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Edmonds reports $351,605 in 2024 transportation impact fees; balance grew to about $3.64 million
Summary
Public works staff presented the 2024 Transportation Impact Fee annual report showing $351,605 collected in 2024, interest income of about $221,004.71 and an ending balance of roughly $3.64 million; staff also said the city is converting traffic fees to a multimodal impact fee later in 2025.
Staff presented the 2024 Transportation Impact Fee annual report to Committee A, reporting $351,605 collected in 2024, $221,004.71 in interest income, and an ending fund balance of roughly $3.64 million.
A staff presenter said the beginning balance for 2024 was just over $2.6 million and that since the program's inception (2004) the city has collected more than $4.6 million in impact fee revenue. Staff explained the fund paid the final installment on a prior loan (Twentieth Street) in July 2024 and is being used for local matches on federal design grants (e.g., 76 Twentieth intersection and Highway 99 revitalization stage 4).
Council members asked about the unusually high interest credited to the fund (a council member referenced an ~8% return) and staff agreed to follow up with the finance department on the specific investment vehicle used; staff subsequently confirmed the interest figure in the meeting record. Staff also noted the city is moving to a multimodal impact fee structure later in 2025 that will incorporate sidewalks and bikeways in addition to vehicle capacity projects.
The committee proceeded to file the report for the record and asked staff to confirm the interest/investment details with the finance department.
