Title
Building and Planning Department recommending the Board approve and authorize the Chair to sign a budget transfer adjusting the budget for Fiscal Year (FY) 2020-21 to allow for the transfer of higher than budgeted revenue in the Planning Time and Material Special Revenue Fund account to the Planning Operations account (4/5 vote required).
FUNDING: Development Fees.
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DISCUSSION / BACKGROUND
For certain development applications, customers are required to make initial deposits of funds into a Time and Material Special Revenue Fund, which is used to fund Planning Division staff time and/or consultant work. If these deposits are exhausted, the Division directly bills customers for actual time and material costs. When the Department's annual budget is created, the amount of revenue for the Planning Time and Materials Billing function from deposits are estimated based on prior year actuals and projected activity for the coming year. Differences in the budgeted estimate and the actuals at the end of the year vary based on the types of development applications received, anticipated projects being placed on hold by the Developer, and fluctuations in staff in the Division.
Revenues for Planning Time and Material Special Revenue Fund (3770732) received year to date are higher than budgeted. The budgeted amount for FY 2020-21 was $150,000, and the actuals are approximately $180,000.
This budget transfer will allow the funds already received for FY 2020-21 to be transferred to Planning Operations (3720200). To account for this additional revenue, the budget for Planning Time and Material Special Revenue Fund Deposits needs to increase by $30,000. In addition, the budgeted appropriations for Planning Time and Material Special Revenue Fund Operating Transfers Out need to increase by $30,000. To show this increase in the Planning Operations account, appropriations in Planning Operations need to be increased in Operating Transfers In by $30,000. To account for ...
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