Title
Approval of Resolution Regarding Development Review Fund Policies
Recommended Action
Committee Recommendation:
The Finance Committee recommends approval of the resolution regarding Development Review Fund Policies.
City Manager Recommendation:
Move to approve the resolution regarding Development Review Fund Policies.
Report
Issue:
Whether to approve the a resolution on Development Review Fund Policies.
Staff Contact:
Karen Kenneson, Associate Line of Business Director, Community Planning and Development, 360.753.8277
Presenters:
None - Consent Calendar item.
Background and Analysis:
In November, 2015, Council approved the establishment of a Development Fee Revenue Fund (the Fund) for the purpose of receiving fees collected for management of development, to be used to pay costs related to the management of development.
The ordinance establishing the Fund stated that Council would establish policies for management of the Fund, including:
• Establishing a Target Fund Balance,
• Establishing what actions will be taken when the Fund Balance exceeds or is less than the Target Fund Balance; and
• Processes to identify costs to be reimbursed by the Fund.
Staff has developed draft policies (see attached draft resolution) for the Council to consider.
The Fund, in association with these policies, will allow the development review functions of CPD to be operated in a more businesslike manner. When permit activity is high, revenues can be used to increase staffing levels and maintain desired levels of service. These funds may also be used to bridge gaps when permit activity periodically declines. This approach to development review funding will benefit both our applicants as well as other interested parties by providing staffing to adequately support these processes.
Neighborhood/Community Interests:
Development fees could be raised or lowered as a result of the Fund being less than 15 percent below the Target Fund Balance or greater than 15 percent above the Target Fund Balance (over a three year period.)
Options:
1) Approve the resolution regarding the Development Fee Fund Policies.
2) Modify the Development Fee Fund Policies.
3) Do not approve the recommendation for Development Fee Fund Policies.
Financial Impact:
There is no direct financial impact in approving these Fund Policies. Establishing policies will improve management effectiveness of development fee revenue, identification of related costs and support the goals of transparency and 85 percent cost recovery.
Attachments:
Resolution
Ordinance Establishing Fund