3-11-006

Division 3-11-006
Annual Review and Adjustments

Sections:

3-11-006-0001 Annual Review

3-118-006-0001 Annual Review.

A. Within 90 days following the end of each fiscal year, the City shall file a copy of an annual report with the City Clerk. Copies of the annual report shall be made available to the public on request. The annual report may contain financial information that has not been audited. If the annual report is not filed with the City Clerk as provided by this paragraph, the City shall not collect development fees until the annual report is filed.

B. The annual report must include the following:

1. The amount assessed by the City for each type of development fee;

2. The balance of each development fee account maintained for each type of development fee assessed as of the beginning and end of the fiscal year;

3. The amount of interest or other earnings on the monies in each development fee account as of the end of the fiscal year;

4. The amount of development fee monies used to repay:

(a) Bonds issued by the City to pay the cost of a public facility project that is the subject of a development fee assessment.

(b) Monies advanced by the City from funds other than development fee accounts established for development fees in order to pay the cost of a public facility project that is the subject of a development fee assessment.

5. The amount of development fee monies spent on each public facility project that is the subject of a development fee assessment and the physical location of each public facility project.

6. The amount of development fee monies spent for each purpose other than a public facility project that is the subject of a development fee assessment.

C. At least once every year not later than July 1st of each year, beginning July 1, 2009, and prior to City Council adoption of the Annual Budget and Capital Improvements Plan, the City Manager or his designee shall coordinate in the preparation of a report on the subject of development fees, which may include any or all of the following:

1. recommendations for amendments, if appropriate, to this Chapter;

2. proposed changes to the City of Flagstaff General Plan or a Specific Plan and/or an applicable Infrastructure Improvements Plan, including the identification of additional Public Facility projects anticipated to be funded wholly or partially with development fees;

3. proposed changes to development fee schedules as set forth in the ordinances imposing and setting development fees for particular public facilities;

4. other data, analysis or recommendations as the City Manager or appropriate designee may deem appropriate, or as may be requested by the Mayor and City Council.

D. Amendments to the Infrastructure Improvement Plan shall be pursuant to public hearing and notice requirements, as applicable, set forth in Arizona Revised Statutes § 9-463.05(D).

3-11-006-0002 Annual Adjustments.

A. On July 1, 2009, and on July 1st of each year thereafter in which this Chapter is in effect, the amount of any development fee may be automatically adjusted to account for inflationary increases in the cost of providing public facilities utilizing the most recent 20-city annual national average data from the Engineering News Record Construction Cost Index.

B. After providing thirty (30) days public notice of the adjustment, the Finance Director shall make the automatic annual adjustment.

C. Nothing herein shall prevent the City Council from electing to retain existing development fees or from electing to waive the inflation adjustment for any given fiscal year.