The refunding requirements for the Mitigation Fee Act are summarized as follows:
Refunds under the Mitigation Fee Act: If the City determines that sufficient funds have been collected to complete financing on incomplete improvements for which impact fee revenue is to be used, it must, within 180 days of that determination, identify an approximate date by which construction of the public improvement will be commenced (Government Code Section 66001 (e)). If the agency fails to comply with that requirement, it must refund impact fee revenue in the account according to procedures specified in Section 66001 (d).
As discussed in Section 4 of this report, throughout the Fiscal Year 2024-25 the City has made progress on several active public improvement projects that are funded by impact fees. Also, through the 2025-26 budgeting process, the City made a determination regarding sufficient funds collected to complete several improvements and a construction schedule has been identified. Therefore, no refunds were made or required.
Disclaimer: In preparing this report and any analysis and findings included herein, NBS has relied on several principal assumptions and considerations regarding financial matters, conditions and events that occurred or may occur in the future. This information and assumptions, including the City's budgets, financial reports, capital project data, and other information were provided by sources we believe to be reliable; however, NBS has not independently verified such information and assumptions. While we believe NBS' use of such information and assumptions is reasonable for the purpose of this report, some assumptions will invariably not materialize as stated herein and may vary due to unanticipated events and circumstances.
12