Indian River County Impact Fee Study Final Report - irccdd.com
Indian River County Impact Fee Study Final Report - irccdd.com
Indian River County Impact Fee Study Final Report - irccdd.com
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Table IX-3<br />
Total <strong>Impact</strong> Cost per Student<br />
Calculation Step<br />
Elementary<br />
School<br />
Middle<br />
School<br />
High<br />
School<br />
Weighted Avg/<br />
Total<br />
Facility <strong>Impact</strong> Cost per Student<br />
Facility Cost per Student Station (1) $16,644.54 $19,074.68 $24,957.04 $21,897.13<br />
Projected Student Capacity for 2008/09 School Year (2) 8,252 3,584 3,621 15,457<br />
Total Cost for All Students (3) $137,350,744 $68,363,653 $90,369,442 $296,083,839<br />
Projected Students for 2008/09 School Year (2) 7,548 4,074 4,866 16,488<br />
Distribution of Projected Students for 2008/09 School Year (4) 45.8% 24.7% 29.5% 100.0%<br />
Weighted Average Total Facility <strong>Impact</strong> Cost per Student (5) $18,196.97 $16,780.47 $18,571.61 $17,957.54<br />
Debt <strong>Impact</strong> Cost per Student<br />
Five-Year Average Annual Debt for Capital Expansion (2) $1,252,902<br />
Average Annual Students for 2004/05 through 2008/09 (6) 16,266<br />
Amount Financed per Student $77.03<br />
Average Cost of Financing 5%<br />
Annual Interest $3.85<br />
Capitalization Period, Years 25<br />
Present Value Interest of Debt per Student (7) $54.28<br />
Total <strong>Impact</strong> Cost per Student (8) $18,011.82<br />
(1) Source: Table IX-2<br />
(2) Source: School District, IRC<br />
(3) The total cost per student station (Item 1) multiplied by the projected student capacity for<br />
the 2008/09 (Item 2).<br />
(4) The distribution of projected students for the 2008/09 school year is calculated by dividing<br />
the projected number of students for the 2008/09 school year for each school type by the<br />
total projected students for the 2008/09 school year.<br />
(5) The weighted total facility impact cost per student by school type is calculated by dividing<br />
the total cost for all students for each school type (Item 3) by the respective projected<br />
number of students for each school type.<br />
(6) The five-year average annual number of students (for the 2004/05 through 2008/09 school<br />
years) is used to determine the five-year average debt per student for that same time period.<br />
Note that the five-year average annual student figure is different than the total projected<br />
students for the 2008/09 school year, which is derived using information from the State of<br />
Florida Department of Education Preliminary Capital Outlay FTE Forecast for Facilities<br />
Planning for IRC.<br />
(7) The present value of the interest paid on the debt per student at 5 percent interest over a<br />
period of 25 years.<br />
(8) The total impact cost per student is the sum of the weighted total facilities impact cost per<br />
student (Item 5) and the present value interest of debt per student (Item 7).<br />
Credit Component<br />
In addition to the school impact fees, other revenues generated by new development that<br />
are used towards capital expansion of school facilities must be considered in the credit<br />
<strong>com</strong>ponent of the school impact fee. This ensures that each new residential development<br />
pays the appropriately calculated impact fee based on the type of housing unit, less any<br />
additional revenues included as part of the impact fee credit. A credit for school impact<br />
Tindale-Oliver & Associates, Inc.<br />
<strong>Indian</strong> <strong>River</strong> <strong>County</strong><br />
May 2005 IX-9 <strong>Impact</strong> <strong>Fee</strong> <strong>Study</strong>