COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proffer Management- FY09/10 Second Quarter Cash Proffer Report

 

 

SUBJECT/PROPOSAL/REQUEST:

Report on cash proffer revenues and expenditures for October – December of FY 08/09

 

 

STAFF CONTACT(S):

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

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

February 4, 2009

 

ACTION:                INFORMATION:    

 

CONSENT AGENDA:

  ACTION:              INFORMATION:  X

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The information provided herein represents all cash proffer activity for the months of October through December of 2008.  Current proffer activity represents revenue, expenditure, annual adjustment and interest earned for all 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:

A.  Proffered:  There were no rezonings approved during the 1st or 2nd quarters of the current fiscal year.  The last approved rezonings to contain cash proffers occurred during the 3rd quarter (January – March) of FY 2008.

B.  Total Obligated Cash Proffers:  Since there were no rezonings approved during this quarter, the total anticipated cash proffer revenue remains at $56,758,832, the same as it was at the end of the first quarter of FY 08/09.

C.  Revenue:  During this quarter, the County received $312,617 in cash proffers from Martha Jefferson Hospital at Peter Jefferson Place.  The money is slated for additional turn lanes and traffic signals at the off ramps at Interstate 64 and 250 (Exit 124).  This money is in addition to $44,000 in cash proffers previously received for the design phase of this project (see Attachment A).

D.  Total Interest Earnings:  The total interest earned from all cash proffer revenues (including this quarter) is $309,139.

E.  Expenditure:  No cash proffers expenditures occurred during this quarter; however, Community Development has had several meetings with County staff from the Office of Facilities Management and Finance along with VDOT to ensure that available cash proffer revenue is utilized in an efficient manner for appropriate projects.  As is customary, the Board will approve those cash proffer fund appropriations and the expenditure of those funds will be reported in a subsequent proffer management report.

 

BUDGET IMPACT:

Despite current economic conditions, the County continues to receive cash proffers from past rezonings and to accrue substantial interest from previously collected cash proffers, both of which provide a positive impact on the County’s capital budget. 

 

RECOMMENDATIONS:

The Board receives quarterly cash proffer reports for information only and no action is required.  Staff welcomes any questions or improvements to aid the Board in future reports.

 

ATTACHMENTS

A – Proffer Report

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