AGENDA DATE: 12/14/2016
TITLE: TitFY 2017 1st Quarter Proffer Report
BDY
SUBJECT/PROPOSAL/REQUEST: Report on cash and non-cash proffer revenue and expenditures April-June 2016
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Foley, Walker, Letteri, Kamptner, Graham, McCulley, Higgins, Ragsdale, Allshouse L., and Harris
PRESENTER (S): N/A
LEGAL REVIEW: Not Required
REVIEWED BY: Choose an item.
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 August 3, 2016 included information on cash proffer revenue and expenditures and non-cash proffers for April through June, 2016. This report includes all proffer activity (both cash and non-cash) for the first quarter of Fiscal Year 2017 (July-September, 2016). The next quarterly report will be on the Board’s February, 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 2017 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 $49,234,856.45. This reflects annual adjustments to anticipated proffer revenue (not received yet, but obligated) from proffers in which annual adjustments were proffered.
C. 1st Quarter Cash Revenue: The County received a total of $555,023.79 from existing cash proffers during this quarter from developments listed in Attachment A.
D. Appropriations: A total of $1,325,594.20 was appropriated this quarter from developments listed in Attachment A.
E. Expenditures: A total of $120,000 of affordable housing funds from Kenridge were expended this quarter for Habitat for Humanity projects.
F. Current Available Funds: As of June 30, 2016, the available proffered cash on-hand is $4,977,596.68 (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, $3,260,341.80 (including interest earned) is currently appropriated (Attachment B). The net cash balance is $1,717,254.88 and may be used for future expenditures. 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.
FY 2016 Survey of Cash Proffers for the Commission on Local Government: State law requires localities accepting cash proffers to report to the Commission on Local Government annually. The County’s report for FY 2016 is attached. The County collected a total of $1,101,505.02 and expended a total of $792,129.11 in FY2016. (Attachment C)
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 2017 1st Quarter Cash Proffer Activity
B. All Cash Proffer Fund Activity updated through September 30, 2016
C. Commission on Local Government FY 2016 Survey of Cash Proffers