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e Indian River County I Impact Fee Update Study revenue annually, which is within the range of what is observed in most other Florida jurisdictions. In summary, Indian River County contributes approximately 16.7 pennies toward roadway capacity expansion projects, while the State spends an average of 15.5 pennies for state roadway projects in Indian County. Therefore, a total of 32.2 pennies of credit are included in the impact fee calculation to recognize the future capital revenue that is expected to be generated by new development from all non -impact fee revenues, as shown in Table X-6. Table X-6 -';. / Equivalent Pennies of Gas Tax, Revenue Credit County Revenues (excluding•sales tax)I11 Equivalent Pennies per Gallon `'$0.056 County Revenues (sales tax ONLY)(z)-.. $0.111 State Revenuesi3lr/.- $0.155 Total $0.322 (1) Source: Appendix b, Table D-2-" (2) Source: Appendix D,'fTable D-3 (orily.accountsfor5 years of sales tax revenues) (3), -Source: -Appendix D, Table D-4 Present Worth Variables., Facility The `roadway facility life used in the impact-feeanalysis is 25 years, which represents the reasonable'life of a roadway: Interest Rate This is the discount'rafe at which gasoline tax revenues might be bonded. It is used to compute the present value of the•gasolibe taxes generated by new development. The discount rate of 2.5 percent was used in the `transportation impact fee calculation based on the estimate obtained from Indian River County. Fuel Efficiency The fuel efficiency (i.e., the average miles traveled per gallon of fuel consumed) of the fleet of motor vehicles was estimated using the quantity of gasoline consumed by travel associated with a particular land use. Tindale -Oliver & Associates, Inc. Indian River County January 2014 113 Impact Fee Update Study