Attachment 2 - Modified FY21-22 Annual Status Report on Receipt and Use of Development Impact FeesATTACHMENT 2
TOWN OF LOS GATOS
ANNUAL STATUS REPORT ON RECEIPT AND USE OF DEVELOPMENT IMPACT FEES
JUNE 30, 2022
Traffic Impact Mitigation Fee:
The Traffic Impact Mitigation Fee assures that each new development or expansion of use pays
its fair share of the transportation improvements needed to accommodate the cumulative
traffic impacts. The fee, $1,015 per new average daily trip generated, is paid in full to the Town
Building Department prior to issuance of the building permit for new development or
expansion of use. The collected fee is held in the Traffic Mitigation Fee Fund. The Traffic
Mitigation Fund should be used solely to fund transportation improvement projects related to
mitigating the impacts of new development. The funds cannot be used for routine repair or
maintenance.
Beginning Cash Balance (07/01/2021)2,444,683
Source of Funds
Fees Collected FY 21/22 82,449
Interest Earned FY 21/22 24,251
Total Source of Funds $2,551,383
Use of Funds
Capital Outlay:
Traffic Signal Modernization (42% of the Project Estimated Life-Time Cost)517,791.36
Traffic Mitigation - Admin Support (100% of FY 2021/22 Expenditures)10,000
Total Use of Funds $527,791
Expenses Incurred in FY 2020/21 , Paid in July of FY 2021/22 (122,158)
Expenses Incurred in FY 2021/22, Paid in July of FY 2022/23 193,307
Ending Cash Balance (6/30/2022) Pre-Final Audit $2,094,740
Designated Future Projects:
Per FY 22/23 through 26/27 Capital Improvement Plan:
Traffic Signal Modernization (42% of the Project Estimatesd Life-Time Cost)$256,282
Bicycle & Pedestrian Improvements (3% of the Project Estimated Life-Time Cost)33,650
Highway 17/9 Interchange and Capacity Improvements (41% of the Project Estimates Life Time Cost)600,000
Total CIP and Operating Budget Commitments $889,932
Potential Project List (Estimates Only)
Shannon Road Stabilization Project (Future Project - Pending Funding)$1,500,000
Complete Streets Improvements Pollard Ave (Future Project - Pending Funding)1,000,000
Total Potential Project List $2,500,000
Total Designated and Unfunded Projects $3,389,932
Current Funding Shortfall ($1,295,192)
TRAFFIC IMPACT MITIGATION FEES FUND
TOWN OF LOS GATOS ANNUAL STATUS REPORT ON RECEIPT AND USE OF DEVELOPMENT IMPACT FEES JUNE 30, 2022 (Continued)
Construction Impact Activity Fee:
Construction Impact Activity Fee is assessed on construction projects based on the square foot
size of the project at a rate of $1.26 per square foot. These fees are intended to recover the
damage caused to Town streets by construction traffic. The collected fee is held in the General
Fund Appropriated Reserves.
Beginning Cash Balance (07/01/2021)$0
Source of Funds
Fees Collected FY 21/22 420,055
Interest Earned FY 21/22 (Funds expended upon receipt)-
Total Source of Funds $420,055
Use of Funds
Business Services Charge
Capital Outlay:
Street Repair and Resurfacing Project FY 21/22 (FY 2021/22 Fees Collected Cover 23.5% of FY 2021/22
Expenditures)1,787,018
Total Use of Funds 1,787,018
Ending Cash Balance (6/30/2022) Pre-Final Audit ($1,366,963)
Designated Future Projects
Per FY 22/23 through 26/27 Capital Improvement Plan:
Street Repair and Resurfacing Project $8,588,638
Total Designated Future Projects $8,588,638
CONSTRUCTION IMPACT ACTIVITY FEE
TOWN OF LOS GATOS
ANNUAL STATUS REPORT ON RECEIPT AND USE OF DEVELOPMENT IMPACT FEES JUNE 30, 2022 (Continued)
Below-Market Priced (BMP) Housing Program In-Lieu Fee:
BMP In-Lieu Fees are collected from residential development projects with five (5) or more
units when the construction of the BMP unit is impractical or there are unusual circumstances
that make the construction of the unit inconsistent with Town policy. The required in-lieu fee is
to be paid to the Town prior to issuance of the certificate of occupancy. The BMP In-Lieu Fee is
equal to the amount of six (6) percent of the building permit valuation for the entire project.
The collected fees are held in the General Fund BMP Housing liability account and are restricted
to be used solely for BMP Housing Program activities.
Other Required Disclosures:
As required by law, no inter-fund (loans/transfers) were made doing the reporting period and
no refund were necessary as all fees collected have a current funding short fall status as
presented in the Annual Status Report.
Beginning Cash Balance (07/01/2021)3,576,152.38
Source of Funds
Fees Collected FY 21/22 -
Interest Earned FY 21/22 39,896
One-time transfer from GFAR reserve to BMP 1,489,778
Total Source of Funds 5,105,826.87
Use of Funds
Program Operating Expense (100% of FY 2021/22 Expenditures)184,289
Staff Administration (100% of FY 2021/22 Expenditures)23,000
Affordable Housing Loans - Dittos Lane (11/3/2020 Council Meeting) (100% of FY 2021/22 Expenditures)1,200,000
Total Use of Funds 1,407,289
Ending Cash Balance (6/30/2022) Pre-Final Audit $3,698,538
Designated Future Projects:
Anticipated Construction Permit Support $50,000
Total Designated Future Projects $50,000
Potential Future Projects
Low and Moderate Income Housing (Future Project - Pending Funding)$3,000,000
Reacquisition of Distressed/Foreclosed Properties (Future Project - Pending Funding)700,000
Hello Housing and House Keys Program Services (Future Project - Pending Funding -5 Year Total)600,000
Total Potential Future Projects $4,300,000
Current Funding Shortfall ($651,462)
BELOW-MARKET PRICED HOUSING PROGRAM IN-LIEU FEES