FISCAL ANALYSIS Sample Clauses
The Fiscal Analysis clause requires a thorough review of the financial implications associated with a contract or project. Typically, this involves evaluating costs, projected revenues, and budgetary impacts before any commitments are made, often necessitating the preparation of detailed reports or assessments by financial experts. Its core function is to ensure that all parties are fully informed about the economic consequences of their decisions, thereby promoting responsible fiscal management and preventing unforeseen financial burdens.
FISCAL ANALYSIS. The Principal Permittee is responsible for preparing draft annual budgets for shared program costs, to be approved by the Permittees. In addition, the Principal Permittee is responsible for tracking shared program cost expenditures and preparing financial reports that are distributed to the Permittees. The total cost to each Permittee for the area-wide stormwater program is the sum of shared costs plus individual costs.
FISCAL ANALYSIS. Total combined administrative, trustee and investment management fees start at 0.60 percent of assets, but are tiered and will become lower as assets in the program increase. For example, when assets grow to $5 million the annual fee will be 0.50 percent of assets and at $10 million the annual fee will be 0.40 percent of assets. These fees will be paid from plan assets. This item relates to the Council Action Plan regarding Fiscal Management. The establishment of a Section 115 Irrevocable Pension Trust to assist in ensuring long-term sustainability of pension benefits.
FISCAL ANALYSIS. There is a direct fiscal benefit to the City estimated between $50,000 and $100,000 per year to the Parks and Recreation 06 fund. The Billboard Sign Assessment showed the potential of $100,000 per year by partnering with a sign company for lease of the City property. The cost of the Billboard Sign Assessment ($4,500) and the cost of the RFP Services ($10,500) total $15,000 will be recouped by adding it into the structure of the RFP as a reimbursable cost paid by the sign company. If the City does not enter into an agreement with a sign company, the cost to the City for this project would be $15,000. The costs associated with the study and contract are paid from the Parks and Recreation 06 fund. The potential of the added income to the Parks and Recreation 06 fund is consistent with the City’s Strategic Plan. It specifically meets Objective number three, Identify Revenue Enhancements for Goal: Maintain and Improve Galt’s Quality of Life. As mentioned previously, this project includes a request for the GPA, rezone and zoning text amendment request does NOT include the construction and operation of a billboard sign. Any and all billboard construction and operation, and lease agreement, will be a separate project and will come before the Planning Commission and City Council at separate, publicly noticed hearings.
FISCAL ANALYSIS. Consistent with the General Plan, the Specific Plan allow the transfer of residential density from publicly-owned land within the Specific Plan Area to privately owned property, subject to City Council approval through a Development Agreement. The proposed Development Agreement calls for financial compensation in the amount of $77,400 per unit ($1,548,000 total) to the City in exchange for the density transfer of 20 residential units to the site. The Development Agreement also includes a provision to freeze development impact fees at current levels for a term of 5 years. As part of the overall decision-making process to move forward with a proposed development project, it is important to evaluate the contributions and demands that development will place upon a public agency’s general fund and the city or county’s ability to provide ongoing public services. To avoid the need for a city or county to subsidize new development, cities and counties can establish or require special funding mechanisms to ensure that new development pays for itself. Community Facilities District (“CFD”) No. 2020-1, Citywide Services, was formed by the City Council on May 13, 2020. The special tax that will be assessed on properties as a result of the development of new residential units is based upon the Fiscal Impact Analysis (FIA) that was prepared to support the creation of CFD No. 2020-01. Developers to whom these residential project entitlements are assigned are responsible to establish a funding mechanism to provide a source of funds for the on-going municipal services required for the project. The benefit of entering CFD No. 2020-01 is that the annexation process is significantly streamlined, which saves staff time and costs to developers. At the time of this writing, an applicant is required to fully offset potential impacts to the General Fund created by their project and the Project has been conditioned accordingly. (It should be noted that the City Council has directed staff to look at the current policy and bring back recommendations that may modify this requirement.) This can be accomplished through either formation of a CFD, annexation into CFD No. 2020-01, or establishment of another lawful funding mechanism reasonably acceptable to the City (“Public Services Funding Agreement”). Should an applicant desire to utilize the streamlined process available through annexation into CFD No. 2020-01, they would be required to sign a Letter of Intent (“LOI”) to do so, which se...