COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proffer Compliance- State Cash Proffer Survey & First Quarter Cash Proffer Report

 

SUBJECT/PROPOSAL/REQUEST:

Report on cash proffer revenues and expenditures for FY 08 and first quarter cash proffer report for FY 09 

 

STAFF CONTACT(S):

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

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

November 12, 2008

 

ACTION:                INFORMATION:   

 

CONSENT AGENDA:

  ACTION:              INFORMATION:  X

 

ATTACHMENTS:   Yes

 

REVIEWED BY:

 

 

BACKGROUND:

Pursuant to Virginia Code § 15.2-2303.2, the County is required to provide to the State Commission on Local Government an annual report of all cash proffer revenues and expenditures as well as the amount of cash proffers accepted in that fiscal year.  In addition, staff is in the second year of providing the Board with a quarterly update of all cash proffer activity.  This quarterly report covers the months of July – September, 2008.

 

STRATEGIC PLAN:

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

Goal 5:  Fund the County’s Future Needs

 

DISCUSSION:

Cash proffers continue to represent a source of revenue that is used to offset the impacts of development.  In the attached report, staff compared prior cash proffer surveys and spreadsheets (Attachment B) to display the proffer information by year and category (schools, libraries, etc.).  The proffer compliance program continues to evolve.  In the near future and with the assistance of the stakeholders, staff will provide a complete status update for all proffers. 

 

FY 08

During Fiscal Year 08, the County collected $262,743, was pledged $44,169,723 in rezonings, and expended $1,589,011 in cash proffer funds.  The County has never been pledged nor expended as much in cash proffer funds as it did in FY 08.  Of the expended funds, $475,000 was used for roads or other transportation improvements, $554,850 for Fire & Rescue, $500,000 for affordable housing and $59,161 was for general capital improvements. (See Attachment A).  Attachment B includes a breakdown of cash proffer revenue, expenditures and pledged proffers by category and fiscal year for FY 04 – FY 08.  Over the last four years the highest percentage of cash proffer funds collected and approved (through rezonings) were for the General CIP and the highest percentage of cash proffer funds expended were for road and transportation improvements.  Please see Attachment B for other comparisons.

 

1st Quarter Report FY 09

Revenue:  In July – September of FY 09, the County received $14,404 in cash proffers from the Hollymead Town Center Area C and Belvedere developments.  These proffers are slated for the general Capital Improvements Program and affordable housing.

Total Obligated Cash Proffer Funds:  As of September 2008, the total in pledged cash proffers (including the applicable inflation adjustment) is $56,758,832 (Attachment C).

 

BUDGET IMPACT:

Cash proffer funds represent an additional source of revenue to fund capital improvements which would otherwise need to be funded by taxes.  The County employs one planner (to track and manage cash proffers) who works with other proffer stakeholders.

 

RECOMMENDATIONS:

Staff recommends that the Board review and accept the information provided and inform staff if additional information would be helpful.

 

ATTACHMENTS

A - Cash Proffer Survey 07-08

B - Cash Proffers FY04-08

C - Proffer Summary

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