Title
Department of Transportation recommending the Board authorize the chair to sign the Budget Transfer 2010130 increasing revenue and appropriations for FY 2009-10 for the following: the West Valley Traffic Impact Mitigation Fee Prepay account, the Road Fund, and the Cascade Drainage Zone Special District, to enable the department to process transactions within the appropriate fiscal year.
FUNDING: Existing funds in the West Valley Traffic Impact Mitigation Fee Prepay account and the Cascade Drainage Zone Special District account.
Body
BUDGET SUMMARY:
Total Estimated Cost $3,020,000
Funding
Budgeted $
New Funding $3,020,000
Savings $
Other $
Total Funding Available $3,020,000
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
There is no change to Net County Cost. Use of existing fund balance in the West Valley Prepay TIM and the Cascade Drainage Zone Special District account.
Background:
West Valley, LLC prepaid $23,288,440 in El Dorado Hills TIM fees in lieu of constructing road projects which were a condition of its Blackstone development. These funds were held in a segregated TIM account since the primary use of these funds was to finance the design and construction of the County's Capital Improvement Program projects 72401-White Rock Road, 72402-Latrobe Road and 72403-Latrobe Road. West Valley, LLC provided for the design of these projects.
The 2010 CIP includes reimbursement for the design costs of the above mentioned El Dorado Hills projects in FY 2009-2010. However, appropriations were not initially included in the 2009-2010 budget as it was assumed at that time that reimbursement to the Developer would occur in future years. Due to the fact that construction bids for the three projects came in lower than originally anticipated, funds are available in the West Valley Prepaid account to provide for reimbursement in the current fiscal year per the ...
Click here for full text