COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proffer Management - FY 2008 4th Quarter Cash Proffer Report

 

SUBJECT/PROPOSAL/REQUEST:

Report on cash proffer revenues and expenditures for April-June of FY 2008

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Kamptner, Graham and Higgins; Ms. McCulley and Ms. Baldwin

 

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

August 6, 2008

 

ACTION:                INFORMATION: 

 

CONSENT AGENDA:

  ACTION:              INFORMATION:  X

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

BACKGROUND:

The Board received a 3rd quarter report last month reporting activity from January – March 2008. The current 4th quarter report is a collaboration between Finance and Community Development to maintain more timely information on cash proffers.  As such, this report represents cash proffer information from April – June and coincides with the end of Fiscal Year 2008. The Board will receive its next report in November reporting on cash proffer activity from July – September.  That report will also include the Commission on Local Government Report 2008 Survey of Cash Proffers.

 

 

STRATEGIC PLAN:

Goal 3:  Develop Infrastructure Improvements to Address the County’s Growing Needs.

Goal 5:  Fund the County’s Future Needs.

 

 

DISCUSSION:

The information below details cash that was proffered, received and expended during the 4th quarter.  The proffer summary provides anticipated proffer revenue and annual adjustments, which the Board first received last quarter.  New additions to this report include allocated funds for this quarter and the overall total cash proffer funds and interest.  Future reports will include a total appropriation of all cash proffer funds, current available funds and total expended funds.

 

A.  Proffered:  Although there were several rezonings approved from April through June, none of them contained cash proffers.

B.  Revenue:  During the 4th quarter $27,923.80 was received from Hollymead Area C, Belvedere Station and Liberty Hall.  All funds are allocated to general Capital Improvements Projects (Attachment A).

C.  Allocated:  The County designated $305,000.00 for the Routes 22/250 intersection.  These funds originated from the Glenmore rezoning for this purpose.

D.  Expenditure:  The County expended $100,000 to replace monies from the transportation improvement funds previously spent for the Route 29 Traffic Study.  North Pointe contributed these funds specifically for the traffic study.

E.  Proffer Summary:  Since there were no new rezonings containing cash proffers, the total anticipated proffer revenue and annual adjustments remain the same as the 3rd quarter, which is $56,146,937.47 and $56,742,558.28 respectively.  As of June, the County has received a total of $3,120,393.09 in cash proffer funds that have earned $299,840 in interest (Attachment B).

 

 

BUDGET IMPACT:

As previously stated, one staff person manages all proffers; however, other departments such as Finance play a large role in generating the Cash Proffer Reports. 

 

 

RECOMMENDATIONS:

This report is for informational purposes only.

 

 

ATTACHMENTS

A-FY084th Quarter_Report.xls

B-Proffer Summary.xls

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