Laserfiche WebLink
Comprehensive Plan Capital Improvements Element <br />Source: Indian River County Office of Management and Budget. <br />As shown in table 6.9, the county has a Municipal Service Taxing Unit (MSTU) and an emergency <br />services district, each with a separate millage. <br />Chances to the Capital Improvements Program <br />With the lingering effects from a depressed housing market, challenges in the national and global <br />financial markets, and limited building permit activity, County revenue again decreased in Fiscal Year <br />2012/13. Recently, however, the economy has been showing signs of a slow recovery. With those <br />signs of an improving economy, County revenue is expected to slightly increase above what was <br />previously forecasted in the prior year's Capital Improvements Program (Fiscal Years 2013/14 <br />through 2017/18). Asa result of the slight increase in projected revenue and the associated increase <br />in projected demand for public facilities, no significant reductions in the overall Capital <br />Improvements Program have been made. Consequently, fewer projects within the 2013/14 through <br />2016/17 CIP, than within prior CIP's, have had their timeframes extended. <br />For those projects that did have their timeframes extended, none will impact development project <br />concurrency reservations. Because the County is slowly recovering from the depressed housing <br />market, problems with the financial markets, and limited construction activity, it is anticipated that the <br />capacity associated with most of those projects will not be needed until later dates. <br />One of the roadway segments that had its available capacity increase through reduced demand is C.R. <br />510 between 66`h Avenue and C.R. 512. With the increased capacity from the reduced demand, the <br />associated roadway project for C.R. 510 between 66th Avenue and C.R. 512 has had its construction <br />date extended by 1 year. That in turn freed up funding for use in other transportation projects. <br />While some transportation projects are being rescheduled to later years of the CIP, there are several <br />factors that are expected to increase available capacity in the short term. One such factor is that <br />concurrency certificates for some development projects with vested trips will expire soon. At that <br />time, the reserved trips reflected by those projects will be removed from the concurrency management <br />system. Another factor is that traffic volumes are continuing to decrease on most roadways. Those <br />new traffic counts will soon be reflected in the County's concurrency management system. At that <br />time, the decreased demand will have the effect of increasing the available capacity on County <br />roadways and will likely further decrease the need for scheduling, financing, and constructing <br />transportation projects. <br />By extending the timeframe of transportation projects, the County can utilize its limited resources to <br />complete priority concurrency related projects within the overall capital improvements program. In <br />effect, the County needs to delay some projects so that other projects will remain fundable with a <br />diminished County budget. By funding only necessary projects, the County is also maintaining a <br />Community Development Department Indian River County <br />Adopted , 2013, Ordinance 2013- <br />31 <br />