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Daly City approves FY2024 report on developer public facility fees
Summary
Council approved the FY2024 annual report on developer public facility fees, which closed FY2024 with an ending balance of $5,015,446 and $930,000 committed to existing projects, staff said.
The Daly City Council unanimously approved the fiscal year 2024 annual report on developer public facility fees on Nov. 25, accepting staff’s accounting of revenues, transfers and eligible uses. Amanda Halber, assistant director of finance and administrative services, presented the fund report and explained state law requires fee segregation and annual reporting to the governing body.
Halber reported a beginning balance of $4,579,631 (7/1/2023), revenues of $305,566 during FY2024, interest earnings shown as $3,394,297, transfers out that included roadway, storm drain and water projects, and an ending fund balance of $5,015,446 as of 6/30/2024. The staff report indicated approximately $4,085,256 was already allocated to existing projects, leaving about $930,000 available for future use as of the end of the fiscal year.
Councilmembers commended staff for transparency and requested additional variance tables in future reports to compare year‑to‑year collections and inflation impacts. Council approved the staff recommendation to accept the report by roll call vote.
