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Comprehensive Plan Public School Facilities Element Financial Feasibility School concurrency requires the School Board to adopt a financially feasible five-year capital facilities plan. The Five -Year Capital Facilities Plan, which is annually updated and adopted each year, details the capital improvements needed and funding revenues available to maintain the adopted level of service. As structured, the SY 2007-2011 School District's Five -Year Capital Facilities Plan identifies four fundamental goals which have been adopted to ensure a consistent strategy for addressing facility improvements and long-range capacity needs. The first goal is to build new capacity as needed to meet student growth. The second goal addresses updating schools on a systematic schedule to meet educational needs. The next goal is to provide funding for maintenance and system renovation to ensure that facilities function safely. The fourth goal is to develop a long-range financially feasible plan. School concurrency also requires that the School District annually update and adopt a Plan that contains capacity to meet the anticipated demand for student stations, ensuring that no schools exceed their adopted level of service for the five year period. This requirement is met through the School District's Five -Year Capital Facilities Plan. The School District's Plan identifies how each project meets school capacity needs and when that capacity will be available. The Five -Year Capital Facilities Plan provides the foundation of an annual planning process that allows the School District to effectively address changing enrollment patterns, development and growth, and the facility requirements of high quality educational programs. The summary of capital improvements shown in Table 12.13 details the School District's planned expenditures over the five-year planning period. While this summary must be adopted into the Capital Improvements Element of the County's Comprehensive Plan, the school district's capital improvements program does not require county or city funding. Table 12.13 shows the estimated cost of projects to address existing facility deficiencies and future facility needs for the five-year planning period, and the long range planning period, in order to meet the adopted level of service standard. The revenue for capital expenditures will continue to be derived from local and state sources. Impact fee revenues, PECO and CO&DS revenues and revenues from the 2 mills tax assessment along with funds from the sale of certificates of participation (COPs), if the School District chooses to issue them, will comprise the bulk of the revenue stream. According to the School District's Capital Outlay Five Year Revenue Forecast, the 2 mills tax will generate $138 million over the next five years, 27.3% of which will be used to fund capital expansion projects. The Five -Year Capital Facilities Plan Summary of Estimated Revenue, shown in Table 12.14, details the School District's projections for its revenue sources over the next five years and the long-range planning period. A comparison of Tables 12.13 and 12.14 shows that the School District's capital plan is sufficient to fund necessary capital improvements and is financially feasible. Community Development Department 31