4A.10.060 Impact Fee Account Funds Established.
A. Park Impact Fee Fund. There is hereby created and established a special purpose park and recreation facilities impact fee fund ("the park impact fee fund") to receive park impact fees.
1. All park impact fees and investment income received pursuant to this Title shall be deposited into the park impact fee fund. Procedures for administration of the funds shall be established by the Director of the Finance Department. Expenditures from these funds shall be made in accordance with the County's normal budget procedures.
2. Annually, prior to submittal of the Capital Facilities Plan and County Budget for Council's consideration, the Department of Budget and Finance* shall prepare a report on each impact fee account showing the source and amount of all moneys collected, interest earned, and capital or system improvements that were financed in whole or in part by impact fees.
B. School Impact Fee Fund. There are hereby authorized special purpose school district impact fee suspense funds into which all School District impact fees shall be deposited.
1. On a monthly basis, in accordance with the Interlocal agreement, the County shall remit to the appropriate School District the impact fee collected in the preceding month. Impact fees received by the District shall be earmarked specifically and retained by the District in appropriate interest-bearing accounts. All impact funds and interest shall be expended for the purposes identified in PCC 4A.10.070.
2. Annually, in accordance with the Interlocal agreement, the School District shall prepare and submit to the County a report on school impact fees and the School Impact Fee Account, showing the source and amount of all moneys collected, earned, or received, and the public improvements that were financed in whole or in part by the impact fees.
C. Traffic Impact Fee Fund. There is hereby created and established a special purpose traffic impact fee fund ("the traffic impact fee fund") to receive traffic impact fees. All traffic impact fees and investment income received pursuant to this Title shall be deposited into the traffic impact fee fund. Procedures for administration and expenditure of the funds shall be established by the Director of the Planning and Public Works Department in conjunction with the Director of the Finance Department, and shall be in accordance with the County's normal budget procedures. Annually, the County shall prepare a report on the traffic impact fee fund showing the source and amount of all monies collected, interest earned, and capital or system improvements that were financed in whole or in part by impact fees, and expenses for administration and updating the traffic impact fee program. If this reporting indicates that substantial excess administrative funds are being collected beyond that needed to administer and update the traffic impact fee program, Council may elect to reduce the administrative fee to more appropriately balance fee collections to expenditures.
D. Money withdrawn from these funds must be used in accordance with the provisions of PCC 4A.10.070. Interest earned on the fees shall be expended for the purposes for which the impact fees were collected.
E. Impact fees shall be expended or encumbered within ten years of receipt, unless the Council identifies in written findings extraordinary and compelling reason or reasons for the County to hold the fees beyond the ten year period. Under such circumstances, the Council shall establish the period of time within which the impact fees shall be expended or encumbered.