Indian River County Impact Fee Study Final Report - irccdd.com

• optional sales tax;
• bequests; and
• ad valorem taxes.
The primary revenue source for library capital projects over the past five years has been
the optional sales tax, which also will be the funding source for the programmed
improvements during the next five years.
Although library bequests contributed toward capital expenditures in the past, County
representatives indicated that this revenue source tends to fluctuate significantly and is
not reliable. To be conservative, however, it will be included in the credit calculations.
Table VI-14 presents funding sources for capital expansion expenditures over a 10-year
period. The annual average for library bequests was calculated based on a five-year
period, since future bequests are not known at this time.
Table VI-14
Library Historical and Programmed
Capital Expansion Funding Sources (1)
Fiscal Year
Optional
Sales Tax Bequests General Fund Total
FY 98/99 $60,601 $0 $0 $60,601
FY 99/00 $201,196 $0 $0 $201,196
FY 00/01 $784,120 $0 $4,145 $788,265
FY 01/02 $2,436,935 $702,648 $6,297 $3,145,880
FY 02/03 $3,518 $0 $922 $4,440
FY 03/04 $32,482 N/A $2,200 $34,682
FY 04/05 $0 N/A $0 $0
FY 05/06 $0 N/A $0 $0
FY 06/07 $0 N/A $0 $0
FY 07/08 $3,340,000 N/A $0 $3,340,000
Total $6,858,852 $702,648 $13,564 $7,575,065
Annual Average $685,885 $140,530 $1,356
Percent of Total 90.55% 9.28% 0.18%
(1) Source: Office of Management and Budget, IRC
Based on historical and planned library capital expenditures from FY 98/99 to FY 07/08,
optional sales tax funds contribute an average annual amount of $686,000 (or 91 percent)
toward library capital expansion purchases. Over the past five years, funding received
from bequests averaged $141,000 per year. Capital expansion expenditures paid from the
general fund is $1,356 per year, less than 1 percent of the total expansion expenditures
during the ten-year period included in Table VI-14.
Tindale-Oliver & Associates, Inc.
Indian River County
May 2005 VI-15 Impact Fee Study