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Committee questions $1.5M stormwater impact-fee transfer into community pond project
Summary
Staff told the audit committee that $1.5 million in stormwater impact fees were budgeted to transfer into the community pond capital project; members asked why impact fees appeared in operating revenues and requested staff correct timing and transparency in future statements.
During the Q3 review, Financial Director Peter Brown explained a planned $1,500,000 transfer from stormwater impact fees into the capital account for a community pond project. Brown said the transfer is budgeted and that the stormwater fund had not yet had the revenue movement recorded, which causes the current appearance of a large timing-driven deficit in the stormwater fund. "We're transferring 1,500,000. That's in the budget for the community pond project," Brown said when describing the planned movement.
Committee members questioned why impact fees appeared as operating revenue in the report and asked staff to correct where those receipts and transfers are presented so operational revenue percentages are not skewed. One committee member cautioned that impact fees can only be used for certain capital purposes and asked staff to ensure transparency on where those dollars are collected and spent. Staff said they will move the receipts and update the financials to better reflect the capital transfer before the documents go to council.
