The Mitigation Fee Act requires a description of each inter-fund transfer or loan made from the account or fund, including interest rates, repayment dates, and a description of the improvement on which the transfer or loan will be expended.
There were no new interfund transfers or loans made between impact fee funds in Fiscal Year 2021/22. However, two loans were paid off during Fiscal Year 2021/22. The loan between Fund 352 Roads and Fund 351 Fire Safety was repaid by the General Fund per City Council direction on May 17, 2022, in the amount of $2,286,536.07. Also, the loan between Fund 350 Public Buildings and SCLAA was terminated during the same Council meeting, by way of transferring property back to SCLAA and nullifying the loan which had a balance of $1,943,928. The following table summarizes all active interfund loans to and/or from the City's impact fee funds.
FISCAL YEAR 2021/22 INTERFUND LOAN STATUSES
| Date of Loan | Maturity Date | Purpose of Loan | Original Advance | Lender | Borrower | Balance 06/30/2022 | Interest Rate1 |
|---|
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 7,725,000 | 352 Roads | 350 Public Buildings | 7,201,469 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 1,150,000 | 353 Public Safety | 350 Public Buildings | 1,072,063 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 4,375,000 | 354 Recreation | 350 Public Buildings | 4,078,502 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 570,000 | 352 Roads | 350 Public Buildings | 531,370 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 920,000 | 352 Roads | 350 Public Buildings | 857,651 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 3,675,000 | 357 Storm Drain DIF | 350 Public Buildings | 3,425,942 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 280,000 | 358 Street Lighting | 350 Public Buildings | 261,024 | 1.37% |
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