Development Impact Fee (DIF) programs are under increasing scrutiny—both from the public and oversight bodies.
Annual and five-year reporting aren’t just best practices; they’re critical to maintaining transparency, legal defensibility, and community trust—and they now carry higher visibility than ever.
Here’s a quick summary of the reporting needs and requirements:
Annual Report Requirements
- Revenue & Expenditures: Tracking fee collections, spending, and any interest earned.
- Fund Balances: Year-end surpluses or deficits.
- Project Updates: Real status of funded projects—completed, in progress, or delayed.
Five-Year Report Requirements
- Comprehensive Review: Look back at all fee activities over the past five years.
- Unspent Funds Usage Plan: Outline how remaining balances will be used or refunded.
- Key Findings: Document how fees align with the infrastructure they support.
- Reporting Timelines: Reports are required to be posted within 180 days after fiscal year-end. Reports need to be reviewed and accepted by the governing body no less than 15 days after posting.
With recent attention on proper DIF use and fiscal responsibility, timely reporting safeguards your credibility, prevents legal challenges, and builds confidence with developers and residents alike.
To find out how NBS can help you with reporting compliance, contact NBS Director Nicole Kissam at nkissam@nbsgov.com.