the existing fund balance for park and recreational amenities. However, subsequent to this reporting period, on May 19, 2022, such bonds were refinanced, and the encumbrance of such properties will be lifted. This will facilitate the ability to spend the existing fund balance.
Recent expenditures include the completion of a skate park, new restrooms, and additional park amenities at Doris Davies Park as well as the completion of a new Parks and Recreation Master Plan.
An interfund loan in the amount of $4,375,000 was made from the Recreation Fund 354 to the Public Building Fund 350 as described above. 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 and a request to extend the term is being made prior to FYE 22.
During each reporting annual period listed above, no refunds were made from this fund pursuant to Government Code Section 6600.1
Storm Drain – Fund 357
Funding collected is to be used for the building of storm drain infrastructure as new development occurs in previously undeveloped areas or in areas with deficiencies as a result of new growth.
An interfund loan in the amount of $3,675,000 was made from the Storm Drain Fund 357 to the Public Building Fund 350 as described above. 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 and a request to extend the term is being made prior to FYE 22.
During each reporting annual period listed above, no refunds were made from this fund pursuant to Government Code Section 6600.1
Water Capacity Charge – Fund 410
Water Capacity Fees are one-time charges to new development connecting to the City of Victorville/Victorville Water District's water system. Listed projects include the expansion of the water line connections for the extension of Green Tree Boulevard to Yucca Loma as well as the building of a one-million-gallon underground water storage tank at SCLA.
Sewer Capacity Charge – Fund 425
Sewer Capacity fees are one-time charges to new development or existing development first connecting to the City of Victorville's sewer system. Listed projects in FY22 include continuing work on the expansion of the sewer line connections for the extension of the Green Tree Boulevard to Yucca Loma.
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