(A) The City Finance Department shall establish a separate accounting fund in which the development fees collected for a particular type of capital facility within the service area shall be credited. Such fees shall be invested by the city and the yield on those fees, at the actual rate of return to the city, shall be credited to such accounting fund periodically in accordance with the accounting policies of the city. The funds need not be segregated from other city monies for banking purposes.
(B) (1) Any yield on such accounting fund into which the fees are deposited shall accrue to that fund and shall be used for the purposes specified for that fund.
(2) Development fees and any interest thereon collected pursuant to this Chapter shall be spent to provide capital facilities associated with the same category of necessary public services in the same service area for which they were collected, including costs of financing or debt used by the city to finance such capital facilities and other costs authorized by this Chapter that are included in the Infrastructure Improvements Plan.
(C) The City Finance Department shall maintain and keep financial records for the accounting fund showing the revenues to the fund and the disbursements from that fund, in accordance with normal city accounting practices. The records of the fund shall be open to public inspection in the same manner as other financial records of the city.
(D) The city shall issue as part of the report required in Vol. II, § 7-1-20 of this Chapter an unaudited accounting of all development fee funds.
(Ord. 1521, passed 8-16-2022)