HomeMy WebLinkAbout8, Transfers from Facilities Fees
Action Item # 8 to General Fundsfrom Facilities Fees Authorize Annual Transfers
Annual Transfers from 2 District continually upgrades electric and water systems•or lessAB 1600 requires Facilities Fees to be utilized in five years •necessary upgrades to electric
and water systemsFacilities Fees are collected from developers to support •Background / History Facilities Fees to General Funds
New Information Facilities Fees to General FundsAnnual Transfers from 3 requirementyear -fees and are in compliance with AB 1600’s fiveBoth utilities have less than a five years’ balance
of facilities •system, eligible for facilities feesWater Utility spent $767,221 in FY10 to upgrade the water •electric system, eligible for facilities feesElectric Utility spent $601,168
in FY10 to upgrade the •
Fiscal Impact Facilities Fees to General FundsAnnual Transfers from 4 for projects eligible to be funded from facilities feesThis action reimburses the electric and water general funds
•
Recommendation Facilities Fees to General FundsAnnual Transfers from 5 on deposit that are older than five yearscompliance with AB 1600 and does not have facilities fees year report
showing that the District is in -Accept the five•the Water General FundTransfer $767,221 from the Water Facilities Fees Fund to •the Electric General FundTransfer $601,168 from the
Electric Facilities Fees Fund to •