HomeMy WebLinkAbout5/4/2005 - STAFF REPORTS (5) CITY COUNCIL MAY 4, 2005
CONSENT CALENDAR
SUBJECT: ESTABLISHMENT OF A NEW SPECIAL REVENUE FUND TO BE
NAMED THE SPECIAL DEVELOPMENT FUND
FROM: David H. Ready, City Manager
BY: Department of Finance
SUMMARY:
The new fund will allow the City to track the revenue from special building fees assessed
on tracts in Specific Plan 1 in the South Palm Canyon area.
RECOMMENDATION:
Adopt Resolution No. "A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS AUTHORIZING THE ESTABLISHMENT OF A NEW SPECIAL
REVENUE FUND TO BE CALLED THE SPECIAL DEVELOPMENT FUND AND
AUTHORIZING THE DIRECTOR OF FINANCE TO CREATE THE APPROPRIATE
ACTIVITIES (COST CENTERS) AND ACCOUNT NUMBERS."
STAFF ANALYSIS:
The City and/or the Community Redevelopment Agency have entered into Subdivision
Improvement Agreements with various developers of property in the South Palm Canyon
area referred to as Specific Plan 1. Among the requirements of the Agreements is a
provision that, as the property is developed, special fees are assessed. These include
payments for:
Fire Station & Equipment
Drainage
Road & Bridge
Traffic Signal
Affordable Housing
The fees vary depending on the individual tract, but average about $12,000 per lot. The
fees are paid at the time a Building Permit is issued. The fees are adjusted annually by
changes in the Consumer Price Index.
To date, the City has collected about$74,000 in total from IRP El Portal Associates (Tract
#30050) and Acanto Partners (Tract #29632). The fees have been deposited into the
City's Trust & Agency Fund pending the establishment of the proposed Special Revenue
Fund.
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Item No. 2 . D .
May 4,2005
Page 2
The Special Development Fund will allow the City to track the payment of the fees and the
related expenditures, as required by State law.
FISCAL IMPACT:
Depending on the level of development in Specific Plan 1, there could be a minor to
moderate revenue stream that could help fund future services in the affected area. There
is no impact on current General Fund expenses or revenues.
Thomas M. Kanarr, Director of Finance David H. Ready, City Ma, -
& Treasurer
RESOLUTION NO. 21251
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS AUTHORIZING THE ESTABLISHMENT OF
A NEW SPECIAL REVENUE FUND TO BE CALLED THE
SPECIAL DEVELOPMENT FUND AND AUTHORIZING THE
DIRECTOR OF FINANCE TO CREATE THE APPROPRIATE
ACTIVITIES (COST CENTERS) AND ACCOUNT NUMBERS
WHEREAS, the City and/or the Community Redevelopment Agency has entered
into Subdivision Improvement Agreements with various developers; and
WHEREAS, one of the provisions of these agreements is the establishment of
special building fees for the affected tracts; and
WHEREAS, the City is required by State law to track the revenue received from
those fees, and the expenditures made from them; and
WHEREAS, the most efficient method of segregating the revenue and
expenditures is to record the transactions in a separate fund.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. To create a new special revenue fund to be called the Special
Development Fund.
SECTION 2. To direct the Director of Finance & Treasurer to record the
appropriate receipts and expenditures in this fund.
SECTION 3. To authorize the Director of Finance & Treasurer to create the
appropriate activities (cost centers) and account numbers, as necessary.
ADOPTED THIS 41h day of May, 2005.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 21251 is a full, true and correct copy, and was duly adopted at a
regular meeting of the City Council of the City of Palm Springs on May 4, 2005, by
the following vote:
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ABSTAIN: None
James Thompson, City Clerk
City of Palm Springs, California