Adopted Budget (Final Document)

CITY OF MORGAN HILL - CAPITAL IMPROVEMENT PROGRAM

348 - Library Impact – Public Facilities

Fund Description Library Impact Fund revenues are derived from a fee charged to developers to cover the costs to construct library improvements required as a result of new development. Expenditures may only be made for the future construction of the required new library facilities or to reimburse the City for funds advanced to construct such facilities. The Fund is subject to the restrictions of AB1600. How this Fund Generates Money for Capital Investment New development creates the need for the City to expand its inventory of public facilities and build new, or expand current, infrastructure to handle the demands for new services. The City imposes public facilities fees under authority granted by the Mitigation Fee Act (the Act), contained in California Government Code Sections 66000 et seq. A City Council adopted "Impact Fee Report" provides the necessary findings required by the Act for adoption of the fees presented in the impact fee schedules. Limitations and Other Important Factors All development impact fee-funded capital projects are programmed through the City's 6-Year CIP, by which the City identifies and directs its fee revenue to new public facilities/infrastructure projects that will accommodate future growth. Goals for Capital Investment Due to the limited anticipated funds to be collected, there are no projects anticipated in the six-year period and the goal is to accumulate funding towards future expansion of the Library.

Six-Year Pro Forma

2021-22 YE 2022-23

2023-24 2024-25 2025-26 2026-27

2027-28

Fund 348- LibraryImpact

Projected

Beginning Fund Balance

$ 1,487,275 $ 1,426,102 $ 1,683,767 $ 2,118,875 $ 3,302,561 $ 4,532,394 $5,809,690

Revenues - Impact Fees (AB1600) Revenues - Non- AB1600 RDCS

148,031 469,886

640,619 1,385,163 1,419,792 1,455,287 1,491,669

-

-

-

-

-

-

-

Revenues - Other

10,696

16,838

21,189

33,026

45,324

58,097

10,000 2,500 216,704

Expenditures - CIP Projects

-

-

-

-

-

-

Expenditures - Other Ending Fund Balance

222,916

222,349

222,665

222,985

223,315

223,655

$ 1,426,102 $ 1,683,767 $ 2,118,875 $ 3,302,561 $ 4,532,394 $5,809,690 $ 7,135,801

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