Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Board accepts developer fee report; $500,000 moved to modernization fund for multipurpose project
Summary
Trustees approved the annual five‑year developer fee accounting, confirming an ending fund balance near $949,000, nearly $556,000 collected last year and a transfer of about $500,000 to the modernization fund for the Rescue multipurpose project.
The Rescue Union Elementary School District Board accepted its annual developer fee report and approved the accounting for developer fee revenues and expenditures.
Chief Business Officer Stolson summarized the five‑year report, saying the beginning developer‑fee fund balance was "just under $840,000" and the ending balance was "right around $949,000," an increase of roughly $110,000 for the fiscal year ending June 2025. Stolson reported the district collected just under $556,000 in developer fees last year and earned about $61,000 in interest. The district also issued a single refund of $1,163 during the year.
Stolson said the district transferred about $500,000 to the modernization fund to cover costs associated with the Rescue multipurpose project. He also explained that EDCO manages developer fee collection for the district and that EDCO's management charge is assessed as a percentage (about $16,000–$17,000 in annual costs), while the district budgets roughly $30,000 annually for administrative time tied to the fund.
Trustees asked clarification questions about the transfer and the EDCO fee structure; staff confirmed the management amount is a percentage fee and that details appear in attachment A of the report. The board then moved, seconded and approved the annual accounting by voice vote.
