Title
Recommendation to Accept the Fiscal Year 2024-25 Development Impact Fee (DIF) Report. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Local agencies are required to report annually on the collection and use of Development Impact Fees (DIF). For Fiscal Year (FY) 2024-25, the combined beginning balance of the DIF Funds (305, 306, 307, 308, and 309) was $9,650,274. During FY 2024-25, $829,060 of DIF fees was collected. The funds gained $475,263 in investments. Expenditures of $2,262,099 were incurred for eligible transportation projects. The ending balance in the DIF Funds as of June 30, 2025, was $8,692,497.
BACKGROUND
The California Government Code Section 66006 requires local agencies with DIF to submit a report on the collection and use of these fees for public review within 180 days after the end of each fiscal year. The annual review must include the following information:
? A brief description of the fee;
? The amount of the fee;
? The beginning and ending balance of the account or fund;
? The amount of the fees collected and the interest earned;
? An identification of each public improvement on which fees were expended and the amount of the expenditures on each improvement, including the total percentage of the cost of the public improvement that was funded with fees;
? An identification of an approximate date by which the construction of the public improvement will commence, if the local agency determines that sufficient funds have been collected to complete financing on an incomplete public improvement;
? A description of each interfund transfer or loan made from the account or fund, including the public improvement on which the transferred or loaned fees will be expended, and, in the case of an interfund loan, the date on which the loan will be repaid, and the rate of interest that the account or fund will receive on the loan; and
? The amount of unexpended reve...
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