SR 06:122 - Laserfiche WebLink

by development impact fees. Any interest income earned by funds in such an account shall also be deposited in that account. Each local agency is required within 180 days after the financial year is closed, (the books for fiscal year ending June 30, 2005 were closed on December 31, 2005) to make available to the public the following information for each separate account: (1) the account's beginning and ending balance; (2) the amount of fees, interest, and other income in the account; (3) the amount of expenditure for each public facility or improvement made from the account; (4) the total percentage of the cost of the improvement that was funded with the fees; (5) the date construction will commence if sufficient funds have been collected; (6) a description of any interfund transfers or loans made from an account; and (7) the amount of refunds made from the account. Appendices A - C providing this information are attached for funds held on June 30, 2005. Each developer's contribution to a current or future project has been provided. This information is for review purposes only; any changes and updates will be made through amendments and adoption of the Capital Improvement Program. The 2005-06 - 2008-09 Capital Improvement Program adopted June 21, 2005 provides detailed information on the City's capital projects. ACCOUNTING PRACTICES The City utilizes Fund Accounting to segregate development related fees from other City revenues. Although the City pools its cash for investment purposes, interest income is allocated to each individual fund based on its own cash balance. The City utilizes the following funds to track development related revenues: Miscellaneous Capital Improvement Fund (Fund 154) This Fund is utilized to track the following development related fee: -Public Facilities Fee Facilities, equipment, etc. required to service new development are funded from this fee. When a project serves both new and existing development, only the portion related to new development is charged against this Fund. The other portions are funded by other sources, such as the General Fund. Appendix C includes the Fiscal Year 2004-05 information for this fund as part of the Miscellaneous Projects worksheet. Water and Sewer Expansion Funds (Funds 355 and 356) These Funds are utilized to track water and sewer connection fees. When a project serves both new and existing development, only the portion related to new development is charged against these Funds. The other portions are funded by other sources, such as user replacement charge revenue. The replacement funds are accounted for separately SR:06: 122 2