(A) Transfer of funds to Finance Department. Upon receipt of impact fees, the city’s Finance Department shall be responsible for placement of such funds into separate accounts, as hereinafter specified. All such funds shall be deposited in interest-bearing accounts 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. The City Engineer, or his or her designee, shall be responsible for oversight of the program and ensuring that impact fees are properly expended towards eligible projects.
(B) Establishment and maintenance of accounts. The city’s Finance Department shall establish separate accounts and maintain records for each such account whereby impact fees collected can be segregated.
(C) Maintenance of records. The city’s Finance Department shall maintain and keep accurate financial records for each such account that shall show the source and disbursement of all revenues; that shall account for all monies received; that shall 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 that shall 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) Review and modification. The city shall review, in conjunction with the capital budget and capital improvements plan adoption processes, the development potential of the city and the capital improvements plan and make such modifications to impact fee schedules as are deemed necessary every three years as a result of:
(1) Development occurring in the prior years;
(2) Capital development potential of the city and the 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 sources applicable to public facility projects; and
(7) Such other factors as may be relevant.
(2011 Code, § 5-509) (Ord. 15-04, passed 12-21-2015; Ord. 19-11A, passed 4-15-2019)