(A) The city shall deposit development fees received with other fees for the same type of capital improvement in a separate capital improvement account in a manner to avoid commingling of the fees with other city revenues and funds, except for temporary investments, and shall expend the fees solely for the purpose for which they were collected.
(B) Any interest income earned by money in the capital improvement account shall also be deposited in that account and expended only for the purpose for which the fees were collected.
(C) For each separate development fee account, the director of finance shall, within 180 days of the close of each fiscal year, make available to the public the following information:
(1) Brief description of the type of fee in the account or fund.
(2) Amount of the fee.
(3) Beginning and ending balance in the account or fund.
(4) Amount of the fee collected and the interest earned.
(5) Identification of each public improvement for which fees were expended and the amount of expenditures.
(6) Identification of an approximate date by which time construction on the improvement will begin if it is determined that sufficient funds exist to complete the project.
(7) Description of each inter-fund transfer or loan made from the account and when each will be repaid.
(8) Identification of any refunds made once determined that sufficient monies have been collected to fund fee-related projects.
(D) The city council shall review the information referred to in subsection (C) of this section at the next regularly scheduled public meeting held not less than 15 days after the information is made available.
(`64 Code, Sec. 27-88.9) (Ord. No. 2258, 2979)