Funding collected is to be used for new facilities, capital equipment, or improvements of existing city facilities to aid in the services of future population. Due to an existing interfund loan payable and minimal fund balance, the construction of eligible improvements for City buildings is not expected to begin until sufficient funds are accumulated.
Funds previously collected were used to expand City Hall facilities. Due to a population growth spurt in the early 2000's, more room was needed to expand services and to house additional staffing. Additional funding was needed for this project, so an interfund loan payable was established on November 15, 2011 in the amount of $20,290,000. The interest rate for the loan was established at the annualized (averaged) Local Agency Investment Fund "LAIF" rate and originally had a term ending on June 30, 2016. The loan term was subsequently extended to June 30, 2021. Such loan had a balance of $18,840,197 as of June 30, 2021, which is payable from Fund 350 to various other DIF funds. The annual payments made from Fund 350 in connection with the interfund loan are included on the five-year history chart earlier in this report. Subsequent to this reporting period, a request for an additional extension of the loan term is begin made prior to FYE 22.
Additionally, a loan payable in the original amount of $1,903,000 was established from Fund 350 payable to the Southern California Logistics Airport Authority, with an annualized (averaged) and compounded LAIF interest rate, in connection with the acquisition of land for a City library. Such loan had a balance of $1,940,094.54 as of June 30, 2021. The annual payments made from Fund 350 in connection with the interfund loan are included on the five-year history chart earlier in this report. Subsequent to this reporting period, on May 17, 2022, the City Council approved the termination of the loan agreement which was payable from the Public Buildings DIF to the Southern California Logistics Airport Authority.
During each reporting annual period listed above, no refunds were made from this fund pursuant to Government Code Section 6600.1
Funding collected is to be used for building and equipping of new fire stations to aid in the service of future population. Due to an existing interfund loan payable and minimal fund balance, the construction of eligible improvements for City building is not expected to begin until sufficient funds are accumulated.
Funds collected were used to build two new fire stations – Station 312 at 15182 El Evado Road and Station 315 at 12820 Eucalyptus Street. Due to a population growth spurt in the early 2000's, more stations were needed to support the additional growth. Additional funding was needed for this project so an interfund loan payable from Fund 351 to the Roads DIF fund 352 was established at the annualized (averaged) LAIF rate as simple interest. Such loan had a term ending June 30, 2021 and had a balance of $2,286,536 as of June 30, 2021. The payments made from Fund 351 in connection with the interfund loan are detailed annually on the five-year history chart earlier in this report. Subsequent to this reporting period, on May 17, 2022, repayment to the Road DIF in the amount of $2,286,536 by the General Fund, on behalf of the Fire DIF, was approved by the City Council.
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