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Comprehensive Plan Public School Facilities Element <br />School District Capital Funding Sources <br />To address the new construction and renovation needs of the School District's Five -Year <br />Capital Facilities Plan, the School District relies on local and state funding. <br />The primary local funding sources are property taxes, impact fees, and bonds. By Florida <br />statute, school districts may levy up to 2 mills to fund the district capital program. In <br />2005, Indian River County adopted an impact fee of approximately $3,400 for a single <br />family home. Impact fees are collected for new housing to offset a portion of the cost of <br />students generated by new residential development. The School District may also sell <br />bonds or offer certificates of participation (COPs). The District has the capacity to sell <br />$150 million in COPS. <br />The Florida Statutes place restrictions on the School District's portion of state funding for <br />capital outlay to specific uses. Expansion projects for student stations may make use of <br />state capital outlay funding sources derived from motor vehicle license tax revenue, <br />known as Capital Outlay and Debt Service funds (CO&DS), and gross receipts tax <br />revenue from utilities Public Education Capital Outlay funds (PECO). The recent <br />legislative mandates have provided additional state funding for smaller class sizes and <br />early childhood education. The School District of Indian River County SY 2006-2010 <br />Five -Year Capital Plan reports that the School District received $604,513 from the State <br />in fiscal year 2006 to fund additional capacity needed to support the reduced class size <br />requirement. <br />Community Development Department Indian River County <br />22 <br />