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<br />(Funds 345 and 346). Appendix C includes the Fiscal Year 2004-05 information for <br />these funds as part of the Water Projects worksheet and the Sewer Projects worksheet. <br /> <br />Lower-Income Housing Fund (Fund 271) <br /> <br />This Fund is utilized to track the receipt of Lower-Income Housing Fees, and their <br />disbursement for lower-income housing projects. Appendix B identifies the expenditures <br />from this fund. <br /> <br />Park Dedication In Lieu Fund (Fund 159) <br /> <br />This Fund is utilized to track the receipt of park dedication in lieu fees. In-lieu park <br />dedication fees are exempt from the accounting and other requirements of AB 1600, <br />however Appendix C contains the Fiscal Year 2004-05 Park Projects worksheet. <br /> <br />Traffic Impact Fund (Fund 161) <br /> <br />This fund is utilized to track the receipt of traffic impact fees. When a project serves both <br />new and existing development, only the portion related to new development is charged <br />against this Fund. The other portion is funded by other sources, such as gas tax revenues <br />or the general fund. Appendix C includes the Fiscal Year 2004-05 Street Projects <br />worksheet. <br /> <br />Development Exactions <br /> <br />Individual development exactions are accounted for in separate funds. Applicable project <br />costs are charged against these funds, and interest income is allocated appropriately. <br />Appendix A details the individual developer exactions collected and unexpended as of <br />June 30, 2005. <br /> <br />FIVE-YEAR REVIEW REQUIRED BY AB 1600 AND SB 1693 <br /> <br />AB 1600 and SB 1693 further provide procedures for the collection and holding of development <br />fees. Government Code section 66001 (d) provides that five years after collecting a development <br />fee subject to AB 1600 and SB 1693, a local agency shall make findings that year and every five <br />years thereafter, with respect to any portion of the fee remaining unexpended. The findings <br />must identity the purpose that the fee is to be used and demonstrate a nexus between the fee and <br />the purpose for which it was originally charged. The findings must also identity all sources and <br />amounts of funding anticipated to complete the improvement and the approximate date that the <br />improvement will be fully funded. After five years, a local agency is also required to refund the <br />unexpended portion of the fee, and any accrued interest, for which a need cannot be <br />demonstrated. Unexpended fees must be refunded by a local agency if a need for the fee cannot <br /> <br />SR:06:122 <br /> <br />3 <br />