Staff has prepared the following exhibits:
1. A brief description of the fee program; and
2. Schedule of fees; and
3. Beginning and ending balances for the fee program; and
4. Amount of fees collected, interest earned, and transfers/loans; and
5. Disbursement information (including interfund/loans) and percentage of the project funded by fees; and
6. A description of each interfund loan along with the date the loan will be repaid and the rate of interest; and
7. The estimated date when projects will begin if sufficient revenues are available to construct the project; and
8. Findings for each fee program.
Per State law, the annual report must be available for public review at least 15 days prior to City Council action. The annual report has been posted on the City’s website, and the Lodi News Sentinel and the Stockton Record, have been notified of the report’s availability.
STRATEGIC VISION:
3A. Fiscal Health: Promote City's transparency & fiscal fluency.
FISCAL IMPACT:
There is no impact to approving the Fiscal Year 2022/23 report.
FUNDING AVAILABLE:
Funding for loan repayments comes through IMF payments by new development.
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Melissa Munoz
Accounting Manager
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Andrew C. Keys
Interim City Manager