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DBI projects shortfall but expects apartment-license fees and fund balance to cover gap
Summary
DBI reported year-to-date revenues below projections but said a nearly $5 million apartment-license fee and an approximately $7.8 million fund balance should help meet the fiscal-year budget; DBI also noted about $2 million in permit fees deferred at the request of redevelopment and housing offices.
The Department of Building Inspection told the commission it is tracking revenues below projections but expects one-time receipts and the fund balance to close most of the gap.
At the Jan. 8 meeting the director said year-to-date revenues are not meeting projected budget figures but that the apartment license fee, "which amounts to nearly 5 plus million dollars," will be received this quarter and should increase revenues. The director added that DBI is carrying about $7.8 million in fund balance and that the department has deferred approximately $2 million in permanent permit fees at the request of the redevelopment agency and the mayor's housing office pending addenda issuance.
Commissioners asked whether the department expects lower permanent activity next fiscal year; the director said he anticipates somewhat less permanent activity than the current year but does not plan to include revenue increases in next year's projections. The director said the department will discuss budget details in upcoming meetings and intends to present the budget twice as required before submission to the mayor's office.
Next steps: DBI will return with detailed budget materials in the coming meetings; commissioners will review the budget in two meetings before submission to the mayor's office.
