The purpose of the audit is to confirm that the Regional Development Impact Fee Joint Powers Agency’s financial statements are free of material misstatement and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

Moss, Levy & Hartzheim, Certified Public Accountants, completed the audit for fiscal year ending June 30, 2017. The auditors found no instances of noncompliance that are required to be reported under Government Auditing Standards, nor did they note any matters involving the internal control over financial reporting and its operation that they consider to be material weaknesses. Attached to this report are the summary tables from the audit;  the full audit is available as a web attachment. 

The fees and interest collected during the audit reporting period total $861,575. Expenditures made during the audit period were $792,514 for Holman Highway 68 Roundabout, and $10,000 transferred to the Transportation Agency for Monterey County to partially cover the costs to administer the fee program. The Regional Development Impact Fee Joint Powers had a fund balance of $2,772,546 as of June 30, 2017.

The total fee program administration cost, including staff time, was $25,372. The Regional Development Impact Fee Joint Powers Agency contracts with the Transportation Agency for Monterey County for administrative services. The Agency expects impact fee revenues to continue to grow as the pace of new development picks up. Regional fees collected will be expended on projects as prioritized in the Strategic Expenditure Plan. Near-term project expenditures identified in the plan include: State Route 156 Safety Improvements and the State Route 68 Safety and Traffic Flow.