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

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The following table provides a summary of credit per resident based on the analysis and assumptions discussed previously. Table IV-9 Total Credit per Resident Credit Element/Calculation Step Figure FY 2004/2005 Total Budgeted District Revenues (1) $10,722,233 Percent of District Revenues Allocated to Capital Expenditures (2) 15% District Revenues Allocated to Capital Expenditures (3) $1,608,335 2005 County Population (4) 140,562 District Revenues per Person (5) $11.44 Capitalization Rate (6) 5% Capitalization Period (years) (7) 25 Credit per Resident (8) $161.27 (1) Source: Table IV-7 (2) For the purposes of this analysis, it is assumed that approximately 15 percent of the District revenues will be allocated for capital expansion expenditures. (3) FY 04/05 revenues (Item 1) multiplied by percent of revenues allocated to capital expenditures (Item 2). (4) Source: Section II, Table II-1 (5) District revenues allocated to capital expenditures (Item 3) divided by 2005 County population (Item 4). (6) Capitalization rate is estimated at 5 percent. (7) Capitalization period is estimated at 25 years, which is typically when major renovations or replacement of capital facilities become necessary. (8) Present value of $11.44 over a 25-year period with a capitalization rate of 5 percent. The calculations shown thus far relate to the portion of the expenditures necessary to accommodate new population’s capital needs, which were estimated at $9.2 million in current dollars, as shown in Table IV-6. The District has to spend an additional $31 million in current dollars to accommodate the existing population capital facility needs. As mentioned previously, SWDD has a fund balance of $30 million, which should remain at this level or increase by 2020. Thus, impact fee revenues should be sufficient to accommodate the capital expansion costs due to new growth, which include cost of additional capital and contribution to the fund balance. Table IV-10 presents the necessary impact fee revenues to retain the current fund balance. Tindale-Oliver & Associates, Inc. Indian River County May 2005 IV-16 Impact Fee Study
Table IV-10 Changes in the Fund Balance Fiscal Interest Annual District Impact Fee Total Capital Fund Balance Year Population (1) Earnings (2) Revenues (3) Revenues (4) Expenditures (5) Cash (6) Other (7) Total (8) FY 04/05 140,562 $11,117,770 $18,882,230 $30,000,000 FY 05/06 143,318 $555,889 $1,639,870 $197,743 $786,432 $12,724,840 $18,882,230 $31,607,070 FY 06/07 146,129 $636,242 $1,672,034 $201,689 $805,306 $14,429,499 $18,882,230 $33,311,729 FY 07/08 148,996 $721,475 $1,704,838 $205,707 $1,254,130 $15,807,389 $18,882,230 $34,689,619 FY 08/09 151,918 $790,369 $1,738,272 $209,654 $8,650,957 $9,894,727 $18,882,230 $28,776,957 FY 09/10 154,896 $494,736 $1,772,347 $213,672 $8,725,724 $3,649,758 $18,882,230 $22,531,988 FY 10/11 158,245 $182,488 $1,810,667 $240,291 $2,767,050 $3,116,154 $18,882,230 $21,998,384 FY 11/12 161,671 $155,808 $1,849,868 $245,816 $0 $5,367,646 $18,882,230 $24,249,876 FY 12/13 165,171 $268,382 $1,889,915 $251,125 $0 $7,777,068 $18,882,230 $26,659,298 FY 13/14 168,749 $388,853 $1,930,856 $256,722 $108,040 $10,245,459 $18,882,230 $29,127,689 FY 14/15 172,407 $512,273 $1,972,711 $262,462 $3,064,530 $9,928,375 $18,882,230 $28,810,605 FY 15/16 175,781 $496,419 $2,011,317 $242,085 $0 $12,678,196 $18,882,230 $31,560,426 FY 16/17 179,223 $633,910 $2,050,701 $246,964 $478,529 $15,131,242 $18,882,230 $34,013,472 FY 17/18 182,730 $756,562 $2,090,829 $251,627 $3,486,519 $14,743,741 $18,882,230 $33,625,971 FY 18/19 186,308 $737,187 $2,131,769 $256,722 $5,221,488 $12,647,931 $18,882,230 $31,530,161 FY 19/20 189,924 $632,397 $2,173,144 $259,448 $4,593,206 $11,119,714 $18,882,230 $30,001,944 Total $7,962,990 $28,439,138 $3,541,727 $39,941,911 Annual interest rate (9) 5% Average assessment fee rate and other service charges per resident (10) $11.44 (1) Source: Section II, Table II-1. Projections for years 2011-2014 and 2016-2019 are not shown in Table II-1. These figures are projected based on the annual growth rate from 2010 to 2015 and from 2015 to 2020. (2) Cash balance (Item 6) from the previous year multiplied by the annual interest rate (Item 9). (3) Population (Item 1) multiplied by average assessment fee and other service charges per resident (Item 10). (4) Source: Table IV-11 (5) Source: Table IV-6 (6) Sum of previous year’s balance and revenues earned (Item 2, Item 3, and Item 4) less the total capital expenditures (Item 5). (7) Non-cash portion of the fund balance (8) Sum of cash and non-cash balances (Items 6 and 7). (9) Assumed interest rate. (10) Source: Table IV-9 Tindale-Oliver & Associates, Inc. Indian River County May 2005 IV-17 Impact Fee Study
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Credit Component...................
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Tables Proposed Parks and Recreatio
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Table VI-5 Comparison of IRC Curren
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Maps Map III-1 Correctional Facilit
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Appendix A Appendix B Appendix C Ap
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o A non-charter county may adopt co
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• Most communities make the effec
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• Reasonable administrative costs
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• The BCC may establish a policy
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Table I-2 Current and Recommended S
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Table I-4 Historical and Projected
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Table II-1 IRC Population Estimates
Page 30 and 31: Table II-4 Unincorporated County Ar
Page 32 and 33: Table II-8 Unincorporated County Ar
Page 34 and 35: Residential Functional Population I
Page 36 and 37: Table II-10 11-Hour/5-Day General F
Page 38 and 39: Table II-12 Countywide Excluding In
Page 40 and 41: Table II-14 Countywide Functional P
Page 42 and 43: Table II-16 Functional Residents fo
Page 44 and 45: Table II-19 Assumptions for Nonresi
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Page 48 and 49: Table III-1 Land & Buildings Invent
Page 50 and 51: Tindale-Oliver & Associates, Inc. I
Page 52 and 53: Table III-3 Level of Service Compar
Page 54 and 55: Table III-6 Equipment Cost Equipmen
Page 56 and 57: Table III-9 Historical Capital Expe
Page 58 and 59: Existing Deficiencies As discussed
Page 60 and 61: Table III-13 (continued) Impact Fee
Page 62 and 63: Table III-15 Annual Impact Fee Reve
Page 66 and 67: • The SWDD also operates five cus
Page 72 and 73: Demand Component Based on the LOS s
Page 74 and 75: Table IV-4 Proposed Capital Expendi
Page 76 and 77: As mentioned previously, future cap
Page 78 and 79: Table IV-7 Historical Revenue Sourc
Page 82 and 83: Existing Deficiencies As presented
Page 84 and 85: Table IV-13 Proposed Solid Waste Im
Page 86 and 87: Estimated Revenues As presented in
Page 88 and 89: Table V-1 Summary of Public Buildin
Page 92 and 93: Services provided by County-owned a
Page 94 and 95: Table V-6 Public Building Replaceme
Page 96 and 97: Table V-8 summarizes the capital ex
Page 98 and 99: The vacant land value as a percenta
Page 100 and 101: Table V-12 Proposed Public Building
Page 102 and 103: Table V-13 2025 Demand and Cost For
Page 104 and 105: guideline in planning future infras
Page 110 and 111: In addition to the available materi
Page 112 and 113: Table VI-5 compares the County’s
Page 114 and 115: Table VI-8 Building Unit Costs (1)
Page 116 and 117: Library Materials and Equipment The
Page 118 and 119: Table VI-13 Library Materials and E
Page 120 and 121: It should be noted that it is the C
Page 122 and 123: Table VI-17 Total Credit per Reside
Page 124 and 125: Table VI-19 Persons per Housing Uni
Page 126 and 127: (1) Source: Section II, Table II-1
Page 128 and 129: As presented in Table VI-21, the pr
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Table VII-1 Land & Buildings Invent
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Tindale-Oliver & Associates, Inc. I
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Table VII-3 Capital Equipment Repla
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Table VII-5 Current Level of Servic
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Table VII-7 Station Equipment Costs
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Table VII-10 Six-Year Historical Ca
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Table VII-12 Percent of Past Proper
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Table VII-14 Proposed Fire/EMS Impa
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Table VII-15 2025 Demand and Cost F
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guideline in planning future infras
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Table VIII-1 Land and Building Inve
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unincorporated county area. The cur
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Table VIII-6 Equipment Cost Equipme
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Table VIII-8 Historical Capital Exp
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Table VIII-10 Vacant Land Value Per
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Table VIII-12 Net Impact Cost Impac
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Table VIII-13 (continued) Proposed
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Table VIII-15 Annual Impact Fee Rev
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Cost Component Cost per Student Sta
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Total Impact Cost per Student Stati
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fees is given only for revenue used
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Table IX-5 2-Mill Revenue Credit Ca
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Table IX-7 Net Impact Cost per Stud
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Table IX-10 2025 Demand and Cost Fo
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As presented in Table IX-10, the pr
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Table X-1 (Continued) Parks & Recre
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Table X-2 Parks & Recreation Facili
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was calculated using historical exp
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Table X-7 Regional Parks Equipment/
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Table X-9 Programmed Capital Costs
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Table X-11 Historical Capital Expen
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Table X-13 Vacant Land Value Percen
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Table X-15 Net Impact Cost per Resi
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Table X-18 2025 Demand and Cost For
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For impact fee purposes, revenue pr
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Table A-3 24-Hour Baseline - Uninco
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Table A-7 24-Hour Functional Popula
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The resulting percentages from Tabl
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Table A-14 IRC Weighted Average Sea
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Table C-1 Proposed Solid Waste Impa
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Table D-2 IRC School District Inven
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Table F-2 Inventory of Available Im
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Table F-2 Inventory of Available Im
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Table F-3-2 Comparison of Standards
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County SF per Capita Table F-3-4 Co
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Table G-2 Solid Waste - Residential
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Table G-4 Library Facilities - Resi
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Table G-6 Law Enforcement - Residen
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Table G-8 Park and Recreation Facil
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Presentation Overview 1 2 3 4 5 6 B
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Background • BCC initiated study
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Decision Points Decision Points Enc
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Basic Impact Fee Formula Impact Fee
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Distribution of Impact Fees Transpo
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2 Legal Requirements
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Impact Fee vs. Tax • An impact fe
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Authority in IRC • Non-charter co
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Defendable Methodology • Study th
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Revenue Credits • Ensure proporti
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Administration • Must be easy to
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Effective Date • May be effective
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Applicability • Creates a measura
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Decision Point Will each city enter
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Imposition & Collection • As earl
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Use of Impact Fee Revenue • Must
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Decision Point The consultant recom
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Decision Points The consultant reco
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4 LOS Standards
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Impact Fee Comparisons • Single F
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5 Funding Sources (see Table 4)
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Decision Point Does the BCC want to
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Next Steps • Finalize Data Collec
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