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 2024. However, two loans were paid off during Fiscal Year 2024. The loan between Fund 358 Street Lighting and Fund 350 Public Buildings, in the amount of $254,817 and the loan between Fund 359 Fire Hydrant and Fund 350 Public Buildings, in the amount of $359,474, were repaid by DIF Fund 350 – Public Buildings on 6/30/24. The following table summarizes all active interfund loans to and/or from the City's impact fee funds.
Table 4. Fiscal Year 2024 Interfund Loan Statuses
| Date of Loan | Maturity Date | Purpose of Loan | Original Advance | Lender | Borrower | Balance 06/30/2024 | Interest Rate1 |
|---|---|---|---|---|---|---|---|
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 7,725,000 | 352 Roads | 350 Public Buildings | 7,137,912 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 1,150,000 | 353 Public Safety | 350 Public Buildings | 1,062,602 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 4,375,000 | 354 Recreation | 350 Public Buildings | 4,042,507 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 570,000 | 352 Roads | 350 Public Buildings | 526,681 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 920,000 | 352 Roads | 350 Public Buildings | 850,081 | 1.37% |
| 06/30/11 | 06/30/26 | City Hall Expansion Project #98005 | 3,675,000 | 357 Storm Drain DIF | 350 Public Buildings | 3,395,706 | 1.37% |
1Interest Rates are Average and/or Fixed 5-year LAlF rate
City of Victorville Annual Development Impact Fee Report Prepared by NBS
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