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AUTHORIZING TRANSFER OF IMPACT FEE FUNDS INTO NORTH IMPACT FEE FUND #558, CENTRAL IMPACT FEE FUND #559, AND SOUTH IMPACT FEE FUND #560
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WHEREAS, Resolution 04-21 adopted the County's Comprehensive Road Improvement Plan and Resolution 04-22 adopted the Road Improvement Impact Fee Ordinance with a service area map designating eight (8) service areas; and
WHEREAS, the Road Improvement Impact Fee Ordinance states that road improvement impact fees shall be expended on those road improvements within the service area or areas as specified in the Comprehensive Road Improvement Plan, as updated from time to time; and
WHEREAS, Resolution 07-232 adopted the Road Improvement Impact Fee Ordinance with a service area map designating three (3) service areas which incorporated the old eight service areas; and
WHEREAS, the fund balances from the Aurora Area Impact Fees Fund #550, Campton Hill Impact Fees Fund #551, Greater Elgin Impact Fees Fund #552, Northwest Impact Fees Fund #553, Southwest Impact Fees Fund #554, Tri-Cities Impact Fees Fund #555, Upper Fox Impact Fees Fund #556, and West Central Impact Fees Fund #557 continue to be impacted by interest earned/loss fluctuations, making it challenging to manage the available balances, the balances of these eight (8) funds ready to be transferred into the requisite new service area Fund; and
WHEREAS, a fund balance remains in the funds of approximately $714,623 in Fund #550, $39,265 in Fund #551, $63,192 in Fund #552, $18,539 in Fund #553, $110 in Fund #554, $52 in Fund #555, $44,509 in Fund #556, and $38,393 in Fund #557.
NOW, THEREFORE, BE IT RESOLVED that the exact amount of the remaining fund balances from the Greater Elgin Impact Fees Fund #552, Northwest Impact Fees Fund #553, and Upper Fox Impact Fees Fund #556 are authorized to be transferred to the North Impact Fees Fund #558; Campton Hill Impact Fees Fund #551, Tri-Cities Impact Fees Fund...
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