Impact Fee Funds
Funds 41 - 46
Impact Fees on new residential and commercial developments, conversions, and expansions, were established in June 2005 by Ordinance 362-05 and Municipal Code Section 3.40. Collected fees are accounted for in these funds then transferred to the Capital Projects Fund (50) to support applicable projects when they occur.
The Town is nearing build-out of the community. As such, impact fees will not be a significant revenue source going forward to assist in funding the construction and maintenance of the Town’s infrastructure.
The Impact Fee Funds are as follows:
- Civic Facilities Impact Fee Fund (41)
- Drainage & Flood Control Impact Fee Fund (42)
- Parks & Recreation Impact Fee Fund (43)
- Public Safety Impact Fee Fund (44)
- Traffic Facilities Impact Fee Fund (45)
- Utility Undergrounding Impact Fee Fund (46)
Fiscal Year 2022/2023 Accomplishments
- Collected and allocated Impact Fees from applicable projects during the building permit issuance process.
Fiscal Year 2023/2024 Goals and Objectives
- Collect and allocate Impact Fees from applicable projects during the building permit issuance process.
Budget Highlights
- The current practice is to not budget impact fees as development is limited in number, potential projects are often unknown, and timing is hard to predict. As the Town is principally built-out Impact Fees remain a declining source of capital project funding.
Did You Know?
- Impact Fees collected on development projects contribute to these impact fee funds, but may also pay for Water Connections, Sewer Connections, and Affordable Housing.
- These revenues are partly allocated as a contribution to pay for the cost of existing/previously constructed facilities and infrastructure rather than new projects.
Civic Facilities Impact Fee Fund 41
The Civic Facilities Impact Fee Fund (Fund 41) was established to account for impact fees collected for existing and planned civic facilities projects and infrastructure. Proceeds of each fee collected are to be allocated to the fund that finances approved civic facilities projects.
Drainage & Flood Control Impact Fee Fund 42
The Drainage & Flood Control Impact Fee Fund (Fund 42) was established to account for impact fees collected for planned drainage and flood control projects and infrastructure. Proceeds of each fee collected are to be allocated to the fund that finances approved drainage and flood control projects.
Parks & Recreation Impact Fee Fund 43
The Parks & Recreation Impact Fee Fund (Fund 43) was established to account for impact fees collected for existing and planned park and recreation facilities, projects and infrastructure. Proceeds of each fee collected is to be allocated to the fund that finances approved parks and recreation projects.
Public Safety Impact Fee Fund 44
The Public Safety Impact Fee Fund (Fund 44) was established to account for impact fees collected for existing and planned public safety facilities, projects and infrastructure. Proceeds of each fee collected is to be allocated to the fund that finances approved public safety projects.
Traffic Facilities Impact Fee Fund 45
The Traffic Facilities Impact Fee Fund (Fund 45) was established to account for impact fees collected for existing and planned traffic facilities, projects and infrastructure. Proceeds of each fee collected is to be allocated to the fund that finances approved traffic facilities projects.
Utility Undergrounding Impact Fee Fund 46
The Utility Undergrounding Impact Fee (Fund 46) was established to pay for the undergrounding of existing overhead utilities along primary streets. Proceeds of each fee collected are to be allocated to the fund that finances approved utility undergrounding projects.
The budget for Fiscal Year 2023/2024 does not include any applicable utility undergrounding projects so this fund will continue to grow fund balance to use towards future applicable projects.
