AGENDA DATE: 11/11/2015
TITLE: FY 2016 1st Quarter Cash Proffer Report
Title
BODY
SUBJECT/PROPOSAL/REQUEST: Report on cash and non-cash proffer revenue and expenditures July-September 2015
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Foley, Walker, Letteri, Davis, Graham, McCulley, Higgins, Ragsdale, Allshouse L., and Harris
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: In 2007, the Board directed staff to provide a quarterly report on the status of cash proffers. Since that time, the report has been expanded to also include updates on non-cash proffers. The last quarterly proffer report the Board received on September 2, 2015 included information on cash proffer revenue and expenditures and non-cash proffers for April through June, 2015. This report includes all proffer activity (both cash and non-cash) for the first quarter of Fiscal Year 2016 (July-September). The next quarterly report will be on the Board’s February 3, 2016 agenda
STRATEGIC PLAN: Critical Infrastructure: Prioritize, plan and invest in critical infrastructure that responds to past and future changes and improves the capacity to serve community needs.
DISCUSSION: Proffer Activity for Fiscal Year 2016 First Quarter (July-September)
A. New Proffered Revenue: There were no rezoning requests approved this quarter that provided new cash proffers.
B. Total Proffered Revenue: Total proffered revenue is $48,943,356.45. This reflects 2014 annual adjustments to anticipated proffer revenue (not received yet obligated) from proffers in which annual adjustments were proffered.
C. 1stth Quarter Cash Revenue: The County received a total of $306,906.04 from existing cash proffers during this quarter from developments listed in Attachment A.
D. Expenditure: A total of $23,728.25 in proffer revenue has been expended from Belvedere for a Community Development Block Grant for affordable housing programs. A total of $4,250 was expended from Belvedere proffer funds received for two roadside historical markers.
E. Appropriations: A total of $579, 930.98 which includes interest, was appropriated for various Parks and Greenways/Blueways projects. (Attachment A)
Current Available Funds: As of September 30, 2015, the available proffered cash on-hand is $4,822,561.27 (including interest earnings on proffer revenue received). Some of these funds were proffered for specific projects, while others may be used for general projects within the CIP. Of the available proffered cash on-hand, $2,896,114.46 (including interest earned) is currently appropriated (Attachment B). The net cash balance is $1,926,446.81and Attachment C provides information on how the net cash balance may be used for future appropriations to CIP projects. The Community Development Department and Office of Management and Budget staff monitor proffer funds on an ongoing basis to ensure that associated projects not currently in the CIP move forward and to ensure that funding is appropriated to projects before any proffer deadlines.
BUDGET IMPACT: Cash proffers are a source of revenue to address impacts from development and they support the funding of important County projects which would otherwise be funded through general tax revenue. Using cash proffer funding for current or planned FY17-FY19 CIP projects builds capacity in the CIP by freeing up funding for other projects. In addition, non-cash proffers provide improvements that might otherwise need to be funded by general tax revenue.
RECOMMENDATION:
Recommendation
This Executive Summary is for information only and no action is required by the Board
ATTACHMENTS:
A. FY 2016 1st Quarter Cash Proffer Activity (July-September 2015)
B. Summary of Cash Proffer Fund Activity updated through September 30, 2015
C. Net Available Proffer Fund Balances and Potential Use of Funds