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Indian River County 1 Impact Fee Update Study Credit Component Gasoline Tax Equivalent Credit The present value of the portion of non -impact fee revenues (converted to equivalent gasoline taxes) generated by a new development over a 25 -year period that is projected to be expended on capacity expansion projects is credited against the cost of the system consumed by travel associated with new development. County A review of the County's historical roadway financing program (FY 2008-2013) and the FY 2014- •, 2017 Capital Improvement Plan (CIP) shows that allroadway projects ,are being funded by a combination of fuel taxes, sales tax, grants,�.developer funds, and transportation impact fees. - Currently, capacity -adding projects in the county are primarily funded with'fuel,tax and sales tax revenues. Based on the FY 2014-2017.CIP and discussionswith County staff, it was'assumed that sales tax revenues will only be available toifund transportation capacity over the next five years, and will not be a recurring revenue source: Therefore, only Sive years of sales tax revenues are included in the credit calculations. If the'sales fax -is ie -adopted in -2019 or a different revenue source is allocated to`thetransportation capacity to replace the sales tax revenues, these credit figures may need tSo be:revised. As'shown in Table,X-6, the sales•tax portion of the county credit was separated from' the\total county credit' and all non -impact fee funding allocated to transportation:capacity wa`sconverted toequivalent gas tax revenues. A total gas tax equivalent revenue credit of 11.1 pennies•.was given for.sales.tax revenues and 5.6 pennies was given for all y other -revenue sources.' _- . State \ State expenditures on state roads`were reviewed, and a credit for the capacity expansion portion attributable to state, projects` was estimated. The equivalent number of pennies allocated to fund state projects was-deterrnined from projects spanning a 10 -year period (2009-2018). This period represents past expenditures (from 2009 to 2013) from the FDOT Work Program and the projected expenditures (from 2014 to 2018) from the current Transportation Improvement Program (TIP). A list of capacity -adding roadway projects was developed, including lane additions, new road construction, intersection improvements, interchanges, traffic signal projects, and other capacity -addition projects. This review (summarized in Appendix D, Table D- 3) indicates that FDOT spending generates an equivalent gas tax credit of 15.5 pennies of gas tax Tindale -Oliver & Associates, Inc. Indian River County January 2014 112 Impact Fee Update Study