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Zoning Ordinance Amendment No. 2020-03 <br />August 18, 2020 <br />Page 7 <br />the activity is not subject to CEQA (ER No. 2020-53). <br />FISCAL IMPACT <br />The in -lieu fees are deposited to the Inclusionary Housing Fee Fund 417. Over the past three <br />years, the in -lieu fee revenue includes: $2,712,304 in FY 17-18; $7,236,945 in FY 18-19; and $0 <br />in FY 19-20 (unaudited). If the in -lieu fee were reduced by two-thirds (from $15 to $5 per square <br />foot) for the past three years, the revenue would have been $6.6 million less than actual. The fund <br />has an estimated balance of $13.3 million as of June 30, 2020, and budgeted expenditures for FY <br />19-20 are $6.1 million. In the worst case scenario, if no in -lieu fees are collected for FY 20-21, the <br />ending fund balance may be approximately $7.2 million on June 30, 2021. These fund balance <br />estimates are not the same as spendable cash. <br />Submitted By: Minh Thai, Executive Director - Planning and Building Agency <br />Exhibits: 1. Draft Zoning Ordinance Amendments — ZOA No. 2020-03 <br />2. Redline Draft Zoning Ordinance Amendments — ZOA No. 2020-03 <br />3. August 3, 2020 Planning Commission Staff Report <br />4. Affordable Housing Funds Policies and Procedures <br />75B-7 <br />