A. Transfer Of Funds To City Finance Officer: Upon receipt of impact fees, the city finance officer, or his or her duly designated agent, shall be responsible for placement of such funds into separate accounts as hereinafter specified. All such funds shall be deposited in interest bearing accounts, within the capital projects fund, in a bank authorized to receive deposits of city funds. Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds of such account.
B. Establishment And Maintenance Of Accounts: The city finance officer, or his or her duly designated agent, shall establish separate accounts and maintain records for each such account whereby impact fees collected can be segregated.
C. Maintenance Of Records: The city finance officer, or his or her duly designated agent, shall maintain and keep accurate financial records for each such account that shall:
1. Show the source and disbursement of all revenues;
2. Account for all monies received;
3. Ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of projects specified in the capital improvements program; and
4. Provide an annual accounting for each impact fee account showing the source and amount of all funds collected and the projects that were funded.
D. Use Of Fees: Development impact fees shall only be spent for the public facility category (i.e., parks, police, fire and circulation) of system improvements for which the fees are collected and either within or for the benefit of the service area in which the project is located.
E. Review And Modification: Unless the city council deems some other time period is appropriate, the city shall at least once every five (5) years commencing from the date of the original adoption of the capital improvements plan, review the development potential of the area and update the capital improvements plan in accordance with the procedures set forth in Idaho Code section 67-8206. The city may make any updates as are deemed necessary as a result of:
1. Development occurring in the prior year;
2. Capital improvements actually constructed;
3. Changing facility needs;
4. Inflation;
5. Revised cost estimates for capital improvements;
6. Changes in the availability of other funding projects; and
7. Such other factors as may be relevant.
F. Capital Budget: The city shall annually adopt a capital budget.
G. Audit Report: As part of its annual audit process, the city shall prepare an annual report describing the amount of all development impact fees collected, appropriated, or spent during the preceding year by category of public facility and service area.
H. State Statute Provisions Applicable: All other requirements of Idaho Code section 67-8210, regarding earmarking and expenditure of collected development impact fees, shall apply. (Ord. 412, 3-14-2006)