TO:Andrew P. Powers, City Manager
FROM:Jaime Boscarino, Finance Director
DATE:January 14, 2025
SUBJECT: Development Impact Fees: Annual Review of Accounts as of June 30, 2024
RECOMMENDATION:
1. Receive and file report.
2. Find that this action is not a project as defined under section 15378(b)(5) of the California Environmental Quality Act Guidelines
LEVINE ACT ITEM: No
FINANCIAL IMPACT:
No Additional Funding Requested. Minimal staff time to complete the staff report is included in the Adopted FY 2024-25 General Fund Budget. The City received Development Impact Fee Revenue in Fiscal Year 2023-24 in the amount of $1,435,541.
BACKGROUND:
The Mitigation Fee Act (the Act) contained in the California Government Code Section 66000 et seq. governs Development Impact Fees (Fee), which are charged to new development projects. These fees fund public capital facilities that new development requires, such as road improvements, traffic signals, and water/wastewater infrastructure. Revenue must be accounted for separately and used only for its intended purpose. The City currently administers 18 fees established by City Council resolutions, with five no longer being collected.
Expenditures are authorized through the biennial budget.
DISCUSSION/ANALYSIS:
The Act requires an annual accounting review of all Fees, made available to the public at least 15 days before presentation to City Council for receipt and filing.
Attachment #1 details each Fee, its legislative history, and a brief description.
Development Impact Fees
January 14, 2025
1 1
7 1
Attachment #2 provides financial summaries, including balances, revenues, interest, expenditures/expenses, and the ending balance as of June 30, 2024.
The Act requires the City to identify any Fee revenue held over five years without expenditure. The chart below shows revenues that have remained unspent for the past five years as of June 30, 2024:
Based on the above analysis, seven Fees have unexpended 5th-year revenue.
The chart below identifies planned projects or expenditures for each of the Fees to demonstrate a spending plan for the unspent revenue:
Development Impact Fees
January 14, 2025
1 1
7 1
The chart below summarizes the revenues collected for each Fee over the past five years:
Current projects, along with funding sources, are available in the FY 2023-2025 Capital Improvement Program Budget on the City’s website at https://toaks.gov.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goal:
C. Operate City government in a fiscally and managerially responsible and prudent manner to ensure that the City of Thousand Oaks remains one of California's most desirable places to live, work, visit, recreate, and raise a family.
PREPARED BY: Blanca Gomez, Senior Accountant
Attachments:
Attachment #1 – City of Thousand Oaks Development Impact Fees Attachment #2 – City of Thousand Oaks Development Impact Fees – Detail
FIN: 330-40\bg\H:\COMMON\ACFLR\Council\Accounting\2025\011425 Development Impact Fees Staff Report.doc