SPECIAL FUNDS
Fund 024: BUILDING AND SAFETY FUND The Building and Safety Fund accounts for the development processing activities of plan check, inspection, and permit issuance. User fees are charged for development processing activities to recoup the cost of providing these services. Construction valuation for the last year was $1.3 billion, this is lower than previous fiscal years that were over $1.4 billion. This lower level of development activity is expected to continue in FY 2023-25 with a slight decrease in new development, but an increase in commercial tenant improvement, reinvestment in apartment, and office properties and residential remodel/addition. New residential development will continue across a broad area of the City, including Portola Springs, Great Park Neighborhoods, Orchard Hills and the Irvine Business Complex (IBC). Non-residential development activities are expected to continue in the IBC, as well as ongoing medical office and hospital development along the Sand Canyon corridor. Non-residential tenant improvements will continue to be strong throughout the City in both newly constructed buildings as well as existing building inventory.
FY 2023-25 Adopted Budget
323
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